Policy Change for Offerings of Out-of-State Condominiums in New York
On May 5, 2016, the Real Estate Finance Bureau of the New York State Department of Law (the Office of the Attorney General), issued Cooperative Policy Statement #12 (CPS-12), which provides guidelines for out-of-state offerors of cooperative interests in realty (including condominium units and cooperative apartments) in New York state.
CPS-12 provides an exemption from the regulatory requirements governing offerings of cooperative interests in realty and is a seemingly significant departure from the NYAG's long-standing policy relating to real estate offerings, in general, and out-of-state offerings, in particular.
READ: Policy Change for Offerings of Out-of-State Condominiums in New York (subscription may be required)