Question: I am a sponsor of a new construction condominium in New York City. I have received mixed messages on whether “seller concessions” and “grossing up” are permissible. Can you explain what is legal under the Martin Act?
Answer: This is definitely an issue that I grappled with as Chief of the Real Estate Finance Bureau. Although there is no official Department of Law guidance on the subject, I’ll give you the same advice now that I would have given you back when I was a regulator.
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