Bill Text: NY S01312 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to removing the word residential from notices of conveyance of real property.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO JUDICIARY [S01312 Detail]

Download: New_York-2021-S01312-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1312

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 11, 2021
                                       ___________

        Introduced  by Sen. GAUGHRAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Judiciary

        AN ACT to amend the real property law, in relation to removing the  word
          residential from notices of conveyance of real 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  641 of the laws of 2019, is amended to read as follows:
     3    § 291. Recording of conveyances. A conveyance of real property, within
     4  the state, on being duly acknowledged by the person executing the  same,
     5  or  proved as required by this chapter, and such acknowledgment or proof
     6  duly certified when required by this chapter, may  be  recorded  in  the
     7  office  of the clerk of the county where such real property is situated,
     8  and such county clerk or city registrar where applicable shall, upon the
     9  request of any party, on tender of the lawful fees therefor, record  the
    10  same  in  said  office. Every such conveyance not so recorded is void as
    11  against any person who subsequently purchases or acquires by exchange or
    12  contracts to purchase or acquire by exchange, the same real property  or
    13  any portion thereof, or acquires by assignment the rent to accrue there-
    14  from  as  provided in section two hundred ninety-four-a of this article,
    15  in good faith and for a valuable consideration, from the same vendor  or
    16  assignor,  his  distributees or devisees, and whose conveyance, contract
    17  or assignment is first duly recorded, and is void as  against  the  lien
    18  upon the same real property or any portion thereof arising from payments
    19  made  upon  the execution of or pursuant to the terms of a contract with
    20  the same vendor, his distributees or devisees, if such contract is  made
    21  in  good  faith and is first duly recorded.  Notwithstanding the forego-
    22  ing, any increase in the principal balance of a mortgage lien by  virtue
    23  of  the addition thereto of unpaid interest in accordance with the terms
    24  of the mortgage shall retain the priority of the original mortgage  lien
    25  as  so  increased  provided that any such mortgage instrument sets forth

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04601-01-1
        S. 1312                             2

     1  its terms of repayment. The clerk of the county or city registrar  where
     2  such  conveyance  of  [residential]  real property is recorded and main-
     3  tained shall mail a written notice of such conveyance to  the  owner  of
     4  record.  The notice shall have the heading printed in 20 point bold type
     5  and read as follows:
     6  "NOTICE OF SALE OR TRANSFER OF OWNERSHIP OF YOUR [RESIDENTIAL] PROPERTY.
     7  To:______________________________
     8        Name of owner of record

     9  Our records show that you are listed as the current owner of record  for
    10  [residential] property:

    11  Block #__________  Lot #________

    12  Located At: ___________________________
    13                    street address

    14  in the county of __________________ New York
    15  On ____________, documents were filed at this
    16        date
    17  office to change ownership and transfer title of your property.

    18  To: ______________________________
    19            name of new owner

    20  If  you  have any questions regarding the validity of the documents, and
    21  wish to dispute the recording of the transfer, you should  obtain  legal
    22  counsel.  If  you  believe  you  are a victim of a crime related to this
    23  recording, contact your local law enforcement agency or, if in the  City
    24  of New York, the office of the sheriff."
    25  The  party seeking to record such conveyance shall bear the cost of such
    26  written notice. The clerk of the county or city registrar is entitled to
    27  charge a reasonable fee to cover the cost of mailing the envelope to the
    28  owner of record. Failure to mail such notice or the failure of any party
    29  to receive the same, shall not affect the validity of the conveyance  of
    30  the property.
    31    § 2. This act shall take effect immediately.