A buyer's attorney in New York is reviewing a purchase contract and notices that the seller has not provided the Property Condition Disclosure Statement. The seller's attorney states that the seller will pay the $500 credit to the buyer instead of providing disclosure. What should the buyer's attorney advise?
Correct Answer
C) Advise the buyer that they can accept the $500 credit but should consider additional inspections since no disclosure will be provided
Under New York's Property Condition Disclosure Act, sellers can choose to pay a $500 credit instead of providing disclosure. The buyer's attorney should explain this option but advise that without disclosure, the buyer should consider more thorough inspections to identify potential issues.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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