What's happening
This bill requires additional identifying information and a sworn affidavit from purchasers on real property transfer forms in New York.
Why it matters
Increases transparency in real estate transactions. by requiring more detailed identifying information about the purchaser—including the legal name, business address, and a responsible party’s contact information—especially when entities like LLCs or trusts are involved, making it harder to obscure who actually owns property.
Introduces accountability through a sworn affidavit. from the purchaser, affirming the accuracy of the information provided, which could serve as a deterrent against providing false or incomplete data and create a legal basis for enforcement or penalties if misrepresentation occurs.
Addresses loopholes used for anonymity or fraud. in property ownership, which can be exploited for money laundering, tax evasion, or hiding assets, by demanding more traceable and verifiable information up front in the property transfer process.
Imposes a $20 convenience fee. for corrections if a purchaser fails to clearly print or correctly type their legal name, incentivizing accuracy and reducing clerical errors that can slow down property transactions.
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Who cares
Headline styles
Require Buyer Info on Deeds
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 26
No co-sponsors yet.
History
- Referred to judiciary
- Referred to judiciary
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2337
2019-2020 Regular Sessions
IN SENATE
January 24, 2019
Introduced by Sen. KAVANAGH -- 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 clarifying information collected on a real property transfer form
The People of the State of New York, represented in Senate and Assembly, 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 two new subparagraphs 9 and 10 are 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[.];
(9) in the event that the purchaser is (a) an individual, a limited liability company, society, association, joint stock company, corporation, estate, receiver, trustee, assignee, referee, or any other person acting in a fiduciary capacity, and (b) the property being purchased is located in this state, the name and place of business of the company, society, association, joint stock company, corporation, estate, receiver, trustee, assignee, referee, or any other person acting in a fiduciary capacity, the name of a responsible party who has an interest in the company, society, association, joint stock company, corporation, estate, receiver, trustee, assignee, referee, or any other person acting in a fiduciary capacity, and a phone number where such
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02455-01-9
S. 2337 2
responsible party may be contacted. Any person supplying such information must use his or her legal name. Such information must be either typed or clearly printed. In the event a person erroneously typed or did not clearly print his or her legal name, the county clerk may charge a convenience fee of twenty dollars to amend the transfer report; and
(10) a sworn affidavit, subscribed to by the purchaser, stating that the information provided pursuant to this paragraph is true to the best knowledge of the affiant.
§ 2. This act shall take effect on the one hundred eightieth day after it shall have become a law. Effective immediately the office of real property services may amend, add, or repeal any rule or regulation necessary for the timely implementation of this act on its effective date.
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 clarifying infor- mation collected on a real property transfer form
Purpose
This legislation would change the Real Property Law to make available necessary information including names and addresses of members of limit- ed liability corporations to local municipalities to assist them in their efforts to enforce codes, properly administer the assessment proc- ess and collect judgments and taxes.
Summary of provisions
Section 1 amends subparagraphs 7 and 8 of subparagraph 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, and adds two new subparagraphs 9 and 10 to require that a purchaser of a parcel, in the event it is a limited liability company, corporation or other such entity, must include the name of a company, the place of business of the company, the name of a responsible party who has an interest in the company, and a telephone number where such responsible party may be contacted.
Such requirements would apply to all counties in New York State, includ- ing those comprising New York City.
Justification
Residential properties are routinely acquired by Limited Liability Companies (LLCs) and often the buyer's signature on the real property transfer form (RP-5217) is illegible, with a post office box provided for the address. Current law does not require that members of a LLC or the LLC's actual place of business be listed on such forms. As a result of these oversights in the current Real Property law, serious problems frequently arise for municipal code enforcement and assessment officials in carrying out the enforcement of the housing code, collection of fines and judgments, and delinquent tax collection. This inability to contact or provide legal service of notices to an individual responsible for the property seriously affects the quality of life in neighborhoods with multiple properties owned by LLC's.
Fiscal impact on the state
None.
Fiscal impact on localities
None.
Impact on regulation of businesses and individuals
Would require LLCs and corporations to provide an address, telephone number, and the name of a responsible party when purchasing property.
Impact on fines, imprisonment, forfeiture of rights, or other penal sanctions
None.
Legislative history
2018: S7123 - REFERRED TO JUDICIARY 2017: A4136 - stricken 2016: A5600 - referred to judiciary 2015: A5600 - referred to judiciary
Fiscal impact on the state
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.