Prohibits the recording of conveyances suspected of being fraudulent; requires the clerk or registrar to report transactions believed to be or suspected of being fraudulent to the office of the attorney general and to local law enforcement or sheriff's office.
Impact
The proposed changes to the real property law would enhance the protective measures against fraudulent transactions in New York State. By mandating that clerks investigate suspicious conveyances, the bill is designed to create a more secure environment for property transactions. This could lead to greater trust in the real estate market, as prospective buyers and sellers would be assured that due diligence is being conducted by the relevant authorities regarding ownership transfers.
Summary
A03218 is a bill introduced in the Assembly to amend the real property law regarding the recording of property conveyances suspected of fraud. The bill seeks to empower county clerks and city registrars to refuse to register transactions when there is reasonable suspicion of fraudulent activity. If such suspicions arise, the clerk or registrar is required to report these transactions to the office of the attorney general and local law enforcement. This legislation aims to combat real estate fraud and protect buyers and sellers from potential illegal conveyances.
Contention
One notable point of contention surrounding A03218 is the balance between preventing fraud and ensuring the efficiency of property transactions. Critics may argue that imposing such regulations could lead to delays in property registrations, especially in cases where transactions are underway, thereby complicating the buying and selling process. Proponents, however, assert that the long-term benefits of reducing property fraud outweigh these concerns, emphasizing the need for robust protective measures in the real estate sector.
Same As
Prohibits the recording of conveyances suspected of being fraudulent; requires the clerk or registrar to report transactions believed to be or suspected of being fraudulent to the office of the attorney general and to local law enforcement or sheriff's office.
Prohibits the recording of conveyances suspected of being fraudulent; requires the clerk or registrar to report transactions believed to be or suspected of being fraudulent to the office of the attorney general and to local law enforcement or sheriff's office.
Enacts the "deed theft: proof of sale price act" requiring a statement of the full sales price of real property being conveyed and proof of such sales price to be submitted to the recording officer in order for such officer to record or accept for recording the conveyance of real property.
Enacts the "deed theft: proof of sale price act" requiring a statement of the full sales price of real property being conveyed and proof of such sales price to be submitted to the recording officer in order for such officer to record or accept for recording the conveyance of real property.
Requires social-media platforms to prevent, detect, and remove fraudulent advertisements and to establish advertiser-vetting obligations; requires reporting to the attorney general.
Requires social-media platforms to prevent, detect, and remove fraudulent advertisements and to establish advertiser-vetting obligations; requires reporting to the attorney general.