Who pays for the offering plan after an accepted offer in NYC?

[showtime]

Does the buyer or the seller typically pay for the offering plan after an offer has been accepted in NYC? What about other due diligence documents like the building's annual financial statements?

Honestly, I'm not sure why all of this isn't free and made readily available online by the managing agent. It's incomprehensible how these guys rationalize charging a couple of hundred dollars for a hard copy, and why some lawyers demand a hard copy. Jesus!

[aslan]

I would ask seller clients this if you're a listing agent:

Hi Joe and Brianna, do you guys happen to have this handy? Joe's lawyer, not sure if you’ve already gotten this from the sellers. If not, my side can ask for ideally an e-copy from the managing agent. Please keep in mind it’s traditionally the seller who pays for the cost of the materials, if any, vs the buyer since the seller can re-use.

Alternatively, I've seen agents inform the seller that the offering plan, amendments and financials would need to be sent to the buyer's attorney for due diligence purposes. Thank you.

Sometimes buyers' attorneys will be real short and simply say something like: Can you forward the last 2 years of financials and offering plan?

[Benny]

I think the offering plan is pretty standard for the seller to pay for, if there is a cost. Sometimes the managing agent will not have an electronic copy of it, but you may be able to pull a digital copy of the original offering plan from a library like TitleVest's online offering plan library. Keep in mind often times sellers will have hard copies somewhere of the offering plan, amendments, 2 years of financials.

Keep in mind that digital offering plans may work for some attorneys, but for others they still want a hard copy. One seller's attorney recently mentioned: At some point we will likely need to give them a hard copy, but we can cross that road when we come to it.

In terms of the building financials, I've heard a seller's attorney say this once to a young listing agent: Can you get the financials from the building, that would be helpful. Often the buyer’s attorney does it themselves, but if we can help this move along, no need to stand on ceremony.