New York S 5642: Relates to enacting the NY privacy act

Bill Text

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S05642 Summary:

BILL NOS05642 

&nbsp

SAME ASNo Same As

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SPONSORBAILEY

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COSPNSR

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MLTSPNSR

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Amd §333, RP L

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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.

Go to top S05642 Actions:

BILL NOS05642 

&nbsp

02/26/2025REFERRED TO JUDICIARY

01/07/2026REFERRED TO JUDICIARY

Go to topS05642 Committee&nbspVotes:

Go to topS05642 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05642 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5642

 2025-2026 Regular Sessions

 IN SENATE

 February 26, 2025
 ___________

 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:

 1 Section 1. Subparagraphs 7 and 8 of paragraph ii of subdivision 1-e of
 2 section 333 of the real property law, as amended by section 1 of part B
 3 of chapter 57 of the laws of 2004, are amended and a new subparagraph 9
 4 is added to read as follows:
 5 (7) in the event the parcel conveyed by such deed is a portion of the
 6 parcel owned by the transferor or transferors, a statement indicating
 7 whether the city, town or village in which such property is situated has
 8 a planning board or other entity empowered to approve subdivisions;
 9 [and]
 10 (8) in the event such planning board or other entity is empowered to
 11 approve subdivisions, a statement indicating whether the parcel conveyed
 12 by such deed is (a) not subject to such subdivision approval or (b) such
 13 subdivision has been approved by the respective city, town or village
 14 planning board or other entity empowered to approve subdivisions[.]; and
 15 (9) a sworn affidavit, subscribed to by the seller, stating that the
 16 seller was informed of the fair market value of the property by the
 17 buyer which includes an estimate of the fair market value of the proper-
 18 ty.
 19 § 2. This act shall take effect on the one hundred eightieth day after
 20 it shall have become a law. Effective immediately, the addition, amend-
 21 ment and/or repeal of any rule or regulation necessary for the implemen-
 22 tation of this act on its effective date are authorized to be made and
 23 completed on or before such effective date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10255-01-5

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