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Manhattan Real Estate: FAQ About New Residential Developments
WHAT IS CONSIDERED NEW RESIDENTIAL DEVELOPMENT?In New York, this is a residential offering that is completely new to the market, and must be approved by state and local governments. It includes both ground-up construction and the conversion of an existing structure, such as an office building or rental property.WHAT IS A ‘SPONSOR'?The legal entity that owns the new development being offered-considered "the seller."WHAT IS AN ‘OFFERING PLAN'?A comprehensive disclosure document provided by the Sponsor and approved by the Office of the Attorney General of the State of New York ("Attorney General") that describes the property's offering.WHAT IS AN ‘OFFERING PLAN AMENDMENT'?A modification to the Offering Plan that is filed with and accepted by the Attorney General. Amendments are issued over time as material changes are made to the Offering Plan.WHAT IS A ‘PURCHASE AGREEMENT'?A legal agreement between a Purchaser and Sponsor detailing the conditions of the sale of property, including price and terms.HOW IS AN OFFER MADE?Offers are made in writing and submitted to the development's onsite salesperson by the buyer's real estate agent.
HOW DOES AN ACCEPTED OFFER GO INTO CONTRACT?Once an offer is accepted by the Sponsor, the onsite salesperson requests contact information for the purchaser. The Sponsor's attorney ... more
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