Bill > S07647

This bill amends the New York Real Property Law to require more comprehensive documentation when recording property sales, specifically mandating that individuals submit not just a statement of the full sales price, but also proof of that sales price when transferring real property. The proof can include various forms of documentation such as canceled checks, documents showing mortgage or lien satisfaction, and seller affidavits detailing itemized property received. Importantly, the bill introduces a critical change that makes the omission or erroneous reporting of the full sales price and its proof potentially grounds for invalidating a property title. This provision is designed to increase transparency in real estate transactions and provide a safeguard against potential deed theft or fraudulent property transfers. The law will go into effect 90 days after its passage, giving real estate professionals and property owners time to adapt to the new requirements for documenting property sales.

Justice

https://www.nysenate.gov/legislation/bills/2025/S7647