What's happening
This bill broadens the definition of "residence" and "residential real property" to include all one- to four-family dwellings, regardless of owner occupancy.
Why it matters
Expands Protections and Regulations. By redefining "residence" and "residential real property" to include all one- to four-family dwellings, the bill extends existing rights, protections, or requirements (such as those related to foreclosure, sales, or consumer protections) to more properties—including those not owner-occupied.
Impacts Landlords and Investors. The change means properties owned as rentals or investments (not just those lived in by the owner) are now covered, potentially affecting how landlords, property investors, and buyers must comply with real estate laws and transactions.
Broader Consumer Impact. Tenants, non-occupying owners, and purchasers of small multifamily homes may gain new legal rights or face new obligations as a result of the expanded definition, impacting dispute resolution, sale processes, and property rights.
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Who cares
Headline styles
Redefine Residential Property Rules
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to judiciary
- Referred to judiciary
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.
Broaden Home Definition Law
In Assembly Committee · Banks · Sponsor Walter T. Mosley
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6131
2017-2018 Regular Sessions
IN SENATE
May 11, 2017
Introduced by Sen. PERALTA -- 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 the definition of residence and residential real property
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph (k) of subdivision 2 of section 265-a of the real property law, as added by chapter 308 of the laws of 2006, is amended to read as follows:
(k) "Residence" and "residential real property" means residential real property consisting of one- to four-family dwelling units[, one of which the equity seller occupies or occupied at a time immediately prior to the equity sale as his or her primary residence].
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04037-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the real property law, in relation to the definition of residence and residential real property
Purpose or general idea of bill
To ensure that all homeowners are protected under the Home Equity Theft Protection Act
Summary of specific provisions
Section 1 Paragraph (k) of subdivision 2 of section 265-a of the real 2 property law, as added by chapter 308 of the laws of 2006, is amended.
Justification
With rampant deed fraud hitting major real estate markets in New York, small homeowners who have made investments into residential properties are also affected by fraudulent claims.
Under the Home Equity Theft Protection Act homeowners of residential property are mandated to be provided with information and disclosures in order to make informed decisions when approached by persons seeking a sale or transfer of the homeowner's property, particularly when homeowners are in default on their mortgage payments or the property is in foreclosure.
This bill seeks to amend the law to include individuals who may have purchased a residential unit and moved due to pending foreclosure by removing the requirement of home-owner occupied residencies and affording the rights and protections of the Home Equity Theft Protection Act.
Prior legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.