After more than a decade of frustration, condominium sponsors can now provide copies of offering plans and amendments to prospective purchasers in digital format. The Attorney General of the State of New York has issued a new cooperative policy statement that allows the distribution of such documents in digital format (CD-ROM, DVD, other other acceptable formats). The catch is, whether the documents be provided in traditional hard copy format or digital format is within the sole discretion of the prospective purchaser. With the new policy statement comes a handful of ancillary certification and filing requirements, and there are specific requirements for the digital copies, their labeling, as well as the manner in which they are distributed. A full copy of the requirements can be found at http://www.ag.ny.gov/bureaus/real_estate_finance/pdfs/CPS-10_FINAL.PDF
The new policy is effective as of November 1, 2011 but will be mandatory starting on January 1, 2012.
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