NY S07720

Recording officers cannot record any deed for New York real property unless it contains explicit bold warning language stating "YOU ARE HEREBY MADE AWARE THAT BY SIGNING THIS DEED YOU ARE TRANSFERRING OWNERSHIP OF YOUR LAND OR HOME" with a notarized signature line from the transferor.

Failure to use a deed with the required warning language or failure of the transferor to sign the acknowledgement constitutes a class E felony.

Deed transfers from borrowers to mortgage servicers conducted as part of mortgage term modifications are declared invalid and unenforceable.

The Department of Banking is authorized to investigate claims of fraudulent deed transfers, including those violating the mortgage servicer transfer prohibition.

The act takes effect immediately upon enactment.