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Sponsors
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History
- Referred to judiciary
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires oil, gas or mineral land lease to be recorded within thirty days of execution
In Assembly Committee · Real Property Taxation · Sponsor Barbara Lifton
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5899
Title of bill
An act to amend the real property law, in relation to requiring oil, gas or mineral land leases to be recorded within thirty days of execution
Purpose
To amend the real property law, in relation to requiring oil, gas or mineral land leases to be recorded within thirty days of execution.
Summary of provisions
The bill amends section 291 of the real property law, requiring that any conveyance of real property within New York State which is an oil, gas, or mineral land lease shall be recorded within thirty days from execution of the lease.
Existing law
Section 291 of the real property law.
Justification
Faced with increasing amounts of real estate property in New York that is subject to an oil, gas or mineral land lease, the housing and mortgage markets depend more than ever on timely and accurate information about lease agreements. Proper assessment and valuation of property is integral to the mortgage lending process, and for selling one's home. However, reports from assessors and real estate agents indicate that gas companies which hold a lease interest have been delaying in recording their lease agreements with the relevant county clerk's offices. Often the delays in filing have been upwards of six months to a year after execution of an agreement. Lack of information about a parcel's lease terms, and the possibility of a lease on neighboring properties, have already been gravely impacting the mortgage and real estate markets. Establishing a thirty day requirement for recording of such lease agreements provides ample time for a leaseholder to comply without arbitrarily and capriciously impacting the housing market.
Legislative history
None.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.