A New York listing agent learns that the seller's property was previously used as a dry cleaning facility and may have soil contamination from perchloroethylene (PCE). The seller has enrolled the property in New York's Brownfield Cleanup Program. What disclosure obligations does the listing agent have?
Correct Answer
B) Must disclose the previous use and Brownfield Program enrollment to potential buyers
New York agents have a duty to disclose material facts that could affect property value or buyer decisions. Previous use as a dry cleaning facility and enrollment in the Brownfield Cleanup Program are material facts that must be disclosed to potential buyers, as they indicate known or suspected contamination.
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A real estate agent in New York is representing a buyer interested in a commercial property built in 1975. The seller mentions that an environmental site assessment was conducted two years ago. What should the agent advise the buyer regarding environmental due diligence?
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