The New York State Bar Association’s Real Property Law Section is one of the association’s largest and most active sections. It has a long-standing tradition of helping its members understand and sometimes effect changes to new legislative and regulatory initiatives that significantly impact real estate attorneys statewide as well as the public at large. Two current examples: the new so-called “zombie housing” legislation effective Dec. 20, 2016, and regulations affecting the ability of lawyers to serve as title agents.
It is well-known that when homeowners desert property they can no longer afford, their distressed, vacant and abandoned houses adversely affect municipalities, lenders and borrowers. To help address the issue, Gov. Andrew Cuomo signed into law on June 27, 2016 Chapter 73 of the 2016 Laws of the State of New York, entitled The New York 2016 Zombie Property and Foreclosure Prevention Act. The law became effective Dec. 20, 2016. In anticipation of this legislation, the section created a task force to meaningfully contribute to the solutions being proposed to address the issue. At its Annual Meeting on Jan. 26, 2017 at the Hilton Hotel, the section is presenting a panel discussion that will give an overview of the issues created by zombie houses, and discuss key parts of the new statute and regulations recently promulgated by the New York State Department of Financial Services and the new Consumer Bill of Rights. The role and responsibilities of municipalities, lenders, borrowers and the judicial system in combating the zombie housing dilemma while protecting borrowers will be discussed.
