Bill Text: NY S07955 | 2015-2016 | General Assembly | Amended

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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 (Republican 1-0)

Status: (Introduced - Dead) 2016-06-06 - PRINT NUMBER 7955A [S07955 Detail]

Download: New_York-2015-S07955-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         7955--A
                    IN SENATE
                                      May 31, 2016
                                       ___________
        Introduced  by  Sen.  GOLDEN -- 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 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
    21  vendor,  his  distributees or devisees, if such contract is made in good
    22  faith and is first duly recorded.   Notwithstanding the  foregoing,  any
    23  increase  in  the  principal balance of a mortgage lien by virtue of the
    24  addition thereto of unpaid interest in accordance with the terms of  the
    25  mortgage  shall  retain the priority of the original mortgage lien as so
    26  increased provided that any such  mortgage  instrument  sets  forth  its
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03554-06-6
        S. 7955--A                          2
     1  terms  of  repayment.    The clerk of the county or city registrar where
     2  such conveyance of residential real property is recorded and  maintained
     3  shall  mail  a written notice of such conveyance to the owner of record.
     4  The notice shall have the heading printed in 20 point bold type and read
     5  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  party  seeking  to  record the conveyance shall
    27  submit, contemporaneously with the filing of the document of conveyance,
    28  a pre-stamped envelope bearing sufficient postage to mail a large envel-
    29  ope by first class mail.  Failure to mail such notice or the failure  of
    30  any  party  to  receive  the  same, shall not affect the validity of the
    31  conveyance of the property.
    32    § 2. This act shall take effect on the ninetieth day  after  it  shall
    33  have become a law.