The condominium form of development has increased dramatically over the past five years. As a result, it is imperative for brokers, realtors, salespeople, title company agents, developers, managers, lenders and board members in the common interest ownership sector and legal practitioners to familiarize themselves with the numerous statutory and other requirements relating to documents and associations. This seminar will provide a basic overview of the law as it affects each of these types of specialists, as well as numerous practice tips.
- Preparation of condominium offering plans
- Review of condominium organization documents
- Representing condominium boards of managers
- Tax issues for condominiums
- Insurance and financing for condominiums
9:00 a.m. - 9:30 a.m.
B. Applicable Statutes
D. Condominium v. Cooperative And Condop
E. Federal And State Securities Laws
F. New York State Condominium Act
G. Tenant Protection Laws
9:30 a.m. - 10:00 a.m.
II. Creation And Governing Documents
A. Declaration Of Condominium
B. Bylaws And House Rules
C. Individual Deeds To Units
10:00 a.m. - 10:45 a.m.
III. Filing Requirements And Procedure
A. Overview Of Martin Act
B. Overview Of Applicable New York State Attorney General Regulations
1. New Construction/Vacant Building
2. Occupied Buildings
C. Testing Of The Market
D. Documentary Requirements
E. Offering Plan
F. New Housing Home Warranty
10:45 a.m. - 11:00 a.m.
11:00 a.m. - 11:30 a.m.
IV. Conversions (Occupied Buildings)
B. Tenant Protection
C. Offering Plan
D. Issues Related To Filing Process
1. Notice To Tenants
2. Exclusive Period
11:30 a.m. - 12:00 p.m.
V. Sponsor's Disclosure And Self-Dealing
A. Statutory Standard Of Disclosure
B. New York State Attorney General
C. Case Law And Private Right Of Action
D. Fraud Under Martin Act
E. Common Law Fraud
F. Self Dealing State Law
G. The Condominium And Cooperative Protection And Abuse Relief Act
12:00 p.m. - 12:30 p.m.
VI. Tax Issues Relating To Condominium
Ownership And Formation
A. Developer/Sponsor Tax Issues
B. Unit Owners Tax Issues
C. Homeowners' Association Tax Issues
12:30 p.m. - 1:30 p.m.
Lunch (On Your Own)
1:30 p.m. - 2:15 p.m.
VII. Representing Condominiums And
Boards Of Managers
A. Organization And Management Of The Condominium
B. Powers, Duties And Exposure To Liability
C. Limitation On Powers
2. Condominium Documents
D. Updating And Upgrading Documents
E. Fair Housing Act
F. Telecommunications Act
G. Fair Debt Collection Act
H. Remedies; Enforcement In Courts Judicial Review
I. Lease And Transfer Restrictions
J. Management Agreement Issues
2:15 p.m. - 2:45 p.m.
VIII. Financial Management
B. Financial Controls
E. Liens And Enforcement
F. Real Estate Tax Issues
2:45 p.m. - 3:00 p.m.
3:00 p.m. - 3:30 p.m.
A. Insurance Condominium Common Areas
B. Insurance For Unit Owners
C. Potential Board Liability And Insurance Coverage (Directors' And Officers' Insurance Coverage)
3:30 p.m. - 4:00 p.m.
X. Lender Concerns
A. Underwriting Concerns
B. Review Of Documents
C. Required Approvals
4:00 p.m. - 4:30 p.m.
XI. Contract Of Sale Resales
D. Time Periods For Performance