Co-ops & Condos
A legal document filed with the NY Attorney General that discloses all material information about a condominium or cooperative offering.
An offering plan (also called a prospectus) is required in New York for the sale of units in condominiums and cooperatives. It must be filed with the Attorney General's office and made available to prospective purchasers before they sign a purchase agreement. The plan discloses financial statements, building condition, management agreements, projected operating budgets, terms of sale, floor plans, and all rights and obligations of unit owners. Amendments to the plan must also be filed. The AG's office reviews the plan for completeness and fairness but does not approve the investment itself.
Exam Tip
The AG's office reviews the offering plan but does NOT guarantee the investment. A buyer has the right to rescind within 7 days after receiving the plan (15 days for co-ops).
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Co-ops & Condos
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NY Real Estate Co-ops and Condos
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