Bulletin November 18, 2002
 

1. Equalization Form to be Required to Record in New York City:

Effective January 1, 2003, pursuant to a change in State law, all conveyances to be recorded in the five boroughs of New York City must be accompanied by an Equalization Form (currently, the Real Property Transfer Report, Form No. RP-5217). The City is working on developing its version of the state form. However, it is doubtful that the City’s form will be ready by the implementation date. The City Register has informed the New York State Land Title Association that he will accept State Form (RP-5217) until the City’s version is ready. 

Note: The current form is a triplicate and can not be photocopied.

 2. Carbon Monoxide Detector Law:

Effective November 30, 2002 Section 378 of the Executive Law has been amended by adding a new subdivision 5-a. This new subdivision of the Executive Law will require that every one or two family dwelling or any dwelling accommodation located in a building owned as a condominium or cooperation in the State of New York, constructed or offered for a sale, shall have installed an operable carbon monoxide detector.

As of now there is no new form to be filed (as with the smoke detector affidavit), nor is this being included within the sellers disclosure statement. For now, you should ask for a written statement from the seller acknowledging same. If formal forms should become available, we will send them under separate cover.

As always, if you should have any questions or comments please
 contact us at your convenience.