N.Y. Comp. Codes R. & Regs. tit. 19 § 135.2

Current through Register Vol. 46, No. 45, November 2, 2024

Section 135.2 - Offering statement

(a)

(1) Pursuant to the authority granted under Real Property Law, section 337-b(2), the Department of State designates, except and to the extent set forth in paragraph (2) of this subdivision, the information listed in section 337-b, subdivision one, (a) through (f) of the Real Property Law, as not being necessary or appropriate in the public interest or for the protection of purchasers, and such information therefore may be omitted from the offering statement.

(2) The offering statement shall include the name and address of the subdivider, and a description and identification of the subdivision reasonably sufficient to locate the property.

(b) The offering statement shall conspicuously include the following statement:

"Any purchase of land can involve significant financial and legal risks. Risks can include possible problems with title, overpricing, land use limitations, and many other issues. Prospective buyers should evaluate those risks by consulting with their own attorney, real estate appraiser, or other qualified professional."

12-point, or larger, bold type, on the first page of the offering statement will normally be considered as conspicuous.

(c) The first page of the offering statement must include the statement required by Real Property Law, section 337-b(5).

N.Y. Comp. Codes R. & Regs. Tit. 19 § 135.2