Notice to New York Buyers/Sellers - Posted by MikeNY

Posted by CurtNY on March 08, 2002 at 11:15:59:

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Notice to New York Buyers/Sellers - Posted by MikeNY

Posted by MikeNY on March 08, 2002 at 11:01:27:

I thought I would share with everyone something I have just read.

New York REALTORS remind home sellers that an important new law entitled the Property Condition Disclosure Act is about to take effect. Beginning on Friday, March 1 2002 sellers of one to four family residential homes will be 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 whether the sale is broker assisted or FSBO will have to provide potential buyers with a 48 question form covering a series of general, environmental, mechanical and service items. The form must be provided to the potential buyer before they sign a contract.

The form can be downloaded at www.nysar.com

Mike