Sarah is selling her 1940s home in Albany, New York. During the inspection, the buyer discovers that the basement contains vermiculite insulation, which may contain asbestos. Sarah claims she was unaware of this condition. Under New York's Property Condition Disclosure Act, what are Sarah's options?
Correct Answer
C) She can choose not to provide a disclosure statement and instead give the buyer a $500 credit
New York's Property Condition Disclosure Act allows sellers to opt out of providing a disclosure statement by giving the buyer a $500 credit. This unique 'opt-out' provision gives sellers an alternative to completing the detailed disclosure form, regardless of their knowledge of property conditions.
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Under New York environmental disclosure requirements, all of the following would typically require disclosure to prospective buyers EXCEPT:
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