Title Company Launches Online Library of Co-Op and Condo Offering Plans
November 9, 2010
Manhattan-based TitleVest, a provider of title insurance and related real estate services, announced the BETA launch of the first digital library of thousands of New York cooperative and condominium offering plans.
This new service offers a centralized source for obtaining and viewing coop and condo offering plans. Furthermore, each plan is keyword-searchable, enabling the person reviewing the plan to instantly search for any phrase or topic, without laboriously searching through literally hundreds of document pages.
Also known as a prospectus, an offering plan is a document issued by a sponsor for the purpose of either converting an existing building to cooperative or condominium ownership or developing a new building. Its purpose is to provide full disclosure of all relevant data associated with evaluating an investment in the property.
"Our new offering plan service creates order out of chaos. Not only does it eliminate the painstaking search for a complete copy of the plan and amendments, but the keyword search functionality can dramatically streamline the review process," said Bill Baron, president of TitleVest. "Of course, our digital library also eliminates the need to transport and store a huge stack of documents for every transaction."
TitleVest's offering plan library is an expansion of its Coop/Condo Due Diligence Service, which provides real estate attorneys who are representing buyers of cooperative apartments and condominium units with a transcript or abstract of any references to over 50 relevant issues in the minutes of the Board of Directors' and annual shareholders' meetings over the prior two-year period.
TitleVest's Coop/Condo Due Diligence Service, launched earlier this year, has proven extremely popular with real estate attorneys who have embraced the thoroughness and convenience of obtaining a review that previously required a visit to the managing agent's office.