Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
NYSAR Issues Call to Action for Westchester Board Of Legislators to Pass Co-Op Disclosure Reform
WHITE PLAINS—The New York State Association of Realtors has issued a “Call to Action” to Realtors to send a message to Westchester County legislators and Westchester County Executive George Latimer urging their support for the Westchester County Legislature to pass a new law requiring co-op boards to provide a reason in writing for application denials.
Since the Westchester County Co-Op Law was enacted in 2018 there have been more than 480 known rejections of buyers seeking to purchase a home. NYSAR and HGAR note that while they were pleased with the passage of this law, they see it as a good first step, but not enough to ensure fair treatment of prospective purchasers.
“We strongly urge the legislature to enact an amendment to the law that requires a co-op board to provide a reason in writing stating their rationale for denying someone the ability to purchase or lease a home,” the Call to Action states. “Under the current law, no reason is given. The board is merely required to notify the applicant that they have been denied. This new provision would allow the applicant and the human rights commission to hold the board to account if the reason(s) given seems questionable.”
For the full Call to Action and to send a message to County Legislators, go to: