Quantum Mortgage - Real Estate News and Updates

Great News for Prospective Co-op Buyers in Westchester County, NY

On December 14, 2018, County Executive George Latimer signed the Cooperative Transparency Bill. Chapter 700 of the Laws of Westchester County has been amended to include a new section--section700-21a. The complete law, committee comments, and text can be found at: https://bit.ly/2FsPbVf. The law shall become effective immediately.

What does this mean for the Prospective Co-op Buyers in Westchester County, NY?

Under this new legislation the Co-op Boards will have to follow specific timelines when they receive a new application for a prospective buyer into their co-op.

  • Within 15 days of receiving the application the co-op will have to advise the prospective buyer if the application is complete or if anything is missing.
  • Within 60 days of receiving the properly completed application the co-op will have to advise the prospective buyer that they either accept or reject the application. This must be in writing.

Here’s what I believe will have the most impact for the Prospective Co-op Buyers in Westchester County, NY

If the application is rejected then a copy of the rejection notice must be sent to the Human Rights Commission. The Commission will have the power to investigate instances of discrimination.  

Posted by Michael Benevento on December 18th, 2018 12:25 PM


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