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 regulations that regulate the offer and sale of real estate securities,” including condos.
If New York’s legal requirements are met, the plan will be accepted by the AG’s office. (Note that the AG is not concerned with anything other than whether the plan meets the state’s laws).
What happens after an offering plan is accepted? Simply put: the sponsor is legally allowed to begin selling the condos.
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