Requires that when a buyer enters into a contract to purchase a condominium or cooperative housing unit, the property management company or board of managers shall provide the buyer with records of the most recent inspection and engineering reports and permits for the subject property.
Impact
If enacted, A08337 will establish new reporting requirements under the real property law. It will compel property management firms and boards of managers to disclose records of the most recent inspections and any engineering reports pertinent to the condominium or cooperative housing units. The legislation also emphasizes the necessity for such records to be made available within a fixed timeframe, ensuring that prospective buyers can access them easily. This reform is viewed as a critical step toward strengthening building safety standards and increasing accountability within real estate transactions.
Summary
Bill A08337 requires property management companies and boards of managers to provide potential buyers of condominiums and cooperative housing units with crucial information regarding inspections and engineering reports. The intent behind this legislation is to enhance transparency and ensure that buyers have access to pertinent data when making informed decisions about purchasing property. The bill seeks to prevent situations similar to the Champlain Towers South incident in Florida, where poor oversight led to disastrous consequences. By mandating these disclosures, the law aims to protect the health and safety of residents and buyers alike.
Contention
While the bill is expected to promote safety and transparency, concerns have been raised regarding the feasibility of implementation and adherence by property management companies. Some stakeholders worry that additional regulatory obligations may lead to burdensome compliance processes. Critics point out that the effectiveness of the law will heavily rely on local enforcement mechanisms and the willingness of boards to uphold these new responsibilities. As New York aspires to align with other states, such as Florida and New Jersey, which have adopted similar measures, the ongoing dialogue surrounding this bill reveals a pressing need to balance regulatory efficacy with the practical implications for property managers.
Same As
Requires that when a buyer enters into a contract to purchase a condominium or cooperative housing unit, the property management company or board of managers shall provide the buyer with records of the most recent inspection and engineering reports and permits for the subject property.
Relates to the disclosure of information on the fiscal health of a condominium, cooperative apartment building or cooperative community to prospective buyers, current owners and the condominium board or the cooperative board.
Provides that the assessment of residential cooperatives, condominiums and rental property shall not apply to certain condominiums unless such condominiums are participating in an affordable housing tax credit program or has a regulatory agreement.
Requires utility companies to provide written notice to the owner of a residential property of the date and approximate time the utility company will enter onto the property and the purpose for which the utility company employee or contractor shall be entering onto the property.
Requires sellers of catalytic converters to provide certain information to potential buyers; requires buyers to maintain records of such purchases; makes any violations a class A misdemeanor; imposes a fine of up to $5,000
Requires sellers of catalytic converters to provide certain information to potential buyers; requires buyers to maintain records of such purchases; makes any violations a class A misdemeanor; imposes a fine of up to $5,000.
Classifies properties held in condominium and cooperative form for assessment purposes as class one-a properties; requires that the annual tax rate percentage change for class one-a properties does not exceed the annual tax rate percentage change for class one properties.
Classifies properties held in condominium and cooperative form for assessment purposes as class one-a properties; requires that the annual tax rate percentage change for class one-a properties does not exceed the annual tax rate percentage change for class one properties.
Requires that the board of directors or board of managers of a converted cooperative or condominium, as the case may be, must be comprised of a majority of members elected by shareholders or owners in occupancy so that control of the converted cooperative or condominium is turned over to the unit owners as soon as possible; applies only to plans of 20 or more units.
Requesting That The Department Of Commerce And Consumer Affairs Compile Pertinent Data To Determine The Appropriate Scope Of A Study Analyzing Whether Implementation In This State Of Laws Similar To Captive Insurance Laws Of Massachusetts Would Address This State's Residential Condominium Property Insurance Needs.