Enacts the "deed theft: proof of sale price act" requiring a statement of the full sales price of real property being conveyed and proof of such sales price to be submitted to the recording officer in order for such officer to record or accept for recording the conveyance of real property.
Impact
If enacted, the bill will significantly alter the current requirements governing real property sales in New York. By enforcing strict documentation standards for property sales and transfers, it aims to safeguard the integrity of property records and deter fraudulent activities. The implications of this legislation could encourage more responsible reporting from buyers and sellers alike, thereby fostering a more honest and transparent real estate marketplace. This could lead to enhanced consumer confidence regarding property transactions and ownership rights.
Summary
Bill S07647, known as the 'Deed Theft: Proof of Sale Price Act', seeks to enhance the transparency and accountability in the transfer of real property. The core provision of the bill mandates that a statement of the full sales price of any real estate transaction must be provided, along with proof of that sales price, before the transaction can be recorded. This measure is intended to prevent deceptive practices such as underreporting sale prices, which can lead to deed theft and fraudulent property transactions. The proof of sale price may include copies of canceled checks, mortgage documents, and affidavits verifying the transaction details.
Contention
The ramifications of S07647 might raise concerns among some real estate professionals and property owners who fear increased administrative burdens or costs associated with complying with the new proof requirements. While proponents argue that the bill will protect against fraud, detractors may see it as unnecessary red tape that complicates the process of property transfer and adds layers of obligation for both buyers and sellers. The balance between preventing fraud and ensuring a streamlined process for property conveyance will be a focal point of debate during legislative discussions.
Compels the delivery of real property subject to a fraudulent transfer to the person entitled thereto; provides for the recording of judgments and orders relating to a fraudulent conveyance of title to property.
Excludes real property conveyances from the written notice requirement when such property is being conveyed by the state of New York or any of its political subdivisions as part of a foreclosure proceeding.
Excludes real property conveyances from the written notice requirement when such property is being conveyed by the state of New York or any of its political subdivisions as part of a foreclosure proceeding.
Prohibits the recording of conveyances suspected of being fraudulent; requires the clerk or registrar to conduct an investigation into transactions suspected of being fraudulent and to report such investigations to the local law enforcement or sheriff's office.
Prohibits the recording of conveyances suspected of being fraudulent; requires the clerk or registrar to conduct an investigation into transactions suspected of being fraudulent and to report such investigations to the local law enforcement or sheriff's office.
Establishes the end toxic home flipping act; imposes a tax on the transfer of certain residential properties which are sold within two years of the prior conveyance of such property; exempts certain purchases of residential properties from mortgage recording taxes; imposes a tax on the transfer of certain properties in the city of New York which are sold for one million dollars or more.
Establishes the end toxic home flipping act; imposes a tax on the transfer of certain residential properties which are sold within two years of the prior conveyance of such property; exempts certain purchases of residential properties from mortgage recording taxes; imposes a tax on the transfer of certain properties in the city of New York which are sold for one million dollars or more.
Relates to permitting the photographing or recording of a law enforcement officer as long as such person isn't under arrest; outlines unlawful retaliatory measures by law enforcement for such photography or recording.