What's happening
This bill broadens the definition of "residence" and "residential real property" to include all one- to four-family dwellings, not just owner-occupied ones.
Why it matters
Expands legal protections or obligations. By broadening the definitions, the bill ensures that laws applying to "residence" and "residential real property" now cover all one- to four-family homes, not just those occupied by the owner, which could affect landlords, tenants, and property investors.
Potentially increases the number of properties subject to regulation. This change means that more properties—including rentals and vacant homes within the one- to four-family range—will be covered by statutes that reference these terms, potentially affecting property transactions, foreclosure processes, or consumer protections.
May impact the housing market and enforcement. With this broader definition, legal requirements (such as disclosures, anti-fraud measures, or foreclosure protections) could apply more widely, influencing the behavior of buyers, sellers, and real estate professionals, and possibly leading to increased oversight or compliance costs.
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Who cares
Owners selling equity in one- to four-family properties
The bill would remove the requirement that the seller occupy or recently have occupied a unit as a primary residence for the property to meet section 265-a’s residential property definition.
Buyers in equity sales
The bill would broaden the residential property definition to include one- to four-family properties that are not the seller’s primary residence.
Real estate attorneys
The bill would change which properties meet section 265-a’s definition, removing seller occupancy as a factor when assessing equity-sale transactions.
Headline styles
Expand Home Definition
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 14
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
5371
2019-2020 Regular Sessions
IN SENATE
April 29, 2019
Introduced by Sen. COMRIE -- 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.
LBD05791-01-9
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 homeown- ers 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 afford- ing the rights and protections of the Home Equity Theft Protection Act.
Prior legislative history
2017-2018-Referred to Banks
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.