A Local Law to amend the administrative code of the city of New York, in relation to requiring unsolicited offers to purchase certain residential properties to include disclosures of market value

Summary

This bill would require that when a purchaser submits an offer to buy certain residential property that the owner has not listed for sale, is not actively selling, or did not intend to sell, the purchaser must disclose, in writing, in a clear and conspicuous manner, the estimated market value of such property. Any purchaser who violates this law is liable for a civil penalty of not more than $500 for the first violation and not more than $1,000 for a subsequent violation. Each distinct offer that violates this law is considered a separate violation. This bill would include a private right of action. The City sheriff would enforce this bill. It would be an affirmative defense in any adjudication pursuant to this bill for the purchaser to have an interest in the residential property for which an offer was submitted.

Official summary of legislation · NYC Council