NY State Senate Bill 2023-S8848

Senate Bill S8848

2023-2024 Legislative Session

Requires a sworn affidavit stating the seller was informed of the fair market value of the property

download bill text pdf

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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 20, 2024	referred to judiciary

2023-S8848 (ACTIVE) - Details

Current Committee:: Senate Judiciary
Law Section:: Real Property Law
Laws Affected:: Amd §333, RP L
Versions Introduced in 2025-2026 Legislative Session:: S5642

2023-S8848 (ACTIVE) - Summary

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.

2023-S8848 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8848

SPONSOR: BAILEY
 
TITLE OF BILL:

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

 
PURPOSE:

This bill seeks to end predatory speculation in New York State's real
estate markets by requiring purchasers of residential real property to
disclose to the seller of residential real property its fair market
value.

 
SUMMARY OF PROVISIONS:

Subparagraphs 7 and 8 of paragraph ii of subdivision 1-e of section 333
of the real property law, as amended by section 1 of part B of chapter
57 of the laws of 2004, are amended and a new subparagraph 9 is added.

§ 2. Act and effective date.

 
EXISTING LAW:

None.

 
JUSTIFICATION:

According to an investigative series published by THE CITY, communities
across the state of New York are experiencing a rise in predatory real
estate speculation that specifically targets properties in New York's
historically black and latino neighborhoods.  These predatory real
estate speculators target properties in black and latino neighborhoods
that:

(1) are inherited by multiple individuals that own fractional shares and
live far from each other and the original owner did not have a will.

(2) are worth millions of dollars.

Once speculators have identified properties with these kinds of circum-
stances, they reach out to the shareholders furthest from the property,
many of whom do not know they had even inherited a share of the proper-
ty, or know what it is worth, and offer to buy the share well below what
it is actually worth.

Once a share or multiple shares are acquired, the speculators under
state law can bring the remaining shareholders to court and force a sale
of the property, again, paying below what the fair market value of the
entire home is, pushing out the shareholders that live under the roof
and then sell the property for many times what they paid for it.

The intent of this bill is to address this predatory real estate specu-
lation by requiring the buyer to inform the seller of the property's
fair market value.

 
LEGISLATIVE HISTORY:
New bill.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect on the one hundredth and eightieth day after
it shall have become law.

2023-S8848 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8848
 
                             I N  S E N A T E
 
                              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:
 
   Section 1. Subparagraphs 7 and 8 of paragraph ii of subdivision 1-e of
 section  333 of the real property law, as amended by section 1 of part B
 of chapter 57 of the laws of 2004, are amended and a new subparagraph  9
 is added to read as follows:
   (7)  in the event the parcel conveyed by such deed is a portion of the
 parcel owned by the transferor or transferors,  a  statement  indicating
 whether the city, town or village in which such property is situated has
 a  planning  board  or  other  entity empowered to approve subdivisions;
 [and]
   (8) in the event such planning board or other entity is  empowered  to
 approve subdivisions, a statement indicating whether the parcel conveyed
 by such deed is (a) not subject to such subdivision approval or (b) such
 subdivision  has  been  approved by the respective city, town or village
 planning board or other entity empowered to approve subdivisions[.]; AND
   (9) A SWORN AFFIDAVIT, SUBSCRIBED TO BY THE SELLER, STATING  THAT  THE
 SELLER  WAS  INFORMED  OF  THE  FAIR MARKET VALUE OF THE PROPERTY BY THE
 BUYER WHICH INCLUDES AN ESTIMATE OF THE FAIR MARKET VALUE OF THE PROPER-
 TY.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law. Effective immediately, the addition,  amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation  of  this act on its effective date are authorized to be made and
 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

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