New York Assembly Bill A10173

New York 2025-2026 Regular Session

• Introduced: 2/12/26
• Refer: 2/12/26

Caption

Requires 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

Impact

The bill is positioned to impact state laws by mandating additional documentation in the property transaction process. The requirement will help prevent cases of deed theft by ensuring that the actual sales price is known and recorded, thus bolstering the legal standing of property transfers. By insisting on proof of the sales price, the legislation aims to reduce fraudulent activities and disputes over property ownership, thereby enhancing public confidence in property transactions.

Summary

Assembly Bill A10173 introduces amendments to the real property law with an aim to enhance the transparency and integrity of real estate transactions. It specifically requires a statement of the full sales price of real property and proof of that price to be submitted to the recording officer for any real property conveyance. This requirement ensures that the full financial details of a property sale are properly documented and accessible, serving to protect the rights of buyers and sellers alike.

Contention

While generally seen as a positive step towards securing property rights, the bill has raised some points of contention. Opponents may argue that the additional bureaucratic layers could complicate and lengthen the property selling process, potentially discouraging sellers and buyers. There's also concern that the requirement for proof could lead to privacy issues regarding personal financial information being publicly accessible in recorded documents. Balancing the need for transparency with the need for streamlined transactions will be a crucial discussion as this bill moves forward.