Bill Text: NY S04865 | 2019-2020 | General Assembly | Amended


Bill Title: Establishes the uniform partition of heirs property act which supplements the general partition statute and governs actions to partition heirs property.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Engrossed) 2019-06-20 - returned to senate [S04865 Detail]

Download: New_York-2019-S04865-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                         4865--A

                               2019-2020 Regular Sessions

                    IN SENATE

                                     March 28, 2019
                                       ___________

        Introduced  by  Sens.  HOYLMAN,  MONTGOMERY,  THOMAS  --  read twice and
          ordered printed, and when printed to be committed to the Committee  on
          Judiciary  -- committee discharged, bill amended, ordered reprinted as
          amended and recommitted to said committee

        AN ACT to amend the  real  property  actions  and  proceedings  law,  in
          relation to establishing the uniform partition of heirs property act

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The real property actions and proceedings law is amended by
     2  adding a new section 993 to read as follows:
     3    § 993. Uniform partition of heirs property act. 1. Short title.   This
     4  section shall be known as the "uniform partition of heirs property act".
     5    2.  Definitions.  For  purposes  of  this section, the following terms
     6  shall have the following meanings:
     7    (a) "Ascendant" means an individual who precedes another individual in
     8  lineage, in the direct line of ascent from such other individual.
     9    (b) "Collateral" means an individual who is related to  another  indi-
    10  vidual  under  the  law of intestate succession of this state but who is
    11  not such other individual's ascendant or descendant.
    12    (c) "Descendant" means an individual who follows another individual in
    13  lineage, in the direct line of descent from such other such individual.
    14    (d) "Determination of value" means a court order determining the  fair
    15  market  value  of  heirs  property  under subdivision six or ten of this
    16  section or adopting the valuation of  the  property  agreed  to  by  all
    17  co-tenants.
    18    (e)  "Heirs  property"  means  real property held in tenancy in common
    19  which satisfies all of the following requirements as of the filing of  a
    20  partition action:
    21    (i)  there  is  no agreement in a record binding all of the co-tenants
    22  which governs the partition of the property;

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10955-02-9

        S. 4865--A                          2

     1    (ii) any of the co-tenants acquired title  from  a  relative,  whether
     2  living or deceased; and
     3    (iii) any of the following applies:
     4    (A) twenty percent or more of the interests are held by co-tenants who
     5  are relatives;
     6    (B)  twenty percent or more of the interests are held by an individual
     7  who acquired title from a relative, whether living or deceased;
     8    (C) twenty percent or more of the co-tenants  are  relatives  of  each
     9  other; or
    10    (D)  any  co-tenant  who acquired title from a relative resides in the
    11  property.
    12    (f) "Partition by sale" means a court-ordered sale of the entire heirs
    13  property, or the portion thereof in which  any  co-tenant  who  acquired
    14  title from a relative resides, whether by auction, sealed bids, or open-
    15  market sale conducted under subdivision ten of this section.
    16    (g)  "Partition in kind" means partition or division of heirs property
    17  into physically distinct and separately titled parcels.
    18    (h) "Record" means information that is inscribed on a tangible  medium
    19  or that is stored in an electronic or other medium and is retrievable in
    20  perceivable form.
    21    (i)  "Relative"  means  an  ascendant, descendant, or collateral or an
    22  individual otherwise related to another individual by  blood,  marriage,
    23  adoption, or law of this state other than under this section.
    24    3.  Applicability;  relation to other law. (a) This section applies to
    25  partition actions filed on or after the effective date of this section.
    26    (b) In any action to partition real property, the court  shall  deter-
    27  mine,  after  notice  and  the right to be heard afforded to each party,
    28  whether the property is heirs property. If the court determines that the
    29  property is heirs property, the property shall be partitioned in accord-
    30  ance with this section unless all of the co-tenants otherwise agree in a
    31  record.
    32    (c) This section shall supplement the  general  partition  statute  of
    33  this  article  and,  if  an  action  is  governed by this section, shall
    34  replace the provisions of such general partition statute that are incon-
    35  sistent with this section.
    36    4. Service; notice by posting. (a) This section  shall  not  limit  or
    37  affect  the method by which service of a complaint in a partition action
    38  may be made.
    39    (b) If the plaintiff in a partition action seeks an order of notice by
    40  publication and the court determines that  the  property  may  be  heirs
    41  property,  the  plaintiff,  not  later  than  ten days after the court's
    42  determination, shall post and maintain while the  action  is  pending  a
    43  conspicuous  sign on the property that is the subject of the action. The
    44  sign shall state that the action has commenced and identify the name and
    45  address of the court and the common designation by which the property is
    46  known. The court may require the plaintiff to publish on  the  sign  the
    47  name of the plaintiff and the known defendants.
    48    5. Settlement conference. (a) In any partition action of heirs proper-
    49  ty,  plaintiffs  shall  file proof of service within twenty days of such
    50  service, however service is made, and the court shall hold  a  mandatory
    51  conference  within sixty days after the date when a request for judicial
    52  intervention is filed, or on such adjourned date as has been  agreed  to
    53  by  the  parties,  for  the  purpose  of  holding settlement discussions
    54  pertaining to the relative rights and obligations of  the  parties  with
    55  respect  to  the  subject property including, but not limited to, as set
    56  forth in this section.

