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Offering Plan Basics: Sponsor Control Period
An important part of a condo offering plan, the document that lays out the terms under which a sponsor can sell you a condo, is the Sponsor Control Period. The Sponsor Control Period is the time, typically in the early...
Right to Rescind If Delay in First Closing in Newly-Constructed Condos
The following is the text from a memorandum issued by New York State titled ‘Delay in First Closing in Newly-Constructed Condominiums and Rescission’. (Memorandum PDF and link are below)...
Right To Rescind Condo Contract After Delays & Operating Budget Increase
Below is an excerpt from ’13 NYCRR Section 20.3: Format and content’ concerning condo purchase contract recision due to operating budget increases. —————— (h) Budget for...
New York Real Estate Syndication Act (Martin Act)
In New York, Article 23-A of the New York General Business Law (“GBL”), commonly referred to as the Martin Act, gives the Attorney General the authority to enforce its provisions, which regulate the offer and sale of...
Offering Plan ‘Accepted’: What happens next?
The condo process begins when a building sponsor’s attorney submits an offering plan to the New York State Attorney General’s office for approval. The AG’s Real Estate Finance Bureau is charged with “governing...
REBNY Mandatory RLS Listing Information
MANDATORY INFORMATION TO BE CONTAINED IN EXCLUSIVE LISTINGS TOBE TRANSMITTED OVER THE RLS Unless otherwise specified, exclusive Listing must be disseminated via the RLS and transmitted to all other Participants in the...
NYC Real Estate: What is Shadow Inventory?
‘Shadow inventory’ refers to condos that have been constructed and are legally available for sale by the building’s sponsor but that have not been listed publicly for sale. For example, a new condo building with 100...
New York: What is a Preliminary Title Report?
A preliminary title report is a document that includes information gathered from a variety of government sources that when combined detail the ownership of a property and important issues related to this ownership. A...
NYC Condominium Apportionment and Approval Process
This procedure outlines what NYC Department of Finance requires to apportion and approve a new condominium. Our goal is to make sure the public understands our review process and knows exactly what information and...
Do New Housing Units in Your Backyard Raise Your Rents?
Abstract “There is a growing debate about whether new housing units increase rents for immediately surrounding apartments. Some argue new market-rate development produces a supply effect, which should alleviate...
REBNY UNIVERSAL NEW DEVELOPMENT BROKERAGE AGREEMENT (Updated June 2020)
The REBNY Universal New Development Brokerage Agreement was updated in 2020. It lays out the contractual terms between developers and outside brokers. Erin Hudson, wrote in The Real Deal, “The document defines the...
