In: NYC Property Manager
As per NYC Law any building that was constructed prior to January 1, 1978 is required to send out Lead Paint Notices to occupants each January. Should a child reside in the unit who is under the age of six (6) years old, the building is required to inspect that particular unit at least one (1) time per year, at any time in the year.
When purchasing a property or refinancing a mortgage, a lending bank will do a Title Search on the property in question. Often, if there are outstanding violations on file for the subject property, the bank will ask the Agent for an Indemnification and Hold Harmless letter stating that the Condominium Association, Cooperative Corporation and/or Managing Agent will indemnify them for all claims and damages as a result of these violations.