        S. 4865--A                          3

     1    (b) Upon the filing of a request for judicial intervention, the  court
     2  shall  promptly  send  a notice to parties advising them of the time and
     3  place of the settlement conference, the purpose of  the  conference  and
     4  the  requirements  of  this  section.  The  notice  shall  be  in a form
     5  prescribed  by the office of court administration, or, at the discretion
     6  of the office of court administration, the administrative judge  of  the
     7  judicial district in which the action is pending. Plaintiff shall post a
     8  copy  of  the settlement conference notice in a conspicuous place on the
     9  property within twenty days of the date of the notice.
    10    (c) The settlement conference may be adjourned or reconvened from time
    11  to time as appropriate during the pendency of the partition  action.  At
    12  any  conference  held  pursuant  to this section, the plaintiffs and the
    13  defendants shall appear in person or by counsel, and each party's repre-
    14  sentative at the conference shall be fully authorized to dispose of  the
    15  entirety  or  any portion of the case. If the defendant is appearing pro
    16  se, the court shall advise the defendant of the nature of the action and
    17  his or her rights and responsibilities as a defendant.
    18    (d) At the first settlement conference held pursuant to this  section,
    19  if  the defendant has not filed an answer or made a pre-answer motion to
    20  dismiss, the court shall (i) advise the defendant of the requirement  to
    21  answer  the  complaint,  (ii)  explain  what  is  required  to  answer a
    22  complaint in court, (iii) advise that the ability to contest the  parti-
    23  tion  action  and assert defenses may be lost if an answer is not inter-
    24  posed, (iv) set a deadline for any co-tenants  requesting  partition  by
    25  sale,  and  (v)  provide information about available resources for legal
    26  assistance. A defendant who appears at the settlement conference but who
    27  failed to file a timely answer, pursuant to rule three hundred twenty of
    28  the civil practice law and rules, shall be presumed to have a reasonable
    29  excuse for the default and shall be  permitted  to  serve  and  file  an
    30  answer,  without  any  substantive  defenses deemed to have been waived,
    31  within thirty days of initial appearance at the  settlement  conference.
    32  The  default  shall  be  deemed  vacated  upon  service and filing of an
    33  answer.
    34    (e) Both the plaintiffs and defendants shall negotiate in  good  faith
    35  to  reach a mutually agreeable resolution including, but not limited to,
    36  a tenancy in common agreement, a co-tenant buyout  and  the  allocation,
    37  mechanics and financing thereof as provided in subdivision seven of this
    38  section,  a partition in kind as provided in subdivisions eight and nine
    39  of this section, an open market sale as provided in subdivision  ten  of
    40  this section, or any other agreement or loss mitigation that is fair and
    41  reasonable  considering  the totality of factors listed in paragraph (a)
    42  of subdivision nine of this section.
    43    (f) If the parties do not reach a mutually agreeable  resolution,  the
    44  referee,  judicial  hearing  officer,  or  other staff designated by the
    45  court to oversee the settlement conference process shall make  a  report
    46  of  findings  of fact, conclusions of law and recommendations for relief
    47  to the court concerning any party's failure to negotiate in  good  faith
    48  pursuant  to paragraph (e) of this subdivision.  If the court determines
    49  a plaintiff has failed to negotiate in good faith, the partition  action
    50  shall be dismissed.
    51    (g)  Any  motions  submitted by any party to the action may be held in
    52  abeyance while the settlement conference process is ongoing, except  for
    53  motions  concerning  (i) a determination of the percentage interests, if
    54  any, owned by any alleged co-tenant if such interests are in dispute and
    55  (ii) compliance with this rule  and  its  implementing  rules  including

