Which of these states is not like the others?

By
Real Estate Agent with Charles Rutenberg Realty Inc. 516-575-7500 NRDS ID#641625055
https://activerain.com/droplet/4PSk

The Property Condition Disclosure

 

Upstate New York and throughout the country, the property condition disclosure statement is used very successfully.  

 

 

 

Downstate, where attorneys fill out the contract, (barring exact statistics) overwhelmingly, the attorneys recommend that the Sellers offer a $500.00  (at the time of this writing) credit to the Buyers on closing day.

 

Most likely, this small amount will hardly be noticed or felt as it will not usually come out-of-pocket but from settling and pro-rating final home costs.

 

The $500.00 amount is the same whether a home costs $81,000 or in the millions. For this small amount of money, the owner is no longer attached to the home.

 

It's been my experience that all attorneys here recommend the credit for residential 1-4 families and co-ops, condos, or property on a Homeowners' Association and are not open to doing it any other way, although, NY Sellers should know the option exists.

 

It is quite comprehensive in nature and 6 pages in length.

 

Modern Real Estate Practice in New York for Brokers, by Same Irlander with Edith Lank, Eleventh Edition, 2011, DF Institute Inc., d/b/a Dearborn Real Estate Education

 

Chapter 3, p.78 reads, "A knowingly false or incomplete statement by the Seller on this form may subject the Seller to claims by the Buyer prior to or after the transfer of title."

 

Some time ago, I heard an attