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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In New York State, the Property Condition Disclosure Act requires the seller of residential real property to provide a Property Condition Disclosure Statement to a buyer before the signing of a binding contract of sale. This statement includes information about the condition of the property, including any known defects or problems that could materially affect its value. The form covers various aspects of the property, such as structural integrity, water and sewage systems, pest infestations, environmental hazards, and more. If the seller chooses not to provide this disclosure, they may instead provide a credit of $500 to the buyer at closing. It's important to note that this requirement applies to residential properties that contain one to four family dwelling units. Failure to provide the disclosure or providing false or incomplete information can lead to legal consequences for the seller, including potential rescission of the sale or monetary damages.

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Real property

property disclosure statement

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Real property

property disclosure statement

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