Different laws apply in various parts of New York State to the conversion of rental apartment buildings to cooperatives and condominiums. The laws' basic provisions are summarized here, and they are explained in detail in Section 4.

The Martin Act (Article 23-A of the General Business Law) applies to the sale of all types of cooperatively owned real estate. The sale of co-op shares, condo units, or interests in homeowners' associations is subject to the Martin Act, as is the sale of other securities, such as stocks and bonds. The law requires that a complete description of these kinds of real estate interests be fully disclosed in an offering plan. No advertising or sales may take place unless the offering plan or prospectus, containing all the detailed information necessary for a purchaser to make a reasoned judgment about the decision to buy or not to buy, has been accepted for filing by the Attorney General.

The Cooperative and Condominium Conversion Act, also part of the General Business Law, specifically regulates the conversion of existing rental buildings to cooperative forms of ownership. One section (352-eeee) governs the conversion of residential apartment buildings in New York City. A second (352-eee) applies to those cities, towns and villages in the counties of Nassau, Rockland and Westchester that have passed resolutions adopting the coverage of the law. A third (352-e(2a)) protects senior citizens and disabled tenants in the municipalities throughout the state that have adopted the law.

These laws provide specific protection for tenants living in buildings undergoing conversion, and require that offering plans include explanations of the rights and obligations of both purchasers and non-purchasers. These protections are explained further in Section 3.

The Rent Stabilization Law and Code and the Rent Control Law offer additional protection for New York City tenants living in rent-stabilized and rent-controlled apartments undergoing conversion.

The Emergency Tenant Protection Act (ETPA) and the Emergency Housing Rent Control Law (EHRC) provide certain rights to tenants living in buildings outside New York City that are covered by these laws.

The Condominium Act details requirements for condominiums throughout the state (Article 9B of the Real Property Law).