A New York property disclosure statement is a form that details information concerning a real estate seller’s property and must be given to any potential buyer prior to signing a contract of sale. The document describes the property’s history, including its age, features, and any material defects the seller is aware of. Even though the completed statement is a thorough accounting of the property’s condition, the seller is encouraged to have their own independent inspections and tests done prior to purchase.
Should the seller fail to provide the disclosure statement to the buyer prior to the signing of the contract of sale, the seller will be required to pay the buyer $500 when the transfer of title takes place. This form is not required if certain exemptions laid out in § 463 apply.
Laws – NY Real Prop L § 462
Purchase Agreement – This document lays out the terms and conditions for the transfer of ownership of a residential property from a seller to a buyer.