For purposes of this section, any reference to the "sale" of a residence by an equity seller to an equity purchaser shall include a transaction where an equity seller receives consideration from the equity purchaser, and a transaction involving a transfer of title to the equity purchaser where no consideration is provided to the equity seller.
"NOTICE REQUIRED BY NEW YORK LAW You may cancel this contract at any time before midnight of ________________________________________.
(Date) ________________________________________________________________________
(Name of Equity Purchaser) or anyone working for ____________________________ CANNOT ask you to
(Name of Equity Purchaser) sign or have you sign any deed or any other document until your right to cancel this contract has ended. See attached notice of cancellation form for an explanation of this right. You should always consult an attorney or community organization before signing any legal documents concerning your home. It is advisable that you find your own attorney, and not consult with an attorney who has been provided to you by the purchaser. The law requires that this contract contain the entire agreement. You should not rely upon any other written or oral agreement or promise."
The equity purchaser shall accurately enter the date on which the right to cancel ends. The covered contract required by this section shall survive delivery of any instrument of conveyance of the residence in foreclosure or, where applicable, default, and shall have no effect on persons other than the parties to the covered contract.
"NOTICE OF CANCELLATION This contract was entered into on ____________________________________
(Enter date covered contract signed) You may cancel this contract for the sale of your house, without any penalty or obligation, at any time before midnight of ___________________________. (Enter date) To cancel this transaction, personally deliver a signed and dated copy of this cancellation notice, or send it by facsimile, United States mail, or an established commercial letter delivery service, indicating cancellation to ____________________________________________________, at (Name of purchaser) ___________________________________ (Street address of purchaser's place of business and facsimile number if any) NOT LATER THAN midnight of _______________________________________.
(Enter date) If you wish to cancel this contract, sign and date both copies and return one copy immediately to the purchaser. I hereby cancel this transaction. __________________________________/_______________________________"
(Seller's signature) (Date)
N.Y. Real Prop. Law § 265-A