Bill Text: NY A00440 | 2019-2020 | 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 17-0)

Status: (Introduced) 2019-06-20 - substituted by s5372 [A00440 Detail]

Download: New_York-2019-A00440-Amended.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                         440--A
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                       (Prefiled)
                                     January 9, 2019
                                       ___________
        Introduced  by  M.  of  A. PERRY, BARRON, COOK, HYNDMAN, TAYLOR, RIVERA,
          WILLIAMS, WRIGHT, WEPRIN, WALLACE -- Multi-Sponsored by --  M.  of  A.
          BENEDETTO,  COLTON,  DE LA ROSA,  GALEF, L. ROSENTHAL, SIMON, TITUS --
          read once and referred 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 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
    20  execution of or pursuant to the  terms  of  a  contract  with  the  same
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05315-02-9

        A. 440--A                           2
     1  vendor,  his  distributees or devisees, if such contract is made in good
     2  faith and is first duly recorded.   Notwithstanding the  foregoing,  any
     3  increase  in  the  principal balance of a mortgage lien by virtue of the
     4  addition  thereto of unpaid interest in accordance with the terms of the
     5  mortgage shall retain the priority of the original mortgage lien  as  so
     6  increased  provided  that  any  such  mortgage instrument sets forth its
     7  terms of repayment.  The clerk of the county  or  city  registrar  where
     8  such  conveyance of residential real property is recorded and maintained
     9  shall mail a written notice of such conveyance to the owner  of  record.
    10  The notice shall have the heading printed in 20 point bold type and read
    11  as follows:
    12  "NOTICE OF SALE OR TRANSFER OF OWNERSHIP OF YOUR RESIDENTIAL PROPERTY.
    13  To:______________________________
    14        Name of owner of record
    15  Our  records show that you are listed as the current owner of record for
    16  residential property:
    17  Block # __________  Lot # ________
    18  Located At: ___________________________
    19                    street address
    20  in the county of __________________ New York
    21  On ____________, documents were filed at this
    22        date
    23  office to change ownership and transfer title of your property.
    24  To: ______________________________
    25            name of new owner
    26  If you have any questions regarding the validity of the  documents,  and
    27  wish  to  dispute the recording of the transfer, you should obtain legal
    28  counsel. If you believe you are a victim of  a  crime  related  to  this
    29  recording,  contact your local law enforcement agency or, if in the City
    30  of New York, the office of the sheriff."
    31  The party seeking to record such conveyance shall bear the cost of  such
    32  written  notice.   The clerk of the county or city registrar is entitled
    33  to charge a reasonable fee to cover the cost of mailing the envelope  to
    34  the  owner of record.  Failure to mail such notice or the failure of any
    35  party to receive the same, shall not affect the validity of the  convey-
    36  ance of the property.
    37    §  2.  This  act shall take effect on the ninetieth day after it shall
    38  have become a law.
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