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
B) 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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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: