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?
Correct Answer
B) Must immediately notify the buyer and provide updated disclosure
Under New York's adoption of federal disclosure requirements, sellers have a continuing obligation to provide accurate information. When new material information about lead-based paint is discovered, the seller must promptly notify the buyer and provide updated disclosure.
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Related Concepts
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
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.
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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?
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Under New York's implementation of federal lead-based paint law, what constitutes a 'lead-based paint hazard' that must be disclosed?