If you are selling a home in New York, disclosing important information about the property for sale is imperative. Without the required disclosures, you could be liable for any property issues the next owner experiences. Steve Butcher Sr., Esq. knows what it takes to protect you throughout the home selling process. As a seasoned real estate lawyer, he can provide essential information on disclosure statements, ensuring you remain in total compliance.
Understanding The Property Condition Disclosure Act
In the past, New York law stipulated that the buyer was ultimately responsible for inspecting a property’s condition, but the state has since instituted the Property Condition Disclosure Act. This law indicates that anyone selling a home must make honest disclosures to the buyer about the condition of the property or face a possible lawsuit. The seller is responsible for composing a disclosure statement, which must be received by the buyer before the sale is finalized. However, sellers can also opt to pay a $500 credit in lieu of the disclosure statement. A real estate lawyer can provide insight on which option is best for you.
Types Of Disclosures That Must Be Made
Issues with a property’s structural integrity must be made known, as well as any potentially harmful materials within the dwelling itself (such as asbestos or lead). A seller must also provide information on the age of the property, additional utility charges, and who owns the property. If surrounding environmental factors could potentially damage a home (i.e. if a home is located in proximity to a landfill or within the confines of floodplain), this information must also be disclosed.
Steve Butcher Sr., Esq. embraces a client-focused perspective when providing quality legal guidance to residents of Monroe County, NY. Take advantage of 25 years of legal experience by calling (585) 263-2444 to discuss your needs with a reputable real estate lawyer. You can also visit Steve Butcher Sr., Esq. online to learn more about his respected legal services.