Bill > A08337

This bill introduces new transparency requirements for condominiums and cooperative housing units in New York, inspired by tragic building collapses like the Champlain Towers South incident in Florida. The legislation requires property management companies and boards of managers to provide potential buyers with recent inspection reports, engineering reports, and permits for the property. The bill defines these terms, with "inspections" referring to reports evaluating building codes and safety standards, "engineering reports" as assessments by certified professionals about potential structural or mechanical damages, and "permits" as official approvals for renovations or repairs. Under the new law, these documents must be kept on file, made available for inspection, and provided digitally and physically to unit owners whenever revisions or new reports are made. Buyers will have the right to request these documents, and any inspections or engineering reports must be filed with local municipal departments within 60 days. If the board of managers fails to comply, the New York Attorney General's office can void the property's offering plan, and unit owners retain the right to pursue civil or criminal actions. The legislation aims to enhance transparency and help residents and potential buyers make informed decisions about the safety and condition of their housing units, making New York the third state to implement such strengthened regulations following similar laws in Florida and New Jersey.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A8337