Resale (Co-op/Condo)
AG guidance distinguishes resale purchases from sponsor sales and notes that in a resale transaction, the offering plan may be outdated or unavailable and the sale is generally not regulated by the AG in the same manner as sponsor sales. In such cases, the contract and applicable laws govern buyer rights, and diligence relies more heavily on building records and board materials.
- Where it applies
- New York State
- When it comes up
- Diligence → board/association process → closing
- Property types
- Co-op/condo resales
Read more in the Knowledge Base
- New Development Resale Strategy in NYCSellers
- HDFC Co-op Underwriting, Income Caps, Flip Taxes, and Resale ConstraintsBuyers
- Selling a Mitchell-Lama Apartment in NYC: Confirm the Transfer Path FirstSellers
- NYC Sponsor and New Development Purchase PlaybookBuyers
- The Offering Plan Audit - Uncovering Sponsor Rights and Building ObligationsBuyers
Co-op Governance
- Co-op Board (Board of Directors)
- Cooperative Corporation (Co-op)
- Flip Tax (Co-op Transfer Fee)
- Maintenance (Co-op)
- Offering Plan (Co-op/Condo Sponsor Sales)
- Proprietary Lease
- Real Estate Finance Oversight
- Shares (Co-op)
- Sponsor (Co-op/Condo)
General information, not legal, tax or financial advice.