April 13, 2017
Another Offering Plan Library Has Opened Its Digital Doors
by Ron Egatz in Habitat Magazine's Green Ideas
OneTitle is latest to make co-op and condo offering plans available online.
If you’ve ever purchased a co-op or condo apartment, you probably know that one of the quickest ways to get a true picture of the deal is by studying the offering plan. Among many other things, these public documents identify the sponsor/developer, all facets of unit ownership, the details of each unit, the number of units in the building, and the owner of the property if different than the sponsor.
In years past, there were two ways to get your hands on these valuable resources. First, pay an inflated charge for photocopying an offering plan that can often run more than 500 pages. The second was a visit to the New York Attorney General’s Office, where you’d request the plan of the building you’re interested in, and read it there. Board members who want to research buildings with stats similar to their own do not, generally, have hours to spend in the Attorney General’s archives.
“This is public data, but historically, it hasn’t been easily accessible or searchable,” says Daniel Price, CEO of OneTitle, which provides title insurance at a discount up to 25 percent. Price has now set his sights on democratizing data critical apartment buyers and boards alike. Anyone can now visit the OneTitle Offering Plan Library to find the offering plan of a specific building, or compare multiple plans to see how a building stacks up against the competition.