A buyer in New York is purchasing a 1975 condominium. The seller provides proper lead-based paint disclosure. The buyer waives the inspection period but later discovers lead paint during renovation. Can the buyer take legal action against the seller under New York law?
Correct Answer
C) No, because the buyer waived their inspection rights and received proper disclosure
Under New York's adoption of federal lead disclosure law, if proper disclosure was provided and the buyer waived their inspection rights, the seller has fulfilled their legal obligations. The buyer's later discovery of lead paint does not create liability when proper disclosure procedures were followed.
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Related Topics & Key Terms
Key Terms:
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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Tom is selling his 1979 house in Rochester, New York. His real estate agent tells him he needs to provide lead-based paint disclosure. Is the agent correct?
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A New York real estate brokerage represents both buyer and seller in the sale of a 1972 home (dual agency with proper disclosure). The seller mentions to the listing agent that they think there might be lead paint in the basement but are not sure. What are the brokerage's obligations regarding lead disclosure?