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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

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-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                          7955
                    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
        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
    27  terms of repayment.  The clerk of the county  or  city  registrar  where
    28  such  conveyance of residential real property is recorded and maintained
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03554-03-6
        S. 7955                             2
     1  shall mail a written notice of such conveyance to the owner  of  record.
     2  The notice shall have the heading printed in 20 point bold type and read
     3  as follows:
     4  "NOTICE OF SALE OR TRANSFER OF OWNERSHIP OF YOUR RESIDENTIAL PROPERTY.
     5  To:______________________________
     6        Name of owner of record
     7  Our  records show that you are listed as the current owner of record for
     8  residential property:
     9  Block # __________  Lot # ________
    10  Located At: ___________________________
    11                    street address
    12  in the county of __________________ New York
    13  On ____________, documents were filed at this
    14        date
    15  office to change ownership and transfer title of your property.
    16  To: ______________________________
    17            name of new owner
    18  If you have any questions regarding the validity of the  documents,  and
    19  wish to dispute the recording of the transfer, please contact the County
    20  Clerk's or city registrar's office as soon as possible."
    21  The  party seeking to record such conveyance shall bear the cost of such
    22  written notice.   The party  seeking  to  record  the  conveyance  shall
    23  submit, contemporaneously with the filing of the document of conveyance,
    24  a pre-stamped envelope bearing sufficient postage to mail a large envel-
    25  ope  by first class mail.  Failure to mail such notice or the failure of
    26  any party to receive the same, shall not  affect  the  validity  of  the
    27  conveyance of the property.
    28    §  2.  This  act shall take effect on the ninetieth day after it shall
    29  have become a law.