A New York homeowner planning to sell their house built in 1963 asks their listing agent whether they need to test for asbestos before listing the property. What should the agent advise?
Correct Answer
A) Testing is not required for listing, but disclosure of suspected asbestos-containing materials is recommended
New York does not require sellers to test for asbestos before listing residential property. However, homes built in 1963 likely contain asbestos materials, and sellers should disclose this likelihood to potential buyers. This allows buyers to make informed decisions about inspection and testing.
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Previous Question
A New York commercial property buyer discovers that the property they want to purchase is listed on the New York State Registry of Inactive Hazardous Waste Sites as a Class 2 site. The listing indicates the site has been investigated but not yet remediated. What does this classification mean for the buyer?
Next Question
A New York buyer's agent learns that their client's target property received petroleum spill remediation under New York's Voluntary Cleanup Program, and DEC issued a Certificate of Completion in 2019. The buyer is concerned about financing the purchase. How might this environmental history affect mortgage lending?