This is the second in a series about real estate forms and contracts

When listing any one to four family home, in New York State, for sale you are asked to submit a Property Condition Disclosure to the buyer prior to the signing of a binding contract of sale. The Disclosure will be attached to the contract. If the buyer does not receive the disclosure they are entitled to a $500 credit at closing. Whether the seller provides the disclosure or not, the seller is still liable for any undisclosed defects.

The Disclosure form will be provided to you by your listing agent. You will be advised to consult your attorney in regards to the disclosure. Your agent can not give you advise as to whether to complete or ignore the disclosure.

There are 48 questions pertaining to the environment. structure and condition of the property and the mechanicals.

Some of the questions you will be asked are:

• How long you have owned the property
• How long you occupied the property
• The age of the structure
• If anyone other than you has a claim to the property
• Location whether in flood plain, wetland, agricultural or the site of a landfill
• Whether you have knowledge of lead paint, asbestos or other toxic substances
• Structural issues such as termite, water, or smoke damage
• Any mechanical defects

The Property Condition Disclosure is signed by the seller and dated. This indicates that at the time of the signing all the information is complete and true. If an issue develops that changes the condition of the property the seller must notify their attorney at once. The seller is not required to file a revised disclosure after the title has transferred or the buyer has taken occupancy.

The buyer must sign and date the disclosure. The buyer is notified that the disclosure is in no way intended to discourage an engineers inspection or is it in any way a warantee for the property.

This is the second in a series regarding contracts and forms- If you missed the first in the series go to: New York State Agency Disclosure

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