§ 521 — Ninety-day waiting period

§ 521. Ninety-day waiting period. 1. Notwithstanding any other\nprovision of law, on and after July first, two thousand twenty-five, it\nshall be unlawful for a covered entity to purchase, acquire, or offer to\npurchase or acquire any interest in a single-family residence or\ntwo-family residence unless the single-family residence or two-family\nresidence has been listed for sale to the general public for at least\nninety days.\n 2. The ninety-day waiting period set forth in subdivision one of this\nsection shall restart if the seller changes the asking price for the\nsingle-family residence or two-family residence, and a covered entity\nshall be prohibited from purchasing, acquiring, or offering to purchase\nor acquire any interest in the single-family residence or two-family\nresidence until it has been listed for sale to the general public at the\nnew asking price for at least an additional ninety days.\n 3. A covered entity that violates subdivision one or two of this\nsection may be subject to civil damages and penalties in an amount not\nto exceed two hundred fifty thousand dollars.\n 4. (a) At the time an offer is made by a covered entity purchasing\nsuch residence, such covered entity shall be required to submit to the\nseller or anyone acting as an agent for such seller, a form that has\nbeen signed by the covered entity purchaser, or an authorized agent\nthereof, and notarized, stating that the purchaser is a covered entity.\n (b) Within three days of submitting a form to a seller or seller's\nagent pursuant to paragraph (a) of this subdivision, a covered entity\nshall file such form with the department of law. The department of law\nmay issue regulations or guidance regarding the procedure for making\nsuch filing.\n (c) Any covered entity or covered entity's agent that violates this\nsubdivision may be subject to civil damages and penalties in an amount\nnot to exceed ten thousand dollars.\n 5. The following form shall be completed by a covered entity\npurchasing a single-family residence or two-family residence:\n "COMPLIANCE WITH REAL PROPERTY LAW ARTICLE 16\n Pursuant to Article 16 of the New York State Real Property Law,\ncovered entities are required to wait at least 90 days after a\nsingle-family residence or two-family residence has been listed for sale\nto the general public to purchase, acquire, or offer to purchase or\nacquire any interest in the single-family residence or two-family\nresidence. At the time an offer is made, the covered entity or its agent\nis required to complete this form and submit it to the seller stating\nthat the purchaser is a covered entity. Within three days of submitting\nthe form to the seller, the covered entity or its agent is required to\nfile this form with the New York state office of the attorney general,\nin accordance with any regulations or guidance that the attorney general\nmay issue with respect to such filing.\n The buyer of this single-family residence or two-family residence is a\ncovered entity as defined in New York State Real Property Law § 520. The\nbuyer is subject to the statutory 90-day waiting period. Failure to\ncomply with the 90-day waiting period may result in civil fines and\npenalties.\n Any covered entity or covered entity's agent that does not complete\nand submit this form as required by statute, or abide by the statutory\nwaiting period, may be liable for civil damages.\nIDENTIFYING INFORMATION\nBUYER OR BUYERS OF THIS RESIDENCE:\n____________________________\nPrinted Name and Mailing Address\n____________________________\nPrinted Name and Mailing Address\nBy signing this form, the buyer or its agent affirms that the statements\nherein are true under the penalties of perjury.\nSIGNATURE OF BUYER(S) OR ITS AGENT OF THIS SINGLE-FAMILY RESIDENCE OR\nTWO-FAMILY RESIDENCE:\n____________________________\nSignature Date\n____________________________\nSignature Date\n____________________________\nSIGNATURE OF WITNESSES\n____________________________\nSignature Date\n____________________________\nSignature Date\n____________________________\nNOTARY ACKNOWLEDGEMENT\n(insert notary acknowledgement for this form here)"\n