I thought that by having to have offering plans on file with the NYS A.G., they were publicly available and in the public domain. But a developer is asking me to buy it outright as part of the offer/purchase process. I've also read here on StreetEasy from some people considering it a deposit, so I assume it should be reimbursable if a purchase is completed. What's the standard for this? It seems... [more]
I thought that by having to have offering plans on file with the NYS A.G., they were publicly available and in the public domain. But a developer is asking me to buy it outright as part of the offer/purchase process.
I've also read here on StreetEasy from some people considering it a deposit, so I assume it should be reimbursable if a purchase is completed.
What's the standard for this?
It seems that one is free to copy/distribute it but the developer is still free to charge for them?
Also, is it customary to ask for the Purchaser's SSN in a contract request form? Does a developer get to run a credit check or something? I could disclose it at the right step of the process, but would have privacy concerns since most people don't protect documents with that type of information very well.
Thanks in advance for your help.
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Response by juuceman
about 15 years ago
Posts: 84
Member since: Sep 2010
The document is publicly available. It's also likely enormous (hundreds, if not thousands of pages) and bound. You can contact the AG's office to make sure that they have a copy of it in their Manhattan office, as opposed to their Albany office, and make an appointment to go in and view the document. You can generally photocopy relevant portions of it. You're not, in all likelihood, going to photocopy the entire thing though. And your attorney should require the entire document for review.
The developer or their sales rep should be able to give you their policy on the document. Some apply it to the closing costs. Some will repurchase it from you if it's not marked up, etc. Some will not cash your check unless you back out of the deal. I's their policy, not a standard.
Your SS number is generally included in the purchase agreement.
Ignored comment.
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Response by Kafka
about 15 years ago
Posts: 46
Member since: Feb 2010
Thanks a lot. I'm replying to their agent with similar suggestions.
The document is publicly available. It's also likely enormous (hundreds, if not thousands of pages) and bound. You can contact the AG's office to make sure that they have a copy of it in their Manhattan office, as opposed to their Albany office, and make an appointment to go in and view the document. You can generally photocopy relevant portions of it. You're not, in all likelihood, going to photocopy the entire thing though. And your attorney should require the entire document for review.
The developer or their sales rep should be able to give you their policy on the document. Some apply it to the closing costs. Some will repurchase it from you if it's not marked up, etc. Some will not cash your check unless you back out of the deal. I's their policy, not a standard.
Your SS number is generally included in the purchase agreement.
Thanks a lot. I'm replying to their agent with similar suggestions.