senate Bill S3504

2013-2014 Legislative Session

Establishes requirements for purchase agreements for residential real property by which the buyer must maintain the property while full payment is outstanding

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to judiciary
Feb 05, 2013 referred to judiciary

S3504 - Details

Current Committee:
Law Section:
Real Property Law
Laws Affected:
Add ยง246-a, RP L
Versions Introduced in 2011-2012 Legislative Session:
S7011

S3504 - Summary

Establishes requirements for purchase agreements for residential real property by which the buyer must maintain the property while full payment is outstanding.

S3504 - Sponsor Memo

S3504 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3504

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 5, 2013
                               ___________

Introduced  by  Sen.  YOUNG  -- 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  establishing
  requirements for land contracts

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The real property law is amended by adding  a  new  section
246-a to read as follows:
  S  246-A.  REQUIREMENTS  FOR  LAND  CONTRACTS.  1. DEFINITION. FOR THE
PURPOSES OF THIS SECTION, "LAND CONTRACT" MEANS  ANY  WRITTEN  AGREEMENT
EXECUTED  BETWEEN  A  BUYER AND SELLER OF RESIDENTIAL REAL PROPERTY OR A
PARCEL OF REAL PROPERTY FOR RESIDENTIAL USE,  BY  INSTALLMENT  PAYMENTS,
WITH  A  DEPOSIT  OF  ONE THOUSAND DOLLARS OR MORE, AND A TERM OF NINETY
DAYS OR MORE, PURSUANT TO  WHICH  SUCH  BUYER  IS  RESPONSIBLE  FOR  ALL
REPAIRS  UPON  THE  REAL  PROPERTY AND WILL BE GRANTED TITLE TO THE REAL
PROPERTY UPON THE FULL PAYMENT OF THE STATED PURCHASE PRICE.  SUCH  TERM
SHALL  NOT  INCLUDE A MORTGAGE PURSUANT TO WHICH THE SELLER EXECUTES AND
RECORDS A DEED TO THE REAL  PROPERTY  UPON  THE  BUYER'S  EXECUTION  AND
RECORDING  OF  A  MORTGAGE  UPON  THE REAL PROPERTY; NOR SHALL SUCH TERM
INCLUDE A LEASE OF REAL PROPERTY PURSUANT TO WHICH THE LESSOR  IS  OBLI-
GATED  TO  MAKE  REPAIRS AND PAY REAL PROPERTY TAXES UPON SUCH  PROPERTY
UNTIL THE LESSEE TENDERS THE STATED PURCHASE PRICE.
  2. DISCLOSURE NOTICE. NOT LESS THAN TEN DAYS PRIOR TO THE EXECUTION OF
A LAND CONTRACT, THE SELLER SHALL PROVIDE TO THE BUYER A WRITTEN  NOTICE
DELIVERED  BY  CERTIFIED  MAIL.  SUCH  NOTICE  SHALL  BE  ENTITLED "LAND
CONTRACT-CONSUMER CAUTION AND COUNSELING NOTICE" AND SHALL  INCLUDE  THE
FOLLOWING NOTICES:
  (A)  "YOU  CAN LOSE THIS PROPERTY IF YOU FAIL TO MAKE THE PAYMENTS AND
MEET THE OTHER REQUIREMENTS OF THE LAND CONTRACT.";
  (B) "YOU CAN LOSE THIS PROPERTY IF THE SELLER OF THIS  PROPERTY  LOSES
TITLE TO THIS PROPERTY DUE TO THE FORECLOSURE OF AN EXISTING MORTGAGE OR

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07132-01-3

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