§ 23-11 Records To Be Kept.
RCNY § 23-11
Every grantor and grantee is required to keep complete records of conveyances of real property or economic interests therein. Such records shall include copies of the contract of sale, the title report, if any, the paper return filed, and confirmation of electronic return filed, waiver of the electronic filing requirement pursuant to 19 RCNY § 23-09(d), if applicable, or affidavit filed, records showing the amount of liens and encumbrances on the realty at the time of delivery of the deed, the closing statement, and the general books of account of a person which would reflect the sale or purchase of real property or economic interests therein. Such records shall be made available for inspection and examination at any time upon demand by the Commissioner of Finance or his duly authorized agent or employee and shall be preserved for a period of three years, except that the Commissioner of Finance may consent to their destruction within that period or may require that they be kept longer. Evidence of payment of tax to the Commissioner of Finance such as a cancelled check, a receipt, or a receipted return, must be preserved. If no records are maintained as required by this section, or if the records which are maintained are inadequate, the Commissioner of Finance will determine the amount of the tax due from such information as may be obtainable.
