- August 09, 2016
- All New York State Agents, Office Counsel, and Managers
- On Bill Recovery Program Declaration
The attached agreement has been created pursuant to Power New York Act of 2011.
Under this law, the New York State Energy Research and Development Authority (NYSERDA) lends money to homeowners for qualified energy efficiency services pursuant to the Green Jobs-Green New York Act. To memorialize the loan the On Bill Recovery Program Declaration is filed.
The declaration will contain the amount and terms of the loan. Repayment is made through a charge on the utility bill. The loan will continue until full paid, and must be paid by subsequent purchasers.
Real Property Law 242 (4) requires a seller who has received this loan to provide a written notice to prospective purchasers stating the original amount, payment schedule and approximated balance remaining.
While there is language in the notice that sounds like a mortgage, this charge is not a lien on the real property.
Failure to pay will result in a suspension of utility service.
For further information and frequently asked questions visit the NYSERDA website by Clicking Here.
If you have any questions regarding this bulletin please contact Stewart Title Insurance Company Legal Services at 212-922-0050.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.