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Know what details your offering plan should include

The New York State Attorney General's Office oversees the Real Estate Finance Bureau. That state-government agency determines what information condominium buyers and sellers and respective condo associations or cooperatives (co-ops) should include in their offering plans.

Each offering plan must include a number and description of the units and details about their ownership. It should also list the name and contact information of the person sponsoring the offering plan and the property owner.

The first part of the offering plan should provide location details and information about the surrounding area. Details about nearby educational, medical, recreational, shopping and religious facilities should appear in this section. You should document any details about who handles communication with public safety or works departments and utility companies. It should also describe who pays the costs associated with snow removal and road maintenance.

You should also describe the property itself, including details about its zoning and any current building regulations or codes. You should make sure to highlight any property improvements in it as well. You should reserve any major appliances that will not come with the unit's transfer for the Special Risks Section of the offering plan.

Other details that you'll need to include in the offering plan include a first-year operating budget and information on the handling of unit pricing changes. How sponsors and property owners deal with existing tenants, including their administration of interim leases, should also be present. Terms of sale, including notifications to purchasers, effective dates and details about handling financing, should also form part of the offering plan.

Additional details that should form part of the offering plan include any obligations owed to or rights of both the unit owner and sponsor. It would be best if you also discussed the distribution of condo bylaws and the handling of grievances. Anyone drafting an offering plan must include tax rates and closing costs as well.

There are a variety of details that you must list in an offering plan. You may expose yourself to legal and financial liability if you fail to document the appropriate information in this legally-binding document.

It would be best to have an attorney who has the experience and coordination in drafting such documents working on your behalf. Your Manhattan lawyer can ensure that you remain in compliance with all existing New York City regulations and state laws.

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