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
Specializing in Lifecycle Real Estate Transitions
©Jill Sackler 2010