Eric is a buyer's agent in New York representing client Rachel who is purchasing a townhouse. Rachel's mortgage lender requires a survey, but the seller is providing a 20-year-old survey instead of ordering a new one. Rachel asks Eric whether the old survey is acceptable. What should Eric advise Rachel?
Correct Answer
A) Rachel should consult with her lender and attorney about whether the old survey meets their requirements
Eric should advise Rachel to consult with her lender and attorney about the acceptability of the 20-year-old survey. Different lenders have different requirements for survey age and accuracy, and the attorney can advise whether the survey provides adequate protection for Rachel's interests. This decision involves both lending requirements and legal considerations beyond Eric's expertise.
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Carol is a buyer's agent representing client Daniel who is purchasing a single-family home in upstate New York. Daniel asks Carol whether he needs to have the property inspected for environmental hazards. What should Carol advise Daniel about environmental disclosure requirements in New York?
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A buyer's agent in New York is representing a client purchasing a cooperative apartment. All of the following fall within the appropriate scope of the buyer's agent's duties EXCEPT: