A Condo Declaration is a legal document that lays out what common and private spaces were built and who owns them. It details the block and lot, address, unit number, size, square footage, common interest percentage...
Category - NYS Government
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...
Real estate broker fee: How to file a complaint
The changes to New York law enacted by the 2019 Tenant Protection Act have a lot of people wondering whether they can get broker fees charged to them returned. The first step you might take is to speak directly with...
