Requires that when a buyer enters into a contract to purchase a condominium or cooperative housing unit, the property management company or board of managers shall provide the buyer with records of the most recent inspection and engineering reports and permits for the subject property.
S07541 would add transparency requirements for condominium and cooperative housing in New York. The bill defines “inspections,” “engineering reports,” and “permits,” and requires boards of managers and property management companies to keep these records on file and make them available to unit owners in both digital and physical form whenever new reports, revisions, or permits are issued. It also gives prospective buyers the right to receive the most recent inspection, engineering, and permit records when they enter into a contract to purchase a condo or co-op unit.
The bill further requires that inspection or engineering reports prepared for a condominium or cooperative be filed with the appropriate local municipal building department, health department, or code enforcement officials within 60 days. It also directs that permits issued by a municipality or the state for work on the property be made available to all unit owners. If a board of managers fails to comply with the filing and disclosure requirements, the Attorney General would have authority to void the offering plan, and the bill preserves a unit owner’s ability to bring civil or criminal actions.
The stated purpose is to improve safety and informed decision-making in the wake of high-profile building failures, especially the Champlain Towers South collapse in Florida. The bill is framed as a consumer protection and public safety measure aimed at ensuring residents and purchasers know about structural, mechanical, health, and fire code issues before they buy or remain in a building. It would amend the Real Property Law, particularly sections governing condominiums and cooperative housing, and would create new reporting obligations for boards, management companies, engineers, and municipalities.
Overall sentiment appears strongly favorable. The bill passed the Senate Rules Committee unanimously and the Senate floor with overwhelming support, indicating broad agreement with the transparency and safety goals. The later Judiciary Committee vote was also strongly positive, though not unanimous, suggesting continued general support with some limited reservation.
The main point of contention is the scope and enforceability of the disclosure regime. The bill imposes significant administrative duties on boards and property managers, requires filing with local agencies, and gives the Attorney General a powerful remedy by potentially voiding an offering plan for noncompliance. Those provisions may raise concerns about compliance burdens, liability exposure, and the practical effect on condominium and co-op governance, even though the available vote record shows little organized opposition.
The bill would amend the Real Property Law to create new disclosure, recordkeeping, and filing requirements for condominiums and cooperative housing units. It would require boards of managers and property management companies to maintain and distribute inspection reports, engineering reports, and permits to unit owners and prospective buyers, and to file certain reports with local building, health, or code enforcement authorities. It also authorizes the Attorney General to void an offering plan if the board fails to comply, while preserving private legal remedies for unit owners.
The available voting history suggests broad support for the bill’s safety and transparency goals. It passed the Senate Rules Committee unanimously, then passed the Senate floor by a wide margin, and later received a strong Judiciary Committee vote. There is no committee transcript showing organized debate, but the vote pattern indicates the measure is generally viewed favorably as a consumer protection and building-safety bill.
The likely areas of contention are the bill’s compliance burden and enforcement mechanisms. Boards of managers and property management companies would have to provide records promptly, file reports with local agencies, and maintain both digital and physical access to documents, which could be seen as administratively demanding. The strongest enforcement tool—allowing the Attorney General to void an offering plan for noncompliance—could also be viewed as severe, and the bill’s preservation of civil and criminal actions suggests potential exposure for boards and managers if disclosure obligations are not met.