Bill > S07541

This bill introduces new transparency requirements for condominiums and cooperative housing units in New York, primarily in response to tragic building collapses like the Champlain Towers South incident in Florida. The legislation defines "inspections" as reports evaluating a property's building codes, safety standards, and structural condition; "engineering reports" as assessments by certified professionals about potential mechanical or structural damages; and "permits" as official approvals for property operations or renovations. The bill mandates that property management companies or boards of managers must provide potential buyers with the most recent inspection, engineering reports, and permits for a property before sale. Additionally, these documents must be kept on file, made available for inspection during weekday hours, and provided digitally and physically to unit owners when any revisions or new reports are issued. The legislation also requires that such reports be filed with local municipal departments within 60 days and warns that failure to comply could result in the attorney general voiding the property's offering plan. If property management fails to provide these documents, unit owners retain the right to pursue civil or criminal action. By implementing these requirements, the bill aims to increase transparency, help residents make informed decisions, and potentially prevent future structural failures in multi-unit residential buildings.

Housing and Urban Affairs, Justice

https://www.nysenate.gov/legislation/bills/2025/S7541