        S. 4865--A                          4

     1  applications  to  extend in the interests of justice any deadlines fixed
     2  herein. 
     3    (h)  In  addition to any other qualifications otherwise required, each
     4  commissioner appointed under section nine hundred fifteen of this  arti-
     5  cle  and any officer appointed to conduct a sale shall be disinterested,
     6  impartial and not related to a party to or participant in the action.
     7    6. Determination of value. (a) If the court determines that the  prop-
     8  erty  that  is  the subject of a partition action is heirs property, the
     9  court shall determine the fair market value of the  heirs  property  for
    10  purposes  of  subdivision  seven  of  this section as follows, utilizing
    11  paragraph (d) of this subdivision, unless it has determined  that  para-
    12  graph (b) or (c) of this subdivision apply.
    13    (b)  If  all co-tenants have agreed to the value of the property or to
    14  another method of valuation, the court shall adopt  such  value  or  the
    15  value produced by the agreed method of valuation.
    16    (c) If the court determines that the evidentiary value of an appraisal
    17  is  outweighed by the cost of the appraisal, the court, after an eviden-
    18  tiary hearing, shall determine the fair market value of the property and
    19  send notice of the value to the parties.
    20    (d) If paragraph (b) or (c) of this  subdivision  do  not  apply,  the
    21  court  shall order an appraisal by a disinterested real estate appraiser
    22  licensed in this state to determine the fair market value of the proper-
    23  ty. Any determination of value under paragraph (c), (d), (f) or  (g)  of
    24  this  subdivision  shall assume sole ownership of the fee simple estate.
    25  On completion of the appraisal, the appraiser  shall  file  a  sworn  or
    26  verified appraisal with the court.
    27    (e)  Not  later  than ten days after an appraisal is filed under para-
    28  graph (d) of this subdivision, the court shall send notice to each party
    29  with a known address, stating:
    30    (i) the appraised fair market value of the property plus  the  allowed
    31  cost of the appraisal;
    32    (ii) that the appraisal is available at the clerk's office; and
    33    (iii)  that  a  party  may  file  with  the  court an objection to the
    34  appraisal not later than thirty days after the notice is  sent,  stating
    35  the grounds for the objection.
    36    (f)  If an appraisal is filed with the court pursuant to paragraph (d)
    37  of this subdivision, the court shall conduct a hearing to determine  the
    38  fair  market  value  of the property not sooner than thirty days after a
    39  copy of the notice of the appraisal is sent to each  party  under  para-
    40  graph  (e)  of  this  subdivision,  whether  or  not an objection to the
    41  appraisal is filed under subparagraph (iii) of  paragraph  (e)  of  this
    42  subdivision.  In  addition to the court-ordered appraisal, the court may
    43  consider any other evidence of value offered by a party.
    44    (g) After a hearing under  paragraph  (f)  of  this  subdivision,  but
    45  before  considering  the merits of the partition action, the court shall
    46  determine the fair market value of the property and send notice  to  the
    47  parties of the value.
    48    7.  Co-tenant  buyout.  (a)  Every  co-tenant  who requests or joins a
    49  request for partition of heirs property by sale has thereby agreed  that
    50  his  or her interest may be acquired in accordance herewith at the value
    51  determined under subdivision six of this section by the  co-tenants  who
    52  have  not  sought  or  joined in the request for partition by sale. Upon
    53  determination that the property is  heirs  property  and  prior  to  the
    54  determination  of value under subdivision six of this section, the court
    55  shall send notice to all parties identifying  the  owners  of  interests
    56  that have sought partition by sale, the percentage interests such owners

