NYC Apartment Due Diligence

Due diligence should address the home you will use and the building you will share. Ask your attorney and appropriate inspection professionals to define the review needed for the particular purchase.

Start with a question log Record each question, the person responsible for answering it, the supporting document, and whether it has been resolved. Keep verbal assurances separate from verified findings.

Building documents Ask your attorney what current governing documents, offering materials, financial reports, board minutes, insurance information, and other records are available and relevant. The New York Attorney General notes that board minutes and financial reports can reveal significant building issues.

Physical condition Ask which inspections are appropriate for the apartment and building. The Attorney General highlights the importance of considering building-wide systems and repairs, not only the appearance of the individual home.

Policies and intended use Request written rules relevant to your plans, such as alterations, occupancy, pets, and renting the home. Have your attorney explain anything that could affect your decision.

Costs and uncertainty Ask about current assessments and proposed work, how costs may be funded, and which questions cannot yet be answered. Ask your team to explain the implications before you commit.

Your next step: review the open-questions log with your attorney and decide what needs further investigation.

General educational information. No guide can establish a particular building’s condition or legal status.

Sources and further reading Read source or related guide