If you’re planning on selling property in New York, you should review the state’s disclosure obligations first. Since failing to meet these obligations could open you up to consider liability, it’s wise to turn to a real estate attorney for help completing the Property Condition Disclosure Statement. In the meantime, here are tips for when you’re ready to get started.
Complete every portion of the form.
New York’s disclosure statement is fairly comprehensive and addresses virtually every aspect of a property. To mitigate liability and prevent accusations of fraud or breach of contract, it’s essential to complete this form thoroughly by answering all 48 questions. You’ll have to address everything from the HVAC system and appliances to the roofing, foundation, plumbing, and wiring.
Seek legal counsel.
Even if you want to fill out the form on your own, have a real estate attorney review it once it’s completed. A lawyer will ensure you’ve met your disclosure obligations before commencing with the transaction, so you don’t have to worry about any future lawsuits filed by a disgruntled buyer.
Try to hide defects.
Nearly every property will have at least a few defects. While it may be tempting to gloss over them when completing the disclosure statement, doing so could have serious consequences. Depending on the circumstances, failing to disclose all known issues could result in the loss of the sale or even costly litigation.
Miss the deadline.
Failing to submit the disclosure form prior to entering into a contract with the buyer will result in a $500 credit, which the buyer can use against the purchase price. It will also open you up to additional liability. If you don’t inform the buyer of any defects whatsoever, they’ll have more reason to commence with litigation when an issue becomes apparent.
To ensure you complete New York’s disclosure statement correctly when selling property, turn to Stephen B. Kaufman, P.C. Practicing out of the Bronx, this expert real estate attorney has more than four decades of experience guiding buyers and sellers through transactions. To learn more about their friendly team, visit their website. Call (718) 822-0500 to schedule your first meeting with a real estate attorney today.