New York § 474 - 474Liability for violation

§ 474. 474Liability for violation

§ 474. Liability for violation. Any person who records or enters into an agreement imposing a private transfer fee obligation in their favor or in the favor of a third party after the effective date of this section shall be liable for (1) any and all damages resulting from the imposition of the transfer fee obligation on the transfer of an interest in the real property, including, without limitation, the amount of any transfer fee paid by a party to the transfer, and (2) all attorneys' fees, expenses and costs incurred by a party to the transfer or mortgagee of the real property to recover any transfer fee paid or in connection with an action to quiet title. Where an agent acts on behalf of a principal to record or secure a private transfer fee obligation, liability shall be assessed to the principal, rather than the agent.