2023 New York Laws › RPP - Real Property › Article 15 - 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.