New York passed a bill amending the content of the “notice to tenant” provided to tenants following a foreclosure sale. Under the bill, the “notice to tenant” must now state that the tenant is entitled to remain in occupancy of the property for the greater of: (1) a period of 90 days from the date of service of the notice; (2) the remainder of the lease term, if the tenant occupied the premises at the time the foreclosure action was commenced or the tenant received a Notice to Tenants of Buildings in Foreclosure prior to the foreclosure sale; or (3) the remainder of the lease term (up to a maximum of 3 years), if the tenant did not occupy the premises at the time the foreclosure action was commenced and the lease agreement was entered into in good faith. Previously, the “notice to tenants” was only required to state that the tenant is entitled to remain in occupancy of the property for the remainder of the lease term, or a period of 90 days from the date of mailing the notice, whichever is greater. The bill went into effect January 1, 2021.
See the New York Assembly website for the full text of the Statutes: https://assembly.state.ny.us/leg/?default_fld=&leg_video=&bn=SB885&term=&Summary=Y&Text=Y
