Offering plan
An offering plan is the disclosure document a sponsor must file with the NY Attorney General before selling units in a condominium, cooperative, or condop. It contains the bylaws, declaration, proprietary lease, projected budgets, building condition reports, and all material disclosures buyers rely on.
Frequently asked questions
Where do I get a copy of our offering plan?
Every shareholder/unit owner received one at purchase. The managing agent should hold the master with all amendments. If lost, the Attorney General's office maintains filed plans and amendments — you can request copies from the Real Estate Finance Bureau.
Do amendments supersede the original plan?
On the specific provision amended, yes. The current text of any provision is the original plan text as modified by every subsequent amendment that touches it. This is why a single amendment can quietly change flip tax, sublet rules, or transfer fees years after the building opened.
Can the board change the offering plan?
Only by amending the bylaws or proprietary lease through the process and supermajority specified in those documents — typically a 66.67% or 75% vote of shares or unit owners. The board cannot unilaterally change material plan provisions by resolution.
What if the offering plan contradicts the bylaws?
The bylaws and proprietary lease/declaration as filed and amended are operative. The offering plan describes what those documents say at the time of sale, but the documents themselves govern. If there's a true conflict, get counsel involved before relying on either.