Final answer:
The regulation of offering plans for condominiums and cooperatives is typically handled by a state government agency, often the Attorney General's office or a Real Estate Commission. These offering plans are considered securities and are subject to approval to ensure compliance with state laws and buyer protection.
Step-by-step explanation:
The entity that regulates the offering plan for condominiums and cooperatives is usually a state government agency that oversees real estate and securities. In many states, this would be the Attorney General's office or a specific Real Estate Commission or Department that has the authority to review and approve the offering plans for such residential properties. These offering plans are considered securities because they involve the investment of money by purchasers into a common venture with an expectation of profits primarily from the efforts of the promoter or third party.
Before condominiums or cooperatives can be sold, the offering plan must be submitted and approved to ensure it complies with state laws and regulations, providing protection for potential buyers. The offering plan includes vital details such as the declaration, by-laws, floor plans, and financial statements, and must be thorough and transparent to pass regulatory scrutiny.