A limited liability company (“LLC”) involved in either the sale or purchase of a one-to-four family dwelling in New York state must now disclose the names and contact information for all managers, owners and agents associated with the LLC. This disclosure must occur at the time that the deed is presented for recording with the applicable County Clerk or registrar’s office.

Governor Cuomo signed this new legislation on September 13, 2019, effective immediately, requiring disclosure of membership information of LLCs, in order to record a deed in the land records.

Specifically, the Combined Real Estate Transfer Tax Return (also known as a TP-584) must now contain a schedule identifying the names and business addresses of members, managers and authorized persons acting on behalf of the LLC, thus allowing disclosure of the natural person or persons associated with the transaction. While the requirement has been in place in New York City since 2015, it has now been expanded as a statewide mandate.

This new legislation may provide information to municipalities possibly enabling them to identify and hold property owners accountable for violations and fines. It should be noted that the TP-584 form is filed, rather than recorded, and not available to the general public in the land records at the applicable recording office.

Review an example of a TP-584 form

This alert does not purport to be a substitute for advice of counsel on specific matters.

Harris Beach has offices throughout New York State, including Albany, Buffalo, Ithaca, Melville, New York City, Rochester, Saratoga Springs, Syracuse, Uniondale and White Plains, as well as New Haven, Connecticut and Newark, New Jersey.