Senate Bill S908

2019-2020 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 Judiciary Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S908 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
Real Property Law
Laws Affected:
Add §246-a, RP L
Versions Introduced in Other Legislative Sessions:
2011-2012: S7011
2013-2014: S3504
2015-2016: S3921
2017-2018: S551

2019-S908 (ACTIVE) - Summary

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

2019-S908 (ACTIVE) - Sponsor Memo

2019-S908 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    908
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2019
                                ___________
 
 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:
   §  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.
              

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