Offering Plans Will Go Digital: AG
Jotham Sederstrom Jan. 31, 2012, 10:12 a.m.
Attorney General Eric Schneiderman announced yesterday a new policy that will require developers to give potential buyers the chance to view offering plans in digital format.
The new plan, which will become mandatory April 1, is part of the Attorney General’s strategy to digitize his office’s real estate oversight capabilities while also helping the flow of transactions, it announced.
“By allowing the distribution of offering plans in a digital format, we are increasing efficiencies in real estate transactions in a way that is beneficial for both developers and prospective purchasers,” said Mr. Schneiderman.
Before, offering plans were only available in hard copy format, which often proved to be cumbersome to those reviewing them.
“Offering plans can be three books, each two, three, four, five inches a book,” said Neil Garfinkel, residential counsel for The Real Estate Board of New York.
“The ability to access these digitally, I think, is good,” he added.
The new program, called Cooperative Police Statement 10 (CPS10), is part of the Attorney General’s efforts to set up an electronic filing system of offering materials “that will allow for the submission and review of documents filed with our office,” it said.
CPS10 was handled Chief Counsel Lewis Polishook and Deputy Bureau Chief Susan Scharbach , along with Real Estate Finance Bureau Chief Marissa Piesman and Executive Deputy Attorney General for Economic Justice Karla G. Sanchez.