Under New York RPL §462, a seller has completed a Property Condition Disclosure Statement but has not yet delivered it to any prospective buyer. The seller asks their listing agent about the $500 credit option as an alternative to providing the disclosure. Which of the following is the most accurate statement about the seller's options at this stage?
Correct Answer
D) The seller may either correct the errors and provide the disclosure or choose the $500 credit option in lieu of providing disclosure, since it has not yet been delivered
Under NY RPL §462, the $500 credit is a statutory alternative to providing the Property Condition Disclosure Statement. Because the disclosure has not yet been delivered to a buyer, the seller retains the right to choose between correcting and delivering the disclosure or foregoing disclosure entirely and providing the $500 credit at closing. The agent should also advise the seller to consult an attorney regarding their specific liability exposure, as the agent cannot provide legal advice.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
More Agency Relationships Disclosures Ny Specific Questions
A buyer in Troy receives a $500 credit from the seller instead of a Property Condition Disclosure Statement. After closing, the buyer discovers the seller was aware of a roof leak but didn't mention it. What legal principle still protects the buyer?
A buyer's agent in Long Island is reviewing the contract for their client. The seller chose the $500 credit option instead of providing a Property Condition Disclosure Statement. What should the agent advise their buyer client about this credit?
Tom's listing agent informs him that instead of completing the Property Condition Disclosure Statement, he can provide a credit to the buyer. When must this $500 credit be provided under New York law?
A listing agent's seller client asks if they can provide a $300 credit instead of the full $500 to save money while still avoiding the disclosure statement. How should the agent respond?
What is the primary purpose of New York's $500 credit option under the Property Condition Disclosure Act?
- → An executor administering a deceased owner's estate is preparing to sell the decedent's property in Queens. The executor has never occupied or managed the property and has no firsthand knowledge of its condition. Under NY Real Property Law §462, which statement most accurately describes the executor's disclosure obligations?
- → Under New York's Property Condition Disclosure Act, to which category of property does the disclosure requirement — and the seller's option to provide a $500 credit in lieu of disclosure — apply?
- → At closing, a buyer receives a $500 credit from the seller under NY RPL §462 in lieu of a Property Condition Disclosure Statement. What does this credit represent, and what obligations does it create for the seller?
- → Under New York's Property Condition Disclosure Act, what is the amount of credit a seller can provide to a buyer in lieu of completing the disclosure statement?
- → When a seller elects not to provide the Property Condition Disclosure Statement under New York law, which party bears the obligation to satisfy the resulting $500 statutory requirement, and how is it typically fulfilled?
- → Which document would show the $500 Property Condition Disclosure credit that a seller provides to a buyer?
- → A seller in Rochester initially chose to provide the $500 credit but now, two days before closing, wants to complete the Property Condition Disclosure Statement instead and keep the $500. The buyer prefers to receive the credit. What should happen?
- → Under New York's Property Condition Disclosure Act, a seller can choose the $500 credit option in all of the following situations EXCEPT:
- → A seller chose to provide a buyer with the $500 credit under NY RPL §462 in lieu of a Property Condition Disclosure Statement. At closing, the buyer seeks the credit but the seller denies having agreed to it, and no written documentation of the election appears in the contract. Which of the following best describes the legal and practical challenge the buyer faces?
- → Maria is purchasing a home in Rochester. The seller chose not to provide a Property Condition Disclosure Statement and instead gave her a $500 credit at closing. Three months after closing, Maria discovers significant foundation problems that would have been apparent to the seller. What is Maria's legal position?
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Previous Question
A seller in Manhattan is selling a co-op apartment and wants to provide the $500 credit instead of a Property Condition Disclosure Statement. Is this option available for cooperative apartment sales?
Next Question
A seller chose to provide a buyer with the $500 credit under NY RPL §462 in lieu of a Property Condition Disclosure Statement. At closing, the buyer seeks the credit but the seller denies having agreed to it, and no written documentation of the election appears in the contract. Which of the following best describes the legal and practical challenge the buyer faces?