Bill Text: NY A06685 | 2015-2016 | General Assembly | Amended
Bill Title: Provides for a notice of conveyance of real property to be sent to the owners of record of residential real property; provides persons filing for conveyance shall bear the cost of mailing.
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Introduced - Dead) 2016-06-02 - amended on third reading 6685b [A06685 Detail]
Download: New_York-2015-A06685-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 6685--B Cal. No. 780 2015-2016 Regular Sessions IN ASSEMBLY March 30, 2015 ___________ Introduced by M. of A. PERRY -- Multi-Sponsored by -- M. of A. BENEDET- TO, COLTON, GALEF, HIKIND, ROSENTHAL, TITUS, WRIGHT -- read once and referred to the Committee on Judiciary -- recommitted to the Committee on Judiciary in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- reported from committee, advanced to a third reading, amended and ordered reprinted, retaining its place on the order of third reading AN ACT to amend the real property law, in relation to notice of sale or transfer of ownership of residential property The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 291 of the real property law, as amended by chapter 2 447 of the laws of 1984, is amended to read as follows: 3 § 291. Recording of conveyances. A conveyance of real property, with- 4 in the state, on being duly acknowledged by the person executing the 5 same, or proved as required by this chapter, and such acknowledgment or 6 proof duly certified when required by this chapter, may be recorded in 7 the office of the clerk of the county where such real property is situ- 8 ated, and such county clerk or city registrar where applicable shall, 9 upon the request of any party, on tender of the lawful fees therefor, 10 record the same in [his] said office. Every such conveyance not so 11 recorded is void as against any person who subsequently purchases or 12 acquires by exchange or contracts to purchase or acquire by exchange, 13 the same real property or any portion thereof, or acquires by assignment 14 the rent to accrue therefrom as provided in section two hundred ninety- 15 four-a of [the real property law] this article, in good faith and for a 16 valuable consideration, from the same vendor or assignor, his distribu- 17 tees or devisees, and whose conveyance, contract or assignment is first 18 duly recorded, and is void as against the lien upon the same real prop- 19 erty or any portion thereof arising from payments made upon the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03554-05-6A. 6685--B 2 1 execution of or pursuant to the terms of a contract with the same 2 vendor, his distributees or devisees, if such contract is made in good 3 faith and is first duly recorded. Notwithstanding the foregoing, any 4 increase in the principal balance of a mortgage lien by virtue of the 5 addition thereto of unpaid interest in accordance with the terms of the 6 mortgage shall retain the priority of the original mortgage lien as so 7 increased provided that any such mortgage instrument sets forth its 8 terms of repayment. The clerk of the county or city registrar where 9 such conveyance of residential real property is recorded and maintained 10 shall mail a written notice of such conveyance to the owner of record. 11 The notice shall have the heading printed in 20 point bold type and read 12 as follows: 13 "NOTICE OF SALE OR TRANSFER OF OWNERSHIP OF YOUR RESIDENTIAL PROPERTY. 14 To:______________________________ 15 Name of owner of record 16 Our records show that you are listed as the current owner of record for 17 residential property: 18 Block # __________ Lot # ________ 19 Located At: ___________________________ 20 street address 21 in the county of __________________ New York 22 On ____________, documents were filed at this 23 date 24 office to change ownership and transfer title of your property. 25 To: ______________________________ 26 name of new owner 27 If you have any questions regarding the validity of the documents, and 28 wish to dispute the recording of the transfer, you should obtain legal 29 counsel. If you believe you are a victim of a crime related to this 30 recording, contact your local law enforcement agency or, if in the City 31 of New York, the office of the sheriff." 32 The party seeking to record such conveyance shall bear the cost of such 33 written notice. The party seeking to record the conveyance shall 34 submit, contemporaneously with the filing of the document of conveyance, 35 a pre-stamped envelope bearing sufficient postage to mail a large envel- 36 ope by first class mail. Failure to mail such notice or the failure of 37 any party to receive the same, shall not affect the validity of the 38 conveyance of the property. 39 § 2. This act shall take effect on the ninetieth day after it shall 40 have become a law.
