Under New York's Property Condition Disclosure Act, a seller who chooses not to complete and deliver a Property Condition Disclosure Statement to the buyer must do which of the following?
Correct Answer
A) Provide the buyer with a credit of $500 at closing in lieu of the disclosure statement
Under New York Real Property Law Article 14 (the Property Condition Disclosure Act), a seller who does not deliver a completed Property Condition Disclosure Statement before the buyer signs a binding contract must give the buyer a $500 credit against the purchase price at closing. That statutory credit is the seller's only alternative to delivering the form.
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Angela is representing buyer Robert in New York. Robert is pre-approved for a mortgage but mentions he recently lost his job. He asks Angela not to tell anyone about his job loss until after closing. Under New York agency law, what should Angela do?
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Nancy is representing buyer Steve in New York. Steve is interested in a property where the listing agent has mentioned the possibility of seller financing. Steve asks Nancy to help him evaluate whether the seller financing terms comply with federal lending regulations. How should Nancy respond?