        S. 4865--A                          5

     1  allege  to  hold  and  of the right of the remaining co-tenants to avert
     2  partition by sale by exercising the right to purchase all of the  inter-
     3  ests of the co-tenants who requested partition by sale.
     4    (b)  Not  later  than forty-five days after the notice of the determi-
     5  nation of value under subdivision six of this section is sent and by the
     6  date specified in such notice, any co-tenant, except  a  co-tenant  that
     7  requested  partition  by sale, may give notice to the court of the total
     8  amount of percentage interests subject to purchase that he or she elects
     9  to buy; provided, however, the court shall make a determination of  each
    10  co-tenant's percentage ownership interest in the property prior to send-
    11  ing  notice of the determination of value if such interest is in dispute
    12  and shall consider all facts as determined by the court and presented by
    13  the parties, and all laws and rules that govern the transfer, succession
    14  and acquisition of title through probate, intestacy or otherwise.
    15    (c) The purchase price for percentage interests shall be the value  of
    16  the  entire  parcel  determined  under  subdivision  six of this section
    17  multiplied by the aggregate amount of the percentage  interests  subject
    18  to purchase.
    19    (d)  After  expiration of the period in paragraph (b) of this subdivi-
    20  sion, the following rules apply:
    21    (i) If one or more co-tenants have elected in the aggregate to buy  at
    22  least  the total amount of percentage interests subject to purchase, the
    23  court shall notify all the parties of such fact.
    24    (ii) If the electing co-tenants' offers equal or exceed the amount  of
    25  percentage  interests  subject to purchase, the court shall allocate the
    26  right to buy those interests among the electing co-tenants based on each
    27  electing co-tenant's existing fractional ownership of the entire  parcel
    28  divided  by  the  total  existing fractional ownership of all co-tenants
    29  electing to buy, reserving priority, first, to electing  co-tenants  who
    30  acquired  the  interest  from a relative and reside in the property and,
    31  second, to all other electing co-tenants  who  acquired  their  interest
    32  from a relative, and send notice to all the parties of the foregoing and
    33  of the price to be paid by each electing co-tenant.
    34    (iii)  If co-tenants with the right to elect fail to elect to purchase
    35  the entirety of the interests of  the  co-tenants  whose  interests  are
    36  subject  to  purchase, the court shall send notice to all the parties of
    37  such fact and resolve the partition action under paragraphs (a) and  (b)
    38  of subdivision eight of this section.
    39    (e) If the court sends notice to the parties under subparagraph (i) or
    40  (ii)  of  paragraph (d) of this subdivision, the court shall set a date,
    41  not sooner than sixty days after the date the notice was sent, by  which
    42  electing  co-tenants  must  pay  their apportioned price into the court.
    43  After this date, the following rules apply:
    44    (i) If all electing co-tenants timely pay his or her apportioned price
    45  to the court, the court shall issue an order reallocating all the inter-
    46  ests of the co-tenants and disburse the amounts held by the court to the
    47  persons entitled to them.
    48    (ii) If no electing co-tenant  timely  pays  his  or  her  apportioned
    49  price, the court shall resolve the partition action under paragraphs (a)
    50  and  (b) of subdivision eight of this section as if the interests of the
    51  co-tenants that requested partition by sale were not purchased.
    52    (iii) If one or more, but not all, of the electing co-tenants fail  to
    53  pay  their  apportioned  price on time, the court, on motion, shall give
    54  notice to the electing co-tenants that paid their apportioned  price  of
    55  percentage  of the unpurchased interests remaining and the price for all
    56  such interests.

