§ 294. Recording executory contracts and powers of attorney. 1. An\nexecutory contract for the sale, purchase or exchange of real property,\nor an instrument canceling such a contract, or an instrument containing\na power to convey real property, as the agent or attorney for the owner\nof the property, acknowledged or proved, and certified, in the manner to\nentitle a conveyance to be recorded, may be recorded in the office of\nthe recording officer of any county in which any of the real property to\nwhich it relates is situated, and such recording officer shall, upon the\nrequest of any party, on tender of the lawful fees therefor, record the\nsame in his said office.\n 2. In lieu of the recording of an executory contract, there may be\nrecorded a memorandum thereof, executed by the parties, and acknowledged\nor proved, and certified, in the manner to entitle a conveyance to be\nrecorded, containing at least the following information with respect to\nthe contract: the names of the parties to the contract, the time fixed\nby the contract for the conveyance of title, and a description of the\nproperty. The executory contract shall be deemed duly recorded upon the\nrecording of a memorandum in conformity with this subdivision.\n If the purchaser is entitled to possession of the property under the\nterms of the contract, the memorandum must so state. The provisions of\narticle eleven of the tax law shall not be applicable to an executory\ncontract for the sale, purchase or exchange of real property, or\nmemorandum thereof, unless the contract provides that the purchaser is\nentitled to possession of the property.\n 3. Every executory contract for the sale, purchase or exchange of real\nproperty not recorded as provided in this section shall be void as\nagainst any person who subsequently purchases or acquires by exchange or\ncontracts to purchase or acquire by exchange, the same real property or\nany portion thereof, or acquires by assignment the rent to accrue\ntherefrom as provided in section two hundred ninety-four-a of the real\nproperty law, in good faith and for a valuable consideration, from the\nsame vendor or assignor, his distributees or devisees, and whose\nconveyance, contract or assignment is first duly recorded, and shall be\nvoid as against the lien upon the same real property or any portion\nthereof arising from payments made upon the execution of or pursuant to\nthe terms of a contract with the same vendor, his distributees or\ndevisees, if such contract is made in good faith and is first duly\nrecorded.\n 4. (a) Where an executory contract is duly recorded as provided in\nthis section the right of the purchaser to performance of the contract\nis enforceable against a person who, subsequent to the recording and\nwhile the recording is effective as provided in this section, purchases\nor acquires by exchange the same real property or any part thereof, from\nthe same vendor, his distributees or devisees.\n (b) If the recorded contract provides for payments made or to be made\nby the purchaser before conveyance of title, including payments made at\nthe execution of the contract, or if the recorded memorandum states that\nthe contract so provides, the lien of the purchaser arising from any\nsuch payments actually made is enforceable against any such person\ndescribed in paragraph (a) to the extent of such payments, not exceeding\nthe total amount specified in the recorded contract or memorandum, and\nis so enforceable without regard to any notice of the estate or interest\nof such person.\n 5. The recording of the executory contract or memorandum shall be\neffective for the purposes of subdivision four up to and including the\nthirtieth day after the day fixed by the contract for the conveyance of\ntitle. An agreement extending the time for the conveyance of title,\nacknowledged or proved, and certified, in the manner to entitle a\nconveyance to be recorded, may be recorded, and the recording shall be\neffecti
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.