What should I know about the Seller’s Property Condition Disclosure for New York State?
As of March1, 2002, most sellers of one to four family residences are required to provide buyers with a completed disclosure form prior to the signing of a purchase contract. Failure by the seller to provide a completed disclosure form to the buyer or buyer’s agent prior to the signing by the buyer of a binding contract of sale will result in the buyer receiving a credit of $500 against the purchase price from the seller at closing. You should ask yourself, what does this mean for you the buyer?
