TitleVest announced its digital library of cooperative and condominium offering plans and amendments now spans more than 6,000 properties and includes more than 337,301 units. The library, which began as a central repository to assist New York City real estate attorneys and agents, also has expanded its database to include plans from Westchester, Nassau and Rockland counties.
It also recently underwent a technology upgrade, allowing users to more easily access the offering plans and related amendments from any digital device. The new platform provides several enhancements to the user experience and broadens the web-based accessibility, the company said.
The library offers a centralized service for obtaining and viewing coop and condo offering plans. 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 cooperate 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.
“Historically, obtaining a copy of an offering plan, along with its amendments, was a problematically time- and dollar-consuming process,” TitleVest President Brian Tormey said in a press release. “By growing our library of offering plans and expanding our inventory beyond the five boroughs, we have been able to build an indispensable resource for attorneys and agents that further simplifies the closing process by delivering a digital copy reviewable on any device within two hours of a request.”
TitleVest launched its condo and cooperative offering plan library in beta in October 2010, providing clients with a centralized, digital resource – with full text search functionality, bookmarking for easy review, and navigation encoded in each plan. Since then, it has grown to include more than 6,000 offering plans, representing more than 75 percent market share of all plans in the city’s five boroughs.
“A digital library of offering plans is a resource the industry was sorely lacking,” said Bruce Cohen, partner at Cohen & Frankel, LLP. “The keyword search functionality and easy online access make TitleVest’s library of coop and condo offering plans an indispensable resource.”
TitleVest is a member of the First American family of companies.