New York § 521 - 521Ninety-day waiting period

§ 521. 521Ninety-day waiting period

§ 521. Ninety-day waiting period. 1. Notwithstanding any other provision of law, on and after July first, two thousand twenty-five, it shall be unlawful for a covered entity to purchase, acquire, or offer to purchase or acquire any interest in a single-family residence or two-family residence unless the single-family residence or two-family residence has been listed for sale to the general public for at least ninety days. 2. The ninety-day waiting period set forth in subdivision one of this section shall restart if the seller changes the asking price for the single-family residence or two-family residence, and a covered entity shall be prohibited from purchasing, acquiring, or offering to purchase or acquire any interest in the single-family residence or two-family residence until it has been listed for sale to the general public at the new asking price for at least an additional ninety days. 3. A covered entity that violates subdivision one or two of this section may be subject to civil damages and penalties in an amount not to exceed two hundred fifty thousand dollars. 4. (a) At the time an offer is made by a covered entity purchasing such residence, such covered entity shall be required to submit to the seller or anyone acting as an agent for such seller, a form that has been signed by the covered entity purchaser, or an authorized agent thereof, and notarized, stating that the purchaser is a covered entity. (b) Within three days of submitting a form to a seller or seller's agent pursuant to paragraph (a) of this subdivision, a covered entity shall file such form with the department of law. The department of law may issue regulations or guidance regarding the procedure for making such filing. (c) Any covered entity or covered entity's agent that violates this subdivision may be subject to civil damages and penalties in an amount not to exceed ten thousand dollars. 5. The following form shall be completed by a covered entity purchasing a single-family residence or two-family residence: "COMPLIANCE WITH REAL PROPERTY LAW ARTICLE 16 Pursuant to Article 16 of the New York State Real Property Law, covered entities are required to wait at least 90 days after a single-family residence or two-family residence has been listed for sale to the general public to purchase, acquire, or offer to purchase or acquire any interest in the single-family residence or two-family residence. At the time an offer is made, the covered entity or its agent is required to complete this form and submit it to the seller stating that the purchaser is a covered entity. Within three days of submitting the form to the seller, the covered entity or its agent is required to file this form with the New York state office of the attorney general, in accordance with any regulations or guidance that the attorney general may issue with respect to such filing. The buyer of this single-family residence or two-family residence is a covered entity as defined in New York State Real Property Law § 520. The buyer is subject to the statutory 90-day waiting period. Failure to comply with the 90-day waiting period may result in civil fines and penalties. Any covered entity or covered entity's agent that does not complete and submit this form as required by statute, or abide by the statutory waiting period, may be liable for civil damages. IDENTIFYING INFORMATION BUYER OR BUYERS OF THIS RESIDENCE: ____________________________ Printed Name and Mailing Address ____________________________ Printed Name and Mailing Address By signing this form, the buyer or its agent affirms that the statements herein are true under the penalties of perjury. SIGNATURE OF BUYER(S) OR ITS AGENT OF THIS SINGLE-FAMILY RESIDENCE OR TWO-FAMILY RESIDENCE: ____________________________ Signature Date ____________________________ Signature Date ____________________________ SIGNATURE OF WITNESSES ____________________________ Signature Date ____________________________ Signature Date ____________________________ NOTARY ACKNOWLEDGEMENT (insert notary acknowledgement for this form here)"