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NY State — NY Real Property Law

§ 475 — SECTION 475 Disclosure

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Statute text reproduced from nysenate.gov. Not attorney-reviewed for your situation — for reference only.

What is NY RPL § 475?

Quick Answer

This section requires sellers of real property to provide buyers with a written statement disclosing any private transfer fee obligations before the signing of a binding contract. The statement must describe the obligations and inform that such fees are subject to prohibitions under this statute. Applies to sellers and buyers in real estate transactions.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 475 SECTION 475 Disclosure

RPL § 475

Prior to the signing by the buyer of a binding contract for the sale of real property, the seller shall furnish to any purchaser a written statement disclosing the existence of any private transfer fee obligation. This written statement shall include a description of the private transfer fee obligation and include a statement that private transfer fee obligations are subject to prohibitions under this section.

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