N.Y. Real Property Law 473 – Prohibition
§ 473. Prohibition. A private transfer fee obligation recorded or entered into in this state on or after the effective date of this section does not run with the land and is not binding on or enforceable at law or in equity against any owner, purchaser, or mortgagee of any interest in real property as an equitable servitude or otherwise. Any private transfer fee obligation that is recorded or entered into in this state on or after the effective date of this section is void and unenforceable. This section shall not apply to a private transfer fee obligation recorded or entered into prior to the effective date of this section. This section shall not be deemed to require that a private transfer fee obligation recorded, filed or entered into in this state before the effective date of this section is presumed valid and enforceable. It is the public policy of this state that no private transfer fee obligation shall be valid or enforceable whenever entered into, recorded or filed. Furthermore, this article shall not validate any private transfer fee agreement that is contrary to the law of this state.
Terms Used In N.Y. Real Property Law 473
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.