NY S03921

Defines "land contracts" as written agreements for residential real property sales by installment with deposits of $1,000 or more and terms of 90 days or longer, where buyers handle all repairs and receive title upon full payment.

Requires sellers to deliver a "Land Contract-Consumer Caution and Counseling Notice" by certified mail at least 10 days before execution, disclosing risks of property loss, existence of mortgages or liens, unpaid taxes, and mortgage holders' names and addresses.

Mandates all land contracts include provisions requiring separate escrow accounts with annual accounting, recording within five business days, buyer receipt copies, and written payment receipts.

Prohibits land contracts from containing excessive late fees, automatic consent to summary removal or proceedings, equity forfeiture upon default, or waivers of the law's provisions.

Grants the Attorney General enforcement authority to pursue injunctive, declaratory, or other equitable relief for violations; takes effect 120 days after enactment.