        S. 4865--A                          6

     1    (f) Not later than twenty days after the court gives  notice  pursuant
     2  to  subparagraph (iii) of paragraph (e) of this subdivision, any co-ten-
     3  ant that paid his or her apportioned price may elect to purchase all  of
     4  the  remaining  interest  by paying the entire price to the court. After
     5  the twenty day period, the following rules shall apply:
     6    (i)  If  only  one  co-tenant  pays the entire price for the remaining
     7  interest, the court shall issue  an  order  reallocating  the  remaining
     8  interest  to  such  co-tenant.  The  court shall issue promptly an order
     9  reallocating the interests of all of the  co-tenants  and  disburse  the
    10  amounts held by the court to the persons entitled to such amounts.
    11    (ii) If no co-tenant pays the entire price for the remaining interest,
    12  the  court  shall  resolve the partition action under paragraphs (a) and
    13  (b) of subdivision eight of this section as  if  the  interests  of  the
    14  co-tenants that requested partition by sale were not purchased.
    15    (iii) If more than one co-tenant pays the entire price for the remain-
    16  ing  interest,  the  court  shall  reapportion those remaining interests
    17  among those paying co-tenants, based on each paying co-tenant's original
    18  fractional ownership of the entire parcel divided by the total  original
    19  fractional  ownership  of  all co-tenants that paid the entire price for
    20  the remaining interest. The court shall issue promptly an order  reallo-
    21  cating  all  of  the co-tenants' interests, disburse the amounts held by
    22  the court to the persons entitled to such amounts, and  promptly  refund
    23  any excess payment held by the court.
    24    (g) Not later than forty-five days after the court sends notice to the
    25  parties  pursuant  to  paragraph  (a) of this subdivision, any co-tenant
    26  entitled to buy an interest under this subdivision may request the court
    27  to authorize the sale as part of the pending action of the interests  of
    28  co-tenants  named  as  defendants and served with the complaint but that
    29  did not appear in the action.
    30    (h) If the court receives a timely request under paragraph (g) of this
    31  subdivision, the court, after a hearing, may deny the request or author-
    32  ize the requested additional sale on such terms as the court  determines
    33  are fair and reasonable, subject to the following limitations:
    34    (i)  a sale authorized under this subdivision may occur only after the
    35  purchase prices for all interests subject to sale under paragraphs  (a),
    36  (b),  (c),  (d),  (e)  and (f) of this subdivision have been paid to the
    37  court and such interests have been reallocated among the  co-tenants  as
    38  provided in such paragraphs; and
    39    (ii)  the purchase price for the interest of a non-appearing co-tenant
    40  is based on the court's determination of value under subdivision six  of
    41  this section.
    42    8.  Partition alternatives. (a) If all the interests of all co-tenants
    43  that requested partition by sale are not purchased by  other  co-tenants
    44  pursuant to subdivision seven of this section, or if after conclusion of
    45  the  buyout under subdivision seven of this section, a co-tenant remains
    46  that has requested partition in kind, the court shall order partition in
    47  kind unless the court, after consideration  of  the  factors  listed  in
    48  subdivision  nine  of  this  section,  finds that partition in kind will
    49  result in great manifest prejudice to the  co-tenants  as  a  group.  In
    50  considering  whether to order partition in kind, the court shall approve
    51  a request by two or more parties  to  have  their  individual  interests
    52  aggregated.
    53    (b)  If the court does not order partition in kind under paragraph (a)
    54  of this subdivision, the court shall order partition by sale pursuant to
    55  subdivision ten of this section provided that, if  no  co-tenant  timely
    56  requested partition by sale, the court shall dismiss the action.

        S. 4865--A                          7

     1    (c) If the court orders partition in kind pursuant to paragraph (a) of
     2  this  subdivision, the court may require that one or more co-tenants pay
     3  one or more other co-tenants amounts so that the payments, taken togeth-
     4  er with the value of the in kind distributions to the  co-tenants,  will
     5  make  the partition in kind just and proportionate in value to the frac-
     6  tional interests held.
     7    (d) If the court orders partition in kind, the court shall allocate to
     8  the co-tenants that are unknown, cannot be located, or the subject of  a
     9  default judgment, if the co-tenants interests were not bought out pursu-
    10  ant to subdivision seven of this section, a part of the property repres-
    11  enting  the  combined  interests of such co-tenants as determined by the
    12  court and such part of the property shall remain undivided.
    13    9. Considerations for partition in  kind.  (a)  In  determining  under
    14  subdivision eight of this section whether partition in kind would result
    15  in  great  manifest  prejudice  to  the co-tenants as a group, the court
    16  shall consider the following:
    17    (i) whether the heirs property practicably can be  divided  among  the
    18  co-tenants;
    19    (ii)  whether partition in kind would apportion the property in such a
    20  way that the aggregate fair market value of the parcels  resulting  from
    21  the  division  would  be  materially  less  than  the  amount reasonably
    22  expected to be realized if the property were sold  as  a  whole,  taking
    23  into  account  the  conditions  under  which a court-ordered sale likely
    24  would occur;
    25    (iii) evidence of the collective duration of ownership  or  possession
    26  of  the property by a co-tenant and one or more predecessors in title or
    27  predecessors in possession to the co-tenant who are or were relatives of
    28  the co-tenant or each other;
    29    (iv) a co-tenant's sentimental attachment to the  property,  including
    30  any  attachment  arising  because  the  property  has ancestral or other
    31  unique or special value to the co-tenant;
    32    (v) the lawful use being made of the property by a resident  or  other
    33  co-tenant  and the degree to which any such co-tenant would be harmed if
    34  the co-tenant could not continue the same use of the property;
    35    (vi) the degree to which the co-tenants  have  contributed  their  pro
    36  rata  share of the property taxes, insurance, and other expenses associ-
    37  ated with maintaining ownership of the property or have  contributed  to
    38  the physical improvement, maintenance, or upkeep of the property;
    39    (vii)  the  price,  terms  and  conditions  of  the acquisition of the
    40  co-tenant's interest in the property if such co-tenant is not a relative
    41  of the person from whom it acquired his or her interest; and
    42    (viii) any other relevant factor.
    43    (b) The court shall not consider any one factor in  paragraph  (a)  of
    44  this  subdivision to be dispositive without weighing the totality of all
    45  relevant factors and circumstances.
    46    10. Open-market sale, sealed bids, or auction. (a) If the court orders
    47  a sale of heirs property, notwithstanding section two hundred thirty-one
    48  of this chapter, such sale shall  be  an  open-market  sale  under  this
    49  subdivision  unless  the  court  finds  that a sale by sealed bids or an
    50  auction would be more economically advantageous and in the best interest
    51  of the co-tenants as a group.
    52    (b) If the court orders an open-market sale and the parties, not later
    53  than ten days after the entry of the  order,  agree  on  a  real  estate
    54  broker  licensed in this state to offer the property for sale, the court
    55  shall appoint the broker and establish a reasonable commission.  If  the
    56  parties  do  not  agree on a broker, the court shall appoint a disinter-

