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February 11, 2009
Having to "Buy" Offering Plan
I know this is a bit off-topic, but I'm not sure where to ask. I went into the sales office for 20 Henry St and asked about the offering plan. I was told the offering plan was available to buy, for $100 non-refundable. I've never heard of such a thing. Is this common?
Comments
For $50 I'll tell you. (cash)
Posted by: mod squad at February 11, 2009 10:52 PM
Yes. $100 is a bit steep but they are not free to print. And once you take it and spill coffee on it a buyer at $2 mil wont want a used one. However they should let you look it over, if they won't they are not taking you seriously.
Posted by: edifice rex at February 11, 2009 11:00 PM
Ask if they'll give you or email you a PDF.
Posted by: hoffster at February 12, 2009 8:45 AM
110 Livingston St (the condos in the old Board of Ed building) wanted $75 for theirs.
We went in and asked for one, someone handed it to us and said "bring it back when you're done". We had to leave out contact info. About an hour later we got a frantic call from one of the on-site people wondering where the book was. Apparently it wasn't supposed to be given out.
Posted by: christopher at February 12, 2009 8:59 AM
It's common, you have to account for reprinting/binding fees etc. Depending on the thickness of the Offering plan they can go up to as high at $175 for buildings in manhattan.
Posted by: cinnybuns at February 12, 2009 9:30 AM
you can get a free copy of the offerring plan. call the attorney generals office and ask which record room has it.
Go there bring lots of change and start photocopying.
if not just read the offerring plan there like you are at the library.
Hope this helps.
Posted by: Ysabelle at February 12, 2009 9:41 AM
Dont Offering Plans get filed on Acris as well?
Posted by: newsouthsloper at February 12, 2009 10:05 AM
The "buying" of the offering plan always bugs me, if it doesn't permit a quick perusal of it BEFORE plunking down cash. (It used to be "loaned" for that amount.) BUT, my question is to Ysabelle: WHERE would one read the offering plans at the AGs office? Do you have an address? I'd do this.
Posted by: Minmin at February 12, 2009 11:04 AM
Yes, they usually refund it IF you go to contract and close. Those suckas are the size of a phone book. I paid $75 bucks for mine.
Posted by: Adam Dahill at February 12, 2009 11:29 AM
This info is not in the offering plan but ASK.......
If the buildng is a condo find
out if there are any fees to you and the tenant for the privilege of subletting.
If the building is a condo subletting is your right not a privilege.
Why pay fees if you can get a rental without the fees for the same price. (tenants point of view)
Unknown to you as a buyer you might find application fees, move in move out fees etc., for you and your future tenants. ASK
You a;so need to know who pays for repairs to the unit. You or the condo or coop.
This is not in the offerring plan.
Some buildings charge a ridiculous amount of money for general repairs such as fixing a clogged drain. a leaky bathroom or kitchen waste pipe etc. The repair fees get heaped on to your monthly charges for the unit. ASK to see the fee schedule for this.
In other words all crabby charges have to be listed as an ammendment to the offerring plan. There are no secrets.
If something changes the board has to submit them to the offerring plan as an ammendent for public filing and viewing.
ASK
Posted by: Ysabelle at February 12, 2009 12:57 PM
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