N.Y. Real Property Law 337-A – Provisions governing sale or lease of subdivided lands
§ 337-a. Provisions governing sale or lease of subdivided lands. No subdivider shall sell, lease, or offer for sale or lease to the public within this state, as principal, broker or agent or otherwise, subdivided vacant lands or any part thereof, unless and until such subdivider shall have caused to be filed in the department of state (a) an offering statement containing the information and data required by section three hundred thirty-seven-b of this article, (b) such data and information as the department may require as provided in section three hundred thirty-nine-b of this article and (c) a statement subscribed by the subdivider and affirmed by him as true under the penalties of perjury, containing:
Terms Used In N.Y. Real Property Law 337-A
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- subdivider: shall include every person, partnership, corporation, company or association who or which engages directly or through an agent in the business of selling, leasing or offering for sale or lease subdivided lands and subdivisions to the public in this state. See N.Y. Real Property Law 337
1. The name of such owner and subdivider,
2. The address of the principal office of such owner and subdivider, wherever situated, and the address or addresses of the principal office and all branch offices of the owner and subdivider within this state, if any,
3. The name of the person, partnership, company, corporation or association who or which acquired a legal or equitable title to the land or lands for sale or lease and who or which will subdivide vacant land or lands offered for sale or lease for the purpose of offering such subdivided vacant lands or any part thereof to the general public,
4. If such owner and subdivider be an individual or individuals, a statement of their respective connections during the preceding five years with any person, partnership, corporation, company or association engaged in the business of selling or leasing subdivided vacant lands, and the description of the last project or projects in subdivided vacant lands, the whole or any part of which have been sold or offered for sale or lease by such owner and subdivider,
5. If such owner and subdivider be a partnership, the names, residence and business addresses of the partners, including special or limited partners, and of all other individuals participating as principals in the profits of such business, specifying as to each the nature of his relation to such business and giving with respect to each all of the information required by subdivision four of this section to be given by an owner and subdivider who is an individual,
6. If such owner and subdivider be other than an individual or partnership, the name of the state or country where incorporated or organized, and the names, residence and business addresses of its principal officers, wherever located, and of its officers and branch managers in this state, specifying as to each the nature of his relation to such business, and giving with respect to each all of the information required by subdivision four of this section to be given by an owner and subdivider who is an individual,
7. A statement as to whether such owner and subdivider, or, if such owner and subdivider be other than an individual, whether any partner, principal, officer, director or branch manager thereof, has been convicted by a court of competent jurisdiction in any state or country of any criminal offense in connection with any transaction involving the sale or offer for sale of subdivided lands, or has been enjoined or restrained by order of any court of competent jurisdiction from selling or offering for sale subdivided vacant lands in any state or country, or continuing any practices in connection therewith,
8. The complete description of the land offered for subdivision or any part thereof by lots, plots, blocks or sites, with or without streets, together with maps certified to by a duly licensed land surveyor accompanied by a certificate attached thereto showing the date of the completion of the survey and of the making of the map and the name of the subdivision for the purpose of identification of the subdivided lands or any part thereof. Where subdivisions were surveyed and mapped prior to March first, nineteen hundred thirty-six, a certified copy of the map covering the property, on file in the office of the clerk of the county wherein the property is located, shall be deemed compliance with the provisions herein.
9. A search of the title to the land, accompanied by a certificate either of an attorney and counselor at law duly licensed to practice in the state of New York, or a certificate from a duly incorporated title search company or the certificate of an attorney and counselor at law duly licensed to practice in the state wherein the lands are situated reciting in detail all of the liens, encumbrances and clouds upon the title to such land, and which defects of title, if any, render the title to such land unmarketable,
10. The provisions, covenants, terms and conditions upon which it is the intention of the owner and subdivider to sell or lease such subdivided land accompanied by proposed forms of contracts contemplated for execution and delivery upon the consummation of sales or leases,
11. Such other and further data and information as the department of state may, in its discretion, demand to be executed upon forms prescribed by it for filing pursuant to the provisions of this article.