NY A05856

Requires cooperative corporations to maintain and provide prospective purchasers with a standardized application and list of requirements for apartment purchases.

Mandates cooperatives acknowledge receipt of applications within 10 business days via both email and registered mail, specifying whether the application is complete and what additional materials are needed.

Establishes a 45-day deadline for cooperatives to approve or deny sales applications, with one automatic 14-day extension allowed upon notice to the purchaser.

Allows prospective purchasers to give 10-day notice that failure to act constitutes automatic consent to the sale, with deemed consent occurring if the cooperative takes no action within that period.

Extends timelines to 60 calendar days or September 10th (whichever is later) for applications received between July 1st and September 10th if the board has documented it does not ordinarily meet in July and August.