As a participant in a new public offering of interests in a condominium, it is important to understand the recent changes to escrow regulations which went into effect on March 1, 2013. The amendment to the escrow regulations will have an effect on both new offering plans as well as on some existing offering plans. In short, the revised regulations will, among other things, eliminate the Attorney General’s role in dispute resolution concerning the disposition of any funds in connection with the sale of a cooperative interest in realty that have been placed in escrow.
Weidenbaum & Harari, LLP has worked actively on new offerings that have adopted the new methods required under this escrow amendment.
For the full list of changes to the regulations, here is a link to the Attorney General’s website:
http://www.ag.ny.gov/real-estate-finance-bureau/revised-escrow-regulations