Condominium Act Form 5 In New York
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A inium Information Statement (CIS) is the packet of documents provided to buyers purchasing a condo unit that is newly constructed or recently converted from a different use.
Inium documents include but are not limited to: corporation bylaws. reserve fund study. reserve fund plan. financial statements (for reserve fund and operating fund) board meeting minutes. annual general meeting minutes. certificate of insurance.
Upon application made in ance with the requirements of this section, the Department of Law may, in its discretion, issue a "no-action letter" stating that it will not take enforcement action based on the transaction described in the application occurring without the filing of an offering plan pursuant to section ...
Before buying a inium unit, it is important to collect and review documents. You should get the help of experts like lawyers, real estate agents, and document reviewers when reviewing documents. They can help you determine if a inium will exceed your expectations or cause you endless headaches.
Four types of legal “governing documents” are typically associated with subdivisions such as iniums and planned developments: the Declaration of Covenants, Conditions and Restrictions (or “CC&Rs”), the Bylaws, the Articles of Incorporation, and the Rules.
The inium Act is the New York State law which governs the establishment of iniums.
The Declaration of Covenants, Conditions and Restrictions, or “CC&Rs”, is the primary and most important governing document for a inium or planned development, and is required for all iniums and planned developments.
Generally speaking, the declaration is the document that creates the inium. (It gets its name because it “declares” that the inium has been created.) To make it legal and operational, it is recorded in the land records in the county where your inium is located.
The term “real estate” or “real property” means the land plus anything growing on it, attached to it or ed on it, including man-made objects, such as buildings, structures, roads, sewers, and fences, but excluding anything that may be removed from the land without injury to the land.
Upon application made in ance with the requirements of this section, the Department of Law may, in its discretion, issue a "no-action letter" stating that it will not take enforcement action based on the transaction described in the application occurring without the filing of an offering plan pursuant to section ...
