Sarah is a buyer's agent in New York representing client Tom who is purchasing a single-family home. The seller has chosen not to provide a Property Condition Disclosure Statement and instead will provide the statutory $500 credit to the buyer at closing. What should Sarah advise Tom about this situation?
Correct Answer
B) The seller's choice is legal under New York law and Tom will receive the $500 credit
Under New York's Property Condition Disclosure Act (RPL §462), sellers may choose not to provide a disclosure statement by giving the buyer a $500 credit at closing. This is a legal alternative to disclosure and is the seller's choice to make. Sarah should explain this option to Tom as a normal part of New York real estate practice.
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