NEW YORK
STATE
MANDATORY SELLER
DISCLOSURE FORM
Mandatory Seller's
Property Condition Disclosure became law in New York State effective March 1,
2002; The form is now available through the New York State Association fo
Realtors and the NYS Department of State.
As of March 1, 2002,
EVERY SELLER of one to four family residential
housing – whether they be broker-assisted or for sale by owner - will be
required to provide a completed Property Condition Disclosure Statement to
potential buyers under the new Seller’s Property Condition Disclosure Law.
Similar disclosure programs are in effect in more than 30 other states
and have proven to be beneficial to sellers, buyers and agents. The benefits
include:
1.
Fewer disputes,
2.
Easier transactions and less
litigation for agents and sellers,
3. More information at the time they need
it most for buyers.
A completed form must be provided to the buyer
before the buyer is bound by a contract of sale. While the seller must complete
the disclosure form without assistance from a real estate agent, agents do have
the certain duties. Under the new law:
1. Listing agents must educate
their seller clients about the law.
2. Buyer agents must educate their
buyer clients about the law.
3. Listing agents and sub-agents must educate
customers about the law.
Other key provisions include a requirement
that a copy of the completed form be attached to the contract and a
$500 credit is given to the buyer at closing for
the seller’s failure to provide the completed form. The new law does not
apply to new construction, condos and co-ops.
CLICK
HERE! to download the form as an Adobe Acrobat file from the New
York State Association of Realtors website. Adobe Acrobat reader is available
for free at http://www.adobe.com.
