A Guide to Not-For-Profit Corporations Selling Real Property in New York

In New York, not-for-profit corporations that wish to sell or dispose of real property constituting all or substantially all of the corporation's assets, or religious corporations seeking to sell or dispose of any real property must Petition the New York State Office of the Attorney General or the Supreme Court for approval. Petitioning the Attorney General's Office can often be a more efficient process but there are still many requirements that any Petitioner must meet in order to obtain approval.   

In this guide, Mr. Herd will discuss:

• When organizations need the Attorney General's approval to sell or dispose of real property

• Situations where the Attorney General's Office may require that the Petition is submitted to the Supreme Court

• Anticipatory language to include in any sale contract

• Documenting approval of the transaction by the organization's Board

• Obtaining approval of the transaction by the Members

• How to evaluate appraisals and what information must be included

• Providing annual financial statements

• What information to include in the Petition

• Providing a draft Attorney General Approval

Learning Objectives:

1. Discuss the situations where an organization would need to Petition for Attorney General's Approval

2. Learn to prepare real estate transactions for a smooth approval process

3. Understand the information needed for Petitions and the supporting documentation required