NY A01810

Allows property owners to voluntarily authorize transfer of property tax liens to private entities (property tax payors) who pay the delinquent taxes on their behalf.

Property tax payors may charge application fees (up to $250), title charges (up to $400), attorney fees (up to $1,000), closing costs (up to $500), and interest (up to 1.5% per month) on amounts owed under the payment agreement.

Transferred tax liens must be recorded in the county clerk's office and documented with a tax lien transfer certificate that certifies the property owner's authorization and the payee's payment.

Property tax payors may foreclose on transferred liens following mortgage foreclosure procedures under Real Property Actions and Proceedings Law, but cannot foreclose within one year of the lien being recorded unless the payment agreement provides otherwise.

Property owners or first mortgage lien holders have 180 days after a foreclosure sale to redeem the property by paying the purchaser 120% of the sale price plus reasonable upkeep costs.