A question you can ask multiple times a year is – What is the new real estate law in NY? While there aren’t new laws every year, sometimes there is more than one real estate-related law in a single year.
A few new real estate laws that might interest various stakeholders in the market are:
Another law was passed in July 2024, called the TODD law. It’s called the Transfer on Death Deed and would transfer the title of a property to a previously designated individual once the property’s current owner passes away.
For buyers of one, two, and three-family homes in NYC might get more clarity about the properties they are buying after the new and improved “Property Condition Disclosure Statement,” thanks to a law passed early in 2024.
New rules about commissions in NYC have been established. The most significant change is that sellers don’t have to pay commission to buyer’s agents (but they can still choose to do that). There are also new rules about how commissions are advertised and their transparency. These rules tend to favor the sellers more.
LL97 (Local Law 97) is not new per se, but many of its restrictions will start coming into effect in 2025. These include penalties for not meeting the required emissions criteria by 2024. About 5,300 buildings in the city are expected to receive financial penalties.
Some of the most significant laws in New York state and city might impact various stakeholders in the city, including buyers, sellers, property owners, and New York City brokers.
Also Read: NYC Tenant Law for 2024
