Friday, October 7, 2016

ZOMBIE HOME REGULATIONS



This year, New York enacted Part Q of Chapter 73 of the Laws of 2016, Real Property Actions and Proceedings Law (“RPAPL”) in which Section 1308 requires certain holders of first lien mortgages to inspect, secure, and maintain vacant and abandoned one to four family residential real property. In addition, Section 1310 establishes a statewide vacant and abandoned property registry in the form of an electronic database to be maintained by the Department of Financial Services.

RPAPL Sections 1308(12) and 1310(4) authorize the Superintendent of Financial Services  to issue the rules and regulations necessary to implement RPAPL Sections 1308 and 1310.

The regulations go into effect December 20, 2016 and can be viewed at this link:

http://www.dfs.ny.gov/legal/regulations/proposed/rp422t.pdf

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