N.Y. Real Property Law § 521: Ninety-day waiting period

§ 521. Ninety-day waiting period. 1. Notwithstanding any other

provision of law, on and after July first, two thousand twenty-five, it

shall be unlawful for a covered entity to purchase, acquire, or offer to

purchase or acquire any interest in a single-family residence or

two-family residence unless the single-family residence or two-family

residence has been listed for sale to the general public for at least

ninety days.

2. The ninety-day waiting period set forth in subdivision one of this

section shall restart if the seller changes the asking price for the

single-family residence or two-family residence, and a covered entity

shall be prohibited from purchasing, acquiring, or offering to purchase

or acquire any interest in the single-family residence or two-family

residence until it has been listed for sale to the general public at the

new asking price for at least an additional ninety days.

3. A covered entity that violates subdivision one or two of this

section may be subject to civil damages and penalties in an amount not

to exceed two hundred fifty thousand dollars.

4. (a) At the time an offer is made by a covered entity purchasing

such residence, such covered entity shall be required to submit to the

seller or anyone acting as an agent for such seller, a form that has

been signed by the covered entity purchaser, or an authorized agent

thereof, and notarized, stating that the purchaser is a covered entity.

(b) Within three days of submitting a form to a seller or seller's

agent pursuant to paragraph (a) of this subdivision, a covered entity

shall file such form with the department of law. The department of law

may issue regulations or guidance regarding the procedure for making

such filing.

(c) Any covered entity or covered entity's agent that violates this

subdivision may be subject to civil damages and penalties in an amount

not to exceed ten thousand dollars.

5. The following form shall be completed by a covered entity

purchasing a single-family residence or two-family residence:

"COMPLIANCE WITH REAL PROPERTY LAW ARTICLE 16

Pursuant to Article 16 of the New York State Real Property Law,

covered entities are required to wait at least 90 days after a

single-family residence or two-family residence has been listed for sale

to the general public to purchase, acquire, or offer to purchase or

acquire any interest in the single-family residence or two-family

residence. At the time an offer is made, the covered entity or its agent

is required to complete this form and submit it to the seller stating

that the purchaser is a covered entity. Within three days of submitting

the form to the seller, the covered entity or its agent is required to

file this form with the New York state office of the attorney general,

in accordance with any regulations or guidance that the attorney general

may issue with respect to such filing.

The buyer of this single-family residence or two-family residence is a

covered entity as defined in New York State Real Property Law § 520. The

buyer is subject to the statutory 90-day waiting period. Failure to

comply with the 90-day waiting period may result in civil fines and

penalties.

Any covered entity or covered entity's agent that does not complete

and submit this form as required by statute, or abide by the statutory

waiting period, may be liable for civil damages.

IDENTIFYING INFORMATION

BUYER OR BUYERS OF THIS RESIDENCE:

____________________________

Printed Name and Mailing Address

____________________________

Printed Name and Mailing Address

By signing this form, the buyer or its agent affirms that the statements

herein are true under the penalties of perjury.

SIGNATURE OF BUYER(S) OR ITS AGENT OF THIS SINGLE-FAMILY RESIDENCE OR

TWO-FAMILY RESIDENCE:

____________________________

Signature Date

____________________________

Signature Date

____________________________

SIGNATURE OF WITNESSES

____________________________

Signature Date

____________________________

Signature Date

____________________________

NOTARY ACKNOWLEDGEMENT

(insert notary acknowledgement for this form here)"