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The “Transparency” Bill, #S7541, imposes additional requirements on condominiums (condo) and cooperative (co- op) housing units, including that condo and co-op boards and property management companies inform unit owners and any potential purchasers of any structural, mechanical, health or fire code violations that may exist at the property. Further, the legislation requires that any modifications to floor plans, inspection or engineering reports, permits, or by-laws be provided digitally and physically to all unit owners. The failure to adhere to these requirements would result in the Attorney General voiding any Offering Plan permitting the operation of the condo or co-op.
Legitimate potential purchasers, their attorneys, and their lenders already receive significant information about the condition of the building prior to closing and can request inspection and engineering reports when they determine such reports are needed. Allowing any potential purchaser to access this information is overly broad and unnecessary, and the consequences are potentially severe.
Read our full opposition at the link below:
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