Which of these states is not like the others?

The Property Condition Disclosure

 

Upstate New York and throughout the country, the property condition disclosure statement is used very successfully.  

 

 

 

Downstate, where attorneys fill out the contract, (barring exact statistics) overwhelmingly, the attorneys recommend that the Sellers offer a $500.00  (at the time of this writing) credit to the Buyers on closing day.

 

Most likely, this small amount will hardly be noticed or felt as it will not usually come out-of-pocket but from settling and pro-rating final home costs.

 

The $500.00 amount is the same whether a home costs $81,000 or in the millions. For this small amount of money, the owner is no longer attached to the home.

 

It's been my experience that all attorneys here recommend the credit for residential 1-4 families and co-ops, condos, or property on a Homeowners' Association and are not open to doing it any other way, although, NY Sellers should know the option exists.

 

It is quite comprehensive in nature and 6 pages in length.

 

Modern Real Estate Practice in New York for Brokers, by Same Irlander with Edith Lank, Eleventh Edition, 2011, DF Institute Inc., d/b/a Dearborn Real Estate Education

 

Chapter 3, p.78 reads, "A knowingly false or incomplete statement by the Seller on this form may subject the Seller to claims by the Buyer prior to or after the transfer of title."

 

Some time ago, I heard an attorney explain the Seller $500.00 credit to Buyer at closing in a way that is very easy to understand.

 

Essentially, the Seller is paying back the Buyer at closing for the cost he incurred when he hired a licensed (and hopefully, neutral) inspector. The inspection report should accurately reflect the condition of the property.

 

It will not be left to the Seller to represent the condition of his home, thereby eliminating misrepresentations or mistakes.

 

Local customs and practices; just one of the differences in conducting a NY real estate residential transaction.

 

 

 

 

 

 

 

 

 

 

No matter how you spend your day, come home to this

 


 

Long Island Real Estate Needs? 

Reach me @516.395.8376

 

Long Beach is a diverse community that is never short on entertainment. Interested in moving to Long Beach?

Don't hesitate to call me and we can begin our tour.

 

 

CHARLES RUTENBERG REALTY INC.  *****  516-575-7500  *****

ABOUT THE AUTHOR: Graduate REALTOR Institute 

Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
 
 

Sunny Isles, Fl 

 

  

     Specializing in Lifecycle Real Estate Transitions

"When your family doesn't fit your family home, I can help."
 
 
 
 
 
   
   

   

TwitterLinkedin

 


©Jill Sackler 2010
 

 

Comment balloon 4 commentsJill Sackler • March 16 2016 09:24AM
Which of these states is not like the others?
share
The Property Condition Disclosure Upstate New York and throughout the country, the property condition disclosure statement is used very successfully. Downstate, where attorneys fill out the contract, (barring exact statistics)… more
You Cannot Charge Extra for the Memories
share
In response to all the homeowners who routinely overprice their homes, refusing to give weight to carefully prepared market reports and hoping to be paid extra for all the good times that transpired between their four walls, I say this: As you… more
Merrick, NY - Old Lindenmere Estates
share
$495, 000, 3Bd/2Ba Single Family House, 1523 sqft. Jill Sackler | Charles Rutenberg Realty | 516-395-8376jillasackler@gmail. com | 30 Linden Ln, Merrick, NY 11566 Merrick Old Lindenmere Estate 3Bd/2Ba Single Family House $495… more
Cheers to a New Year from Jill Sackler Long Island RE Agent
share
Season's Greetings from Long Island! May your New Year bring comfort of home, and the joy of family and friends. more
Freeport, NY - the 7th Coolest Town in the US
share
Freeport, NY - the 7th Coolest Town in the US Zip code 11520 - Freeport, Long Island has been identified as one of the coolest places to live by travel website Matador Network. Walkability along with diversity in population and a natural feature… more
Women in a Meeting
share
Alexandra Petri writes the Compost Blog for The Washington Post. On October 13, 2015, Ms. Petri wrote this delightful piece about women and their choice of language in meetings. While not meant to be real estate related, every woman who… more
Freeport, Long Island - Affordable Waterfront Charmer
share
A golden opportunity to buy while waterfront properties in Freeport, Long Island are still affordable. Lite & Brite Hi-ranch with new roof, new siding, replacement windows, and new appliances perfectly suited for multi-generational living… more
Give millenials what they want
share
Give millenials what they want Move in ready Turnkey Drop your bags Bring your toothbrush Insert favorite HGTV catchphrase here _____________________________ If you're looking to sell quickly - just give buyers what they want! Back in the… more
And we're back! Zip Code 11566
share
An absolute must see! Merrick has it all. The New York Times ran an article on June 24, 2015. Newsday ran an article on July 24th, 2015. My favorite quote from the NYT article states, (buyers Kopelowitz) "hoped to buy on the North Shore,… more
Spacious Merrick Split - Long Island's South Shore
share
Currently own? We'll wait until you sell. Contingency welcomed! more