Robert is selling his 1971 Queens apartment building with four rental units. A buyer is interested in purchasing the building. What lead-based paint disclosure requirements apply under New York law?
Correct Answer
A) Full lead-based paint disclosure required for the entire building
New York follows federal requirements that apply lead-based paint disclosure to all residential properties built before 1978, including multi-family rental buildings. The fact that it's an investment property does not exempt it from disclosure requirements.
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Related Concepts
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
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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?
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A New York real estate agent discovers that their seller client failed to disclose known lead-based paint hazards in a 1969 home. The buyer has already signed the contract but has not yet conducted their lead inspection. What is the agent's primary legal obligation?