Several important points are to be noted. First, Article 9-A applies only if the land which is offered is vacant . If the offering consists of lots on which homes have been built, no filing with the Department of State is required. However, these circumstances may require that a filing be made with the Bureau of Real Estate Financing of the New York State Attorney General s Office. A second point to note is that Article 9-A applies only if vacant land is offered for sale or lease on an installment plan .
Installment plan means an agreement to make periodic payments before title is transferred.
An installment plan exists if a purchaser or lessee must make at least 2 payments before receiving a deed or lease. Deed and mortgage transactions are not included in this definition. Deed and mortgage transactions are the most common method of real estate transfers at the present time. For the two reasons noted above, most real estate offerings are not required to be filed with the Department of State. If a filing is required under Article 9-A, it consists of a Filing Statement, an Offering Statement, and payment of the statutory fee.