New York S01264 mandates mortgagors to inform tenants or prospective tenants of imminent foreclosure before lease renewal or signing.
New York S01264 amends the real property law by requiring mortgagors to notify tenants or prospective tenants of imminent foreclosure prior to lease renewal or signing. This notice must be provided at least two weeks before the lease agreement is renewed or signed. Failure to comply results in a $500 credit to the tenant or prospective tenant, in addition to any other remedies available under law. The act takes effect immediately.
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