BILL NUMBER: S7647
SPONSOR: BRISPORT
 
TITLE OF BILL:
An act to amend the real property law, in relation to requiring proof of
full sales price
 
SUMMARY OF PROVISIONS:
Section one sets forth the title of the legislation.
Section two amends subparagraph 4 of paragraph ii of subdivision 1-e of
section 333 4 of the real property law, to require proof of full sale
price relating to the recording of a deed.
Section three amends subparagraph 1 of paragraph v of subdivision 1-e of
section 333 12 of the real property law, to add additional language
regarding the need to provide proof of sale price.
Section four sets forth the effective date.
 
JUSTIFICATION:
"Deed theft" is the tactic of using fraudulent or misleading tactics to
take the title, or deed, to another person's home without the homeown-
er's knowledge or approval. As real estate capital has flooded into
rapidly gentrifying neighborhoods of New York, this tactic has been
increasingly used to separate elderly homeowners and homeowners of
color---especially Black and Brown homeowners---from their homes.
Under current law, the transfer of a deed does not require a person to
provide actual proof of the full sale price. This legislation would
simply require that the paperwork transferring a deed include some form
of proof of the full sales price. Requiring such proof will reduce
instances of false or fraudulent transactions.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None.
 
EFFECTIVE DATE:
This act shall take effect on the ninetieth day after this act shall
have become a law.

Statutes affected:
S7647: 333 real property law, 333(1-e) real property law