An attorney representing a seller in New York discovers that the property being sold is subject to a pending tax assessment appeal that could significantly increase property taxes. The purchase contract does not address this issue. What should the attorney do?
Correct Answer
B) Advise the seller to disclose the pending appeal and negotiate appropriate contract provisions
The attorney should advise the seller to disclose the pending tax assessment appeal as it is material information that could affect the buyer's decision. They should also negotiate appropriate contract provisions to address how the appeal outcome will be handled.
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