Bill Text: NY S08848 | 2023-2024 | General Assembly | Introduced

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Bill Title: Requires a sworn affidavit stating the seller was informed of the fair market value of the property which includes an estimate of the fair market value of the property be included in the real property transfer form.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-03-20 - REFERRED TO JUDICIARY [S08848 Detail]

Download: New_York-2023-S08848-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8848

                    IN SENATE

                                     March 20, 2024
                                       ___________

        Introduced  by  Sen.  BAILEY -- 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 requiring a  sworn
          affidavit  stating the seller was informed of the fair market value of
          the property be included in the real property transfer form

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

     1    Section 1. Subparagraphs 7 and 8 of paragraph ii of subdivision 1-e of
     2  section  333 of the real property law, as amended by section 1 of part B
     3  of chapter 57 of the laws of 2004, are amended and a new subparagraph  9
     4  is added to read as follows:
     5    (7)  in the event the parcel conveyed by such deed is a portion of the
     6  parcel owned by the transferor or transferors,  a  statement  indicating
     7  whether the city, town or village in which such property is situated has
     8  a  planning  board  or  other  entity empowered to approve subdivisions;
     9  [and]
    10    (8) in the event such planning board or other entity is  empowered  to
    11  approve subdivisions, a statement indicating whether the parcel conveyed
    12  by such deed is (a) not subject to such subdivision approval or (b) such
    13  subdivision  has  been  approved by the respective city, town or village
    14  planning board or other entity empowered to approve subdivisions[.]; and
    15    (9) a sworn affidavit, subscribed to by the seller, stating  that  the
    16  seller  was  informed  of  the  fair market value of the property by the
    17  buyer which includes an estimate of the fair market value of the proper-
    18  ty.
    19    § 2. This act shall take effect on the one hundred eightieth day after
    20  it shall have become a law. Effective immediately, the addition,  amend-
    21  ment and/or repeal of any rule or regulation necessary for the implemen-
    22  tation  of  this act on its effective date are authorized to be made and
    23  completed on or before such effective date.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14959-01-4