Bill > S05642

This bill amends the New York Real Property Law to require sellers to include a sworn affidavit in the real property transfer form that confirms they were informed of the property's fair market value by the buyer. Specifically, the bill adds a new requirement (subparagraph 9) to the existing real property transfer form, mandating that sellers provide a sworn statement indicating they have been made aware of the property's estimated fair market value. This new provision aims to increase transparency in real estate transactions by ensuring sellers have explicit knowledge of their property's valuation at the time of sale. The bill will take effect 180 days after becoming law, allowing time for implementation and for relevant agencies to prepare any necessary regulatory adjustments. The added affidavit requirement is intended to provide more clarity and information exchange between buyers and sellers during property transfers.

Justice

https://www.nysenate.gov/legislation/bills/2025/S5642