A buyer in New York exercises their right to conduct a lead inspection on a 1972 home. The inspection reveals lead-based paint hazards. Under New York law, what happens next?
Correct Answer
A) The buyer can negotiate remediation or cancel based on the contract terms
New York follows federal law which gives buyers the right to inspect for lead but does not mandate specific actions if lead is found. The buyer can negotiate with the seller for remediation, price reduction, or other terms, or cancel the transaction based on the contract provisions.
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Related Topics & Key Terms
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Related Concepts
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
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Previous Question
Sarah is a New York real estate agent representing a buyer interested in a 1974 house in Albany. The seller provided the required lead-based paint disclosure. What EPA pamphlet must also be provided to Sarah's buyer?
Next Question
A New York seller of a 1976 home completed the lead-based paint disclosure indicating 'no knowledge' of lead-based paint. After contract signing, the seller discovers old renovation records showing lead paint was identified in 1995. What is the seller's obligation under New York law?