        S. 4865--A                          8

     1  ested real estate broker licensed in this state to  offer  the  property
     2  for  sale  and shall establish a reasonable commission. The broker shall
     3  offer the property for sale in a commercially  reasonable  manner  at  a
     4  price  no  lower  than  the  determination of value and on the terms and
     5  conditions established by the court.
     6    (c) If the broker appointed under paragraph (b)  of  this  subdivision
     7  obtains  within  a reasonable time an offer to purchase the property for
     8  at least the determination of value:
     9    (i) the broker shall comply with the reporting requirements in  subdi-
    10  vision eleven of this section; and
    11    (ii)  the  sale  may  be completed in accordance with the laws of this
    12  state other than this section.
    13    (d) If the broker appointed under paragraph (b)  of  this  subdivision
    14  does  not obtain within a reasonable time an offer to purchase the prop-
    15  erty for at least the determination of value, the court, after  a  hear-
    16  ing, may:
    17    (i)  order  that the property continue to be offered for an additional
    18  time, by the same or a substitute broker, in accordance  with  paragraph
    19  (b) of this subdivision; or
    20    (ii) if it determines that doing so would not be in the best interests
    21  of the parties, approve the highest outstanding offer.
    22    (e) If after the court has appointed a substitute broker and there are
    23  no  reasonable offers for the property, the court may order the property
    24  be sold by sealed bids or an auction and, the court shall set terms  and
    25  conditions  of  the  sale.  If  the court orders an auction, the auction
    26  shall be conducted in accordance with section two hundred thirty-one  of
    27  this chapter.
    28    (f) If a purchaser is entitled to a share of the proceeds of the sale,
    29  the  purchaser  is  entitled  to a credit against the price in an amount
    30  equal to the purchaser's share of the net proceeds.
    31    11. Report of open-market sale. (a) Unless required to do so within  a
    32  shorter  time by this article, a broker appointed under paragraph (b) of
    33  subdivision ten of this section to offer heirs property for  open-market
    34  sale  shall file a report with the court not later than seven days after
    35  receiving an offer to purchase the  property  for  at  least  the  value
    36  determined under subdivision six or ten of this section.
    37    (b)  The  report  required  by paragraph (a) of this subdivision shall
    38  contain the following information:
    39    (i) a description of the property to be sold to each buyer;
    40    (ii) the name of each buyer;
    41    (iii) the proposed purchase price;
    42    (iv) the terms and conditions of  the  proposed  sale,  including  the
    43  terms of any owner financing;
    44    (v) the amounts to be paid to lienholders;
    45    (vi) a statement of contractual or other arrangements or conditions of
    46  the broker's commission; and
    47    (vii) other material facts relevant to the sale.
    48    § 2. This act shall take effect immediately.
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