If you think a plan may have been submitted to convert your building or you wish to comment on a plan that has been submitted, call REF's Public Information line at 212-416-8123 to find out the file no. and date of submission. You may address any comments regarding the offering plan to the assigned review attorney in writing. If you are a rent ...
The Real Estate Finance Bureau Database. The New York State Office of the Attorney General maintains a database of information related to all submitted offering plans and amendments, cooperative policy statement applications, and no-action letter applications. All information, including submission and acceptance for filing dates, plan names and addresses, sponsors …
The New York State Office of the Attorney General has promulgated regulations that govern the offer and sale of interests in cooperatives and condominiums. Sales of cooperative and condominium units are made pursuant to the terms and conditions of an offering plan. The Real Estate Finance Bureau reviews offering plans to ensure compliance with ...
7 hours ago · Landlords Who Receive Payments from the Emergency Rental Assistance Program Cannot Raise Rents for 12 Months. NEW YORK – New York Attorney General Letitia James today issued an advisory to landlords reminding them that they cannot raise rents if they accepted or plan to accept funding from the state’s Emergency Rental Assistance Program (ERAP), which …
The following are some of the problem areas about which there are frequent misunderstandings and discrepancies between what is stated in the offeri...
There are many things that a person without technical training can do to inspect a home before closing: * Test all of the appliances;* Test all of...
In 1989, the State of New York passed a law to protect buyers of new homes. It is known as the Housing Merchant Limited Warranty Law (General Busin...
In both existing buildings and newly constructed buildings, purchasers must make a distinction between a purchase from a sponsor versus a resale. W...
The Physical Aspects. When purchasing a unit in a cooperative or condominium, most consumers focus on location, size, amenities, and the price. Equally important is an analysis of the physical aspects of the property. This is true for newly constructed buildings, as well as existing buildings that are being converted to a cooperative or condominium.
Keep in mind that if the item is not promised in the offering plan, the sponsor is not obligated to provide it and probably will not, except at substantially higher prices. Offering plans frequently state that the sponsor can substitute equal or better appliances, but not appliances of lesser quality.
The Housing Merchant Limited Warranty Law. In 1989, the State of New York passed a law to protect buyers of new homes. It is known as the Housing Merchant Limited Warranty Law (General Business Law ' 777 - 777b) and, briefly stated, it provides that the seller of a newly constructed home of five stories or less guarantees ...
There are many things that a person without technical training can do to inspect a home before closing: * Test all of the appliances; * Test all of the plumbing, open all faucets, see if the water pressure appears satisfactory and the drainage is sufficiently rapid ;
If the sale is made by an individual unit owner or company, rather than the sponsor, the sale is not regulated by the Attorney General and no offering plan is required. If you purchased your unit from an individual or company and there are problems, the terms of your contract and applicable laws will control your rights.
In existing apartment buildings, there is always a need for repairs and maintenance of the building. A buyer should not be deterred by a need for some repairs, but the buyer should be aware of potentially expensive building-wide repairs and should know how much such repairs are likely to cost.
When a conversion offering plan is submitted to the Attorney General’s office for review, it is mandatory to specify the offering sale prices , also known as “insider prices,” under the Schedule A section of the plan.
In New York City, the first condo conversion plan was submitted in August 1961 and accepted in November 1962 in Queens. Since then, a rental to condo conversion became common in the City, followed by other major metro areas in the United States.
The change in the conversion law in June 2019 has brought most condo and co-op conversions to a halt in NYC.
This registration statement is effective for four (4) years (with an additional 90 days after the end of the 4-year period). During the Relief Period sponsors will not be required to renew existing M?10 registrations in order to continue the offering and sale of condominium or cooperative units . However, a registration statement will still be required with the submission to REF of a new offering plan or no?action letter application, and a new or supplemental registration statement will still be required with a submission to REF of an offering plan or no?action letter application amendment if there is a change to the sponsor or its principal (s).
REF has suspended, until further notice, its requirement for a paper copy of final offering plans, plan amendments and no action letter (“NAL”) applications. The REF reviewing attorney will instruct the submitting attorney regarding the procedure for digital submission of final documents to REF. Upon review and approval of the digital final documents, the REF reviewing attorney will email the submitting attorney as to whether they have accepted the plan or amendment for filing or issued the NAL . For offering plans, effectiveness amendments and NAL applications, the reviewing attorney’s email will not constitute REF’s “official” acceptance of the amendment or issuance of the NAL. The REF records room still must issue the “official” acceptance letter or NAL, which the guidance document states “may be significantly delayed due to the emergency response to COVID-19.” (Moreover, the “official” letter accepting a plan will not be issued until all post-acceptance items listed in the guidance document are received, including the balance of the filing fee.) Notwithstanding the foregoing, the date of acceptance for filing of the plan or amendment or issuance of the NAL will be the date indicated on the reviewing attorney’s email. For non-effectiveness amendments, the reviewing attorney’s email will be the REF “official” acceptance letter during the Relief Period.
Under normal circumstances, sponsors are required to file price change amendments prior to increasing or decreasing (or advertising an increase or decrease in) offering prices for one or more lines of units or increasing the offering price of a specific unit.
Accordingly, sponsors are permitted to offer, market and sell units for any price during the Relief Period. Waiver of Original Signature and Certain Notary Requirements. DOL typically requires “wet ink” signatures for any signed or notarized document.
DOL Acceptance Letters Will Be “Official” by Email. Lenders, the New York City Department of Finance (DOF) and others often require “official” acceptance letters as proof of DOL’s acceptance of submissions.
During the Relief Period, rather than a formal acceptance letter issued on DOL letterhead, an email from DOL will be the evidence of the official acceptance of filings. Note, formal acceptance letters will still be issued for new offering plans and amendments declaring an offering plan effective; however, such issuance may be delayed.
A cooperative is a corporation formed for the purposes of common ownership, where the New York State Attorney General has accepted the relevant Offering Plan for filing. An owner of a cooperative apartment owns a particular number of shares in the corporation and is designated a proprietary lease whereby the shareholder may occupy ...
Those who own a cooperative or condominium unit have common legal responsibilities, such as payment of maintenance or common charges, adhering to house rules, compliance with renovation and subleasing restrictions and the like.
However, a condominium is legally considered real property, whereby a unit owner obtains a Unit Deed identifying a particular unit to be occupied and a percentage of common interest (i.e.