2012 New York Consolidated Laws
RPP - Real Property
Article 15 - (470 - 476) PROHIBITION AND DISCLOSURE OF PRIVATE TRANSFER FEE OBLIGATIONS
476 - Notice requirements for existing transfer fee obligations.

 
    §  476.  Notice requirements for existing transfer fee obligations. 1.
  For a private transfer fee obligation imposed  prior  to  the  effective
  date of this section, the receiver of the fee shall record, prior to six
  months  after  the  effective  date  of  this  section, against the real
  property subject to the  private  transfer  fee  obligation  a  separate
  document  in  the  county  records in which the real property is located
  that meets all of the following requirements:
    (a) The title of the document shall be "Notice of Private Transfer Fee
  Obligation" in at least 14-point boldface type;
    (b) The names of all current owners of the real  property  subject  to
  the transfer fee, and the legal description and assessor's parcel number
  for the affected real property.
    (c)  The amount, if the fee is a flat amount, or the percentage of the
  sales price constituting the cost of the transfer  fee,  or  such  other
  basis by which the transfer fee is to be calculated;
    (d)  If  the real property is residential property, actual dollar-cost
  examples of the transfer fee for a home  priced  at  two  hundred  fifty
  thousand  dollars  ($250,000), five hundred thousand dollars ($500,000),
  and seven hundred fifty thousand dollars ($750,000);
    (e) The date or circumstances under which  the  private  transfer  fee
  obligation expires, if any;
    (f)  The  purpose  for  which  the funds from the private transfer fee
  obligation will be used;
    (g) The name of the person or entity to which funds are to be paid and
  specific contact information regarding where the funds are to be sent;
    (h) The acknowledged signature of the receiver of the fee; and
    (i) The legal description of the real property burdened by the private
  transfer fee obligation.
    2. The person or entity to which the transfer fee is to  be  paid  may
  file  an  amendment to the notice of transfer fee containing new contact
  information, but such amendment must contain the  recording  information
  of  the notice of transfer fee which it amends and the legal description
  of the property burdened by the private transfer fee obligation.
    3. If the receiver of the fee fails to comply fully  with  subdivision
  one of this section, the transferor of any real property burdened by the
  private  transfer  fee obligation may proceed with the conveyance of any
  interest in the real property to any transferee and in so doing shall be
  deemed to have acted in good faith and  shall  not  be  subject  to  any
  obligations  under  the  private transfer fee obligation. In such event,
  the real property thereafter shall be conveyed free and  clear  of  such
  transfer fee and private transfer fee obligation.
    4.  Should the receiver of the fee fail to provide a written statement
  of the transfer fee payable within thirty days of the date of a  written
  request for the same sent to the address shown in the notice of transfer
  fee,  then  the transferor, on recording of the affidavit required under
  subdivision five of this section, may convey any interest  in  the  real
  property to any transferee without payment of the transfer fee and shall
  not be subject to any further obligations under the private transfer fee
  obligation.  In  such event the real property shall be conveyed free and
  clear of the transfer fee and private transfer fee obligation.
    5. An affidavit stating the facts enumerated under subdivision six  of
  this  section  shall  be  recorded in the office of the county clerk and
  recorder in the county in which the real property is situated  prior  to
  or simultaneously with a conveyance pursuant to subdivision four of this
  section   of   real  property  unburdened  by  a  private  transfer  fee
  obligation. An affidavit filed under this subdivision shall  state  that
  the affiant has actual knowledge of, and is competent to testify to, the
  facts  in  the  affidavit and shall include the legal description of the

  real property burdened by the private transfer fee obligation, the  name
  of  the  person  appearing  by  the  record to be the owner of such real
  property at the time of the signing of such affidavit, a  reference  (by
  recording  information)  to  the  instrument  of  record  containing the
  private transfer fee obligation and an acknowledgment that  the  affiant
  is testifying under penalty of perjury.
    6.  When  recorded,  an  affidavit as described in subdivision five of
  this section shall constitute conclusive evidence that:
    (a) A request for the written statement of the transfer fee payable in
  order to obtain a release of the fee imposed by the private transfer fee
  obligation was sent to the address shown in the notification; and
    (b) The entity listed on the notice of transfer fee failed to  provide
  the  written statement of the transfer fee payable within thirty days of
  the date of the notice sent to the address shown in the notification.