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Senate Bill 5203A

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New York State Bans Private Transfer Fee Obligations; Joins Majority

By Joanna K. Slusarz on November 10, 2011
Posted in Finance, New Rules and Legislation, Tax

On September 23, 2011, New York Governor Andrew Cuomo signed into law Senate Bill 5203A and Assembly Bill 7358A, codified as the “Private Transfer Fee Obligation Act” in Article 15 of the New York Real Property Law. The new law imposes a ban on all new private transfer fees (“PTFs”), and provides notice, disclosure…

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