John is selling his 1968 Brooklyn brownstone. He provides the lead-based paint disclosure to potential buyers. A buyer wants to conduct a lead inspection but requests a 15-day inspection period instead of the standard 10 days. Under New York law, what should John do?
Correct Answer
C) Negotiate with the buyer since the inspection period can be modified by mutual agreement
While federal law provides buyers with a 10-day inspection right, this period can be modified by mutual agreement between buyer and seller. The parties can negotiate a longer or shorter period, or the buyer can waive the inspection entirely.
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The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
A material defect is a condition that significantly affects the value, desirability, or safety of a property and that would likely influence a reasonable buyer's decision to purchase or the price they would pay.
Megan's Law requires states to make information about registered sex offenders available to the public. Some states require real estate agents to inform buyers about the availability of sex offender registries.
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Previous Question
A New York real estate agent is representing a seller of a 1973 townhouse. The seller mentions they had some peeling paint professionally removed from the kitchen two years ago but are unsure if it contained lead. What should the agent advise regarding lead-based paint disclosure?
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Under New York State law, lead-based paint disclosure requirements apply to all of the following transactions EXCEPT: