New Condo Offering Plan Service Not So Innovative

condo offering plan An online library containing more than 2,000 condo offering plans and amendments for condos and co-ops in New York City opened for business in fall 2010. Although a New York Times article touted the free service, run by New York-based TitleVest Agency, Inc., as innovative, it turns out the same information can be found with a quick search of online county records.

Attorney Ira Price of Legal Title Services, Inc. in Miami says these can easily be found by searching official county records, searching by declaration of condominium then by the condo's name.

"The plans are already online, however, it appears this service will save time and trouble," says Price. "In order for a condominium to be legal, a complete set of the condo documents has to be recorded in the public records where the condominium is located."

condo offering plan
See photos of homes for sale in your area and across the country on AOL Real Estate
The search can also be done through a title underwriter where the findings would be the most accurate. It's also key to remember to be careful to find amendements to any of the documents.

Price however has his reservations about the service mentioned in the article because "if the service depends on attorneys and others to provide the documents, I would not rely on the service. I would only rely on the service if the database was the official records," Price said.

However, for basic information during the looking stage, the service might be good. In Florida, every buyer has the right to receive a complete set of condominium documents and review them over a period of time. The right to review and cancel a condo purchase contract is absolute.

As for the subject in the Times article, perhaps he should have asked his advisers how long he had to review the documents and then taken the time to do so. His predicament is a lesson learned to always read the fine print, no matter how tedious or time-consuming.

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.
Read Full Story

Find a home

Powered by Zillow