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socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 38905
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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I am a Sponsor NY Condo Offering Plan that was accepted

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Hi: I am a Sponsor for a NY Condo Offering Plan that was accepted for filing. We have been doing design changes on our building and have not entered into any contracts yet. 12 months since our plan was accepted will toll on July 13th. We filed a Price Change Amendment two weeks ago. Does that start a new 12 month period until the Plan is Stale? Thanks
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  socrateaser replied 2 years ago.
Hello, 13 CRR-NY 21.5(c) provides: "Pursuant to section 21.3(a)(8) of this Part, the term of the initial offer is 12 months commencing on the date indicated in the letter issued by the Department of Law stating that the plan is filed. Requests for extensions of time must be made by amendment and must comply with the provisions of this section and the requirements set forth in this subdivision. Prior to the filing of a post-closing amendment, extensions of time may be granted for additional terms, each of which shall be six months. After the post-closing amendment is filed, any subsequent amendment other than a price change amendment extends the term of the offering for an additional 12-month term from the date of filing of the amendment. A price change amendment submitted pursuant to subdivision (d) of this section does not extend the term of the offering. In the absence of any other amendments, an extension of the term must be made by amendment before the end of the then current term and must comply with the provisions of this section and the requirements set forth below." So, the answer is that an amendment, which is solely limited to a price change, does not reset the 12-month term. I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.Thanks again for using!

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