Bloomberg News

N.Y. Orders Developers to Digitize Co-Op, Condo Offer Plans

January 31, 2012

(Adds real estate board comment in third paragraph.)

Jan. 30 (Bloomberg) -- New York offering plans -- the large books that lay out the rules and regulations for cooperatives, condominiums, homeowners associations or timeshares -- are going online, according to the state’s attorney general.

Beginning April 1, developers will be required to give prospective purchasers or members the option of receiving plans in a searchable digital format, Eric Schneiderman said today in an e-mailed statement.

The attorney general “is taking further steps in the right direction,” said Steven Spinola, president of the Real Estate Board of New York. He added that REBNY was involved with Schneiderman in crafting the new policy, and that many condominiums already provide such digital copies.

Schneiderman, named last week by U.S. President Barack Obama to help lead a state-federal investigation of securitizations, has been seeking to make more housing information available electronically. In December, his office made its database of offering plans accessible on its website.

Under the new rule, prospective purchasers who prefer a hard copy will still be able to request them from developers, he said.

To contact the reporter on this story: Ian Thomas in New York at ithomas15@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.


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