Recording Modifications of Leases
NY Real Property Law §291-cc provides that where a lease or memorandum has been recorded, an unrecorded modification is void against a subsequent good-faith purchaser for value, and tenant possession is not deemed notice of the modification for that purpose. The statute also requires minimum content for a memorandum of modification (parties, lease reference, premises identification, changes to term/renewal).
- Where it applies
- New York State
- When it comes up
- Asset management; refinancing; sale diligence
- Property types
- Commercial, ground lease, long-term recorded lease structures
Title and Recording
- Assignment of Mortgage
- Bargain and Sale Deed (With Covenant Against Grantor's Acts)
- Bona Fide Purchaser (BFP)
- Borough-Block-Lot (BBL)
- Chain of Title
- City Register
- Condominium Common Charge Lien
- Consideration
- Conveyance
- Cover Page (NYC Recording)
General information, not legal, tax or financial advice.