N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 8191-2.1

Current through Register Vol. 46, No. 51, December 18, 2024

Section 8191-2.1 - Form and manner of reporting real property transfers

(a) In addition to the information required by Real Property Tax Law, section 574 and Real Property Law, section 333, a real property transfer report form (RP-5217), shall include the following information:

(1) property location, including:

(i) name of city or town, and village if any, in which property is located;

(ii) street name and number;

(iii) ZIP code; and

(2) name of buyer's attorney, if any;

(3) name of seller;

(4) deeded dimensions of the property or the deeded acreage;

(5) school district name;

(6) the following information shall be reported from the latest completed final assessment roll for the city or town in which the property is located, except if the property is located in Nassau County, from the latest completed final assessment roll for such county:

(i) year of assessment roll;

(ii) an indication of whether the property consists of one parcel, more than one parcel or only part of a parcel;

(iii) total assessed value; and

(iv) assessment roll identification, if different from tax map land parcel number;

(7) property use;

(8) an indication of whether the property is a condominium;

(9) date of sale;

(10) an indication of whether the transfer was:

(i) a sale between relatives or former relatives;

(ii) a sale between related companies or partners in business;

(iii) a sale where one of the buyers is also a seller;

(iv) a sale where a buyer or seller is a government agency or lending institution;

(v) a sale where the conveyance was not a warranty or bargain and sale deed, including a description of the conveyance used;

(vi) a sale where the interest conveyed is not a fee or all undivided interests in the property;

(vii) a sale where a significant change has occurred in the property between taxable status date and the date of sale;

(viii) a sale where the sale of a business is included in the sale price; and

(ix) a sale affected by other facts or circumstances that may have influenced the full sales price, including a description thereof.

(b) Upon acceptance for record by the county recording officer of a conveyance of real property affecting land in New York State accompanied by a real property transfer report form (RP-5217) prescribed by the commissioner, the county recording officer, or such other officer or agency as may be designated by the county legislative body, shall enter on the real property transfer report form:

(1) book and page in which the deed was recorded;

(2) statewide information system code; and

(3) date that deed was recorded.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 8191-2.1