The Real Deal New York

AG offering plan filing process goes digital

January 30, 2012 03:30PM

While real estate may be a brick-and-mortar business for the most part, one aspect of the industry leapt into the 21st century today.

New York Attorney General Eric Schneiderman has unveiled the next part of his plan for modernizing and streamlining his office’s oversight of the real estate business. Now, offering plans — the prospectuses one must file with the city before a condominium or co-op can be offered for sale — can now be filed electronically, according to a statement from Schneiderman’s office today.

The new policy urges developers to give prospective buyers the option of viewing plans digitally. By April 1, 2012 all prospectuses must be filed digitally, the statement said.

Schneiderman called the change “beneficial for both developers and prospective purchasers. It’s a win-win,” in the statement. He also said the new policy would encourage real estate transactions and streamline the process for buyers.

Those who prefer hard copies of prospectuses will still be able to request them from developers, the statement said. — Guelda Voien