New York State Property Condition Disclosure Act

Beginning March 1, 2002, most sellers of one-to-four family residential housing are required to provide potential buyers with a completed and signed property condition disclosure form. Failure to provide the form will result in a $500 credit to the buyer at closing.

Regardless of whether the sale is broker-assisted or for sale by owner, sellers will have to provide potential buyers with the 48-question form covering a series of general, environmental, mechanical and service items. The form must then be provided to a buyer prior to the buyer signing a binding contract of sale.

To have a copy of the 4-page Property Condition Disclosure Form sent to you, contact us.

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