NY A02745

Creates a rebuttable presumption that property purchasers had notice of fraud when mortgaged real property is transferred between unrelated parties without proper documentation, which can be overcome by affidavit or testimony from the purchaser

Requires either recording of a mortgage assumption instrument signed by both the assuming party and mortgagee, or a satisfaction/release of mortgage to avoid the fraud presumption

Allows purchasers to overcome fraud presumption by providing evidence they reasonably believed the mortgage was paid off, including payoff statements, wire transmittals, or title insurance policies showing the mortgage was not excepted

Requires district attorneys and the attorney general to file notices of pendency when criminal complaints or indictments affect real property title, with notices lasting three years and renewable twice without court order

Mandates cancellation of notices of pendency within 30 days when the related investigation or legal action is no longer ongoing