S T A T E O F N E W Y O R K
________________________________________________________________________
4748
2011-2012 Regular Sessions
I N A S S E M B L Y
February 7, 2011
___________
Introduced by M. of A. PERRY -- Multi-Sponsored by -- M. of A. BENEDET-
TO, BOYLAND, BROOK-KRASNY, CLARK, COLTON, GALEF, HIKIND, KELLNER,
V. LOPEZ, MAISEL, MAYERSOHN, McENENY, MILLMAN, REILLY, ROSENTHAL,
SWEENEY, TITUS, TOWNS, WEISENBERG, WRIGHT -- read once and referred 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:
Section 1. Section 291 of the real property law, as amended by chapter
447 of the laws of 1984, is amended to read as follows:
S 291. Recording of conveyances. A conveyance of real property, with-
in the state, on being duly acknowledged by the person executing the
same, or proved as required by this chapter, and such acknowledgment or
proof duly certified when required by this chapter, may be recorded in
the office of the clerk of the county where such real property is situ-
ated, and such county clerk OR CITY REGISTRAR WHERE APPLICABLE shall,
upon the request of any party, on tender of the lawful fees therefor,
record the same in [his] said office. [Every such conveyance not so
recorded is void as against any person who subsequently purchases or
acquires by exchange or contracts to purchase or acquire by exchange,
the same real property or any portion thereof, or acquires by assignment
the rent to accrue therefrom as provided in section two hundred ninety-
four-a of the real property law, in good faith and for a valuable
consideration, from the same vendor or assignor, his distributees or
devisees, and whose conveyance, contract or assignment is first duly
recorded, and is void as against the lien upon the same real property or
any portion thereof arising from payments made upon the execution of or
pursuant to the terms of a contract with the same vendor, his distribu-
tees or devisees, if such contract is made in good faith and is first
duly recorded. Notwithstanding the foregoing, any increase in the prin-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09102-01-1
A. 4748 2
cipal balance of a mortgage lien by virtue of the addition thereto of
unpaid interest in accordance with the terms of the mortgage shall
retain the priority of the original mortgage lien as so increased
provided that any such mortgage instrument sets forth its terms of
repayment.] THE CLERK OF THE COUNTY OR CITY REGISTRAR WHERE SUCH CONVEY-
ANCE OF RESIDENTIAL REAL PROPERTY IS RECORDED AND MAINTAINED SHALL MAIL
A WRITTEN NOTICE OF SUCH CONVEYANCE TO THE OWNER OF RECORD. THE NOTICE
SHALL HAVE THE HEADING PRINTED IN 20 POINT BOLD TYPE AND READ AS
FOLLOWS:
"NOTICE OF SALE OR TRANSFER OF OWNERSHIP OF YOUR RESIDENTIAL PROPERTY.
TO:______________________________
NAME OF OWNER OF RECORD
OUR RECORDS SHOW THAT YOU ARE LISTED AS THE CURRENT OWNER OF RECORD FOR
RESIDENTIAL PROPERTY:
BLOCK # __________ LOT # ________
LOCATED AT: ___________________________
STREET ADDRESS
IN THE COUNTY OF __________________ NEW YORK
ON ____________, DOCUMENTS WERE FILED AT THIS
DATE
OFFICE TO CHANGE OWNERSHIP AND TRANSFER TITLE OF YOUR PROPERTY.
TO: ______________________________
NAME OF NEW OWNER
IF YOU HAVE ANY QUESTIONS REGARDING THE VALIDITY OF THE DOCUMENTS, AND
WISH TO DISPUTE THE RECORDING OF THE TRANSFER, PLEASE CONTACT THE COUNTY
CLERK'S OR CITY REGISTRAR'S OFFICE BY ________________________."
DATE
THE PARTY SEEKING TO RECORD SUCH CONVEYANCE SHALL BEAR THE COST OF SUCH
WRITTEN NOTICE. SUCH COST SHALL BE PRESCRIBED BY THE MUNICIPALITY.
FAILURE TO MAIL SUCH NOTICE OR THE FAILURE OF ANY PARTY TO RECEIVE THE
SAME, SHALL NOT AFFECT THE VALIDITY OF THE CONVEYANCE OF THE PROPERTY.
S 2. This act shall take effect on the ninetieth day after it shall
have become a law.