New York § 463 - 463Exemptions

§ 463. 463Exemptions

§ 463. Exemptions. A property condition disclosure statement shall not be required in connection with any of the following transfers of residential real property: 1. A transfer pursuant to a court order, including, but not limited to, a transfer order by a probate court during the administration of a decedent's estate, a transfer pursuant to a writ of execution, a transfer by a trustee in bankruptcy or debtor-in-possession, a transfer as a result of the exercise of the power of eminent domain, and a transfer that results from a decree for specific performance of a contract or other agreement between two or more persons; 2. A transfer to mortgagee or an affiliate or agent thereof by a mortgagor by deed in lieu of foreclosure or in satisfaction of the mortgage debt; 3. A transfer to a beneficiary of a deed of trust; 4. A transfer pursuant to a foreclosure sale that follows a default in the satisfaction of an obligation that is secured by a mortgage; 5. A transfer by a sale under a power of sale that follows a default in the satisfaction of an obligation that is secured by a mortgage; 6. A transfer by a mortgagee, or a beneficiary under a mortgage, or an affiliate or agent thereof, who has acquired the residential real property at a sale under a mortgage or who has acquired the residential real property by a deed in lieu of foreclosure; 7. A transfer by a fiduciary in the course of the administration of a descendent's estate, a guardianship, a conservatorship, or a trust; 8. A transfer from one co-owner to one or more other co-owners; 9. A transfer made to the transferor's spouse or to one or more persons in the lineal consanguinity of one or more of the transferors; 10. A transfer between spouses or former spouses as a result of a decree of divorce, dissolution of marriage, annulment, or legal separation or as a result of property settlement, agreement incidental to a decree of divorce, dissolution of marriage, annulment or legal separation; 11. A transfer to or from the state, a political subdivision of the state, or another governmental entity; 12. A transfer that involves newly constructed residential real property that previously had not been inhabited; 13. A transfer by a sheriff; or 14. A transfer pursuant to a partition action.