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...
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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 oversees the...
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 units...
Access $40B in Unsold NYC Condo Inventory (Infographic)
With Marketproof New Development, you can easily search both publicly listed properties and unlisted off-market properties not available on popular listing sites. Marketproof can increase the inventory you see by 9-10x...
How to buy off-market new development condos in NYC
In today’s market, if you know how to approach a condo developer’s broker, you can purchase off-market properties at potentially great discounts while also getting closing costs paid. In this post...
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...
