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?
Correct Answer
A) Recommend that Steve consult with a qualified attorney or mortgage professional
Evaluating compliance with federal lending regulations requires legal and financial expertise beyond the scope of real estate practice. Nancy should recommend that Steve consult with qualified professionals who specialize in lending law and regulations to ensure proper evaluation of the seller financing terms.
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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?
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Eric is a buyer's agent in New York representing Lisa, who is purchasing her first home. Lisa asks Eric when she should receive the Agency Disclosure Form. Under New York law, when must Eric provide this form?