§ 476 — Notice requirements for existing transfer fee obligations

New York § 476

• Jurisdiction: New York
• Law RPP: Real Property
• Art. 15: Prohibition and Disclosure of Private Transfer Fee Obligations

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§ 476. Notice requirements for existing transfer fee obligations. 1.\nFor a private transfer fee obligation imposed prior to the effective\ndate of this section, the receiver of the fee shall record, prior to six\nmonths after the effective date of this section, against the real\nproperty subject to the private transfer fee obligation a separate\ndocument in the county records in which the real property is located\nthat meets all of the following requirements:\n (a) The title of the document shall be "Notice of Private Transfer Fee\nObligation" in at least 14-point boldface type;\n (b) The names of all current owners of the real property subject to\nthe transfer fee, and the legal description and assessor's parcel number\nfor the affected real property.\n (c) The amount, if the fee is a flat amount, or the percentage of the\nsales price constituting the cost of the transfer fee, or such other\nbasis by which the transfer fee is to be calculated;\n (d) If the real property is residential property, actual dollar-cost\nexamples of the transfer fee for a home priced at two hundred fifty\nthousand dollars ($250,000), five hundred thousand dollars ($500,000),\nand seven hundred fifty thousand dollars ($750,000);\n (e) The date or circumstances under which the private transfer fee\nobligation expires, if any;\n (f) The purpose for which the funds from the private transfer fee\nobligation will be used;\n (g) The name of the person or entity to which funds are to be paid and\nspecific contact information regarding where the funds are to be sent;\n (h) The acknowledged signature of the receiver of the fee; and\n (i) The legal description of the real property burdened by the private\ntransfer fee obligation.\n 2. The person or entity to which the transfer fee is to be paid may\nfile an amendment to the notice of transfer fee containing new contact\ninformation, but such amendment must contain the recording information\nof the notice of transfer fee which it amends and the legal description\nof the property burdened by the private transfer fee obligation.\n 3. If the receiver of the fee fails to comply fully with subdivision\none of this section, the transferor of any real property burdened by the\nprivate transfer fee obligation may proceed with the conveyance of any\ninterest in the real property to any transferee and in so doing shall be\ndeemed to have acted in good faith and shall not be subject to any\nobligations under the private transfer fee obligation. In such event,\nthe real property thereafter shall be conveyed free and clear of such\ntransfer fee and private transfer fee obligation.\n 4. Should the receiver of the fee fail to provide a written statement\nof the transfer fee payable within thirty days of the date of a written\nrequest for the same sent to the address shown in the notice of transfer\nfee, then the transferor, on recording of the affidavit required under\nsubdivision five of this section, may convey any interest in the real\nproperty to any transferee without payment of the transfer fee and shall\nnot be subject to any further obligations under the private transfer fee\nobligation. In such event the real property shall be conveyed free and\nclear of the transfer fee and private transfer fee obligation.\n 5. An affidavit stating the facts enumerated under subdivision six of\nthis section shall be recorded in the office of the county clerk and\nrecorder in the county in which the real property is situated prior to\nor simultaneously with a conveyance pursuant to subdivision four of this\nsection of real property unburdened by a private transfer fee\nobligation. An affidavit filed under this subdivision shall state that\nthe affiant has actual knowledge of, and is competent to testify to, the\nfacts in the affidavit and shall include the legal description of the\nreal property burdened by the private transfer fee obligation, the name\nof the person appearing by the record to be the owner of such real\nproperty at the time of the signing of such affidavit, a reference (by\nrecording information) to the instrument of record containing the\nprivate transfer fee obligation and an acknowledgment that the affiant\nis testifying under penalty of perjury.\n 6. When recorded, an affidavit as described in subdivision five of\nthis section shall constitute conclusive evidence that:\n (a) A request for the written statement of the transfer fee payable in\norder to obtain a release of the fee imposed by the private transfer fee\nobligation was sent to the address shown in the notification; and\n (b) The entity listed on the notice of transfer fee failed to provide\nthe written statement of the transfer fee payable within thirty days of\nthe date of the notice sent to the address shown in the notification.\n