Offering Plans Go Paperless

For those of you who have been through the process of buying a condo or co-op in New York City, you can’t help but remember the offering plan–a book describing the ins and outs of your property, often hundreds of pages long. In fact, the city rents warehouse space outside of Troy to store these.

Now, instead of killing an entire tree to print out one offering plan and and tearing a muscle lugging it home, there is a new policy on the table mandating they be available in digital form, effective as early as March 1. The content will be encrypted so it can’t be altered and searchable by key words.

In an industry that’s pretty much known for its paperwork, this is a huge step! State attorney general Eric Schneiderman’s spokeswoman stated the “…new policy is part of a comprehensive effort to streamline and modernize our office’s real estate functions and increase efficiencies in transactions between purchasers and developers.” Ahhhh-progress!

If you’re one of those who hasn’t yet embraced the electronic book, relax. They’ll still be available in hard copy.

Source: New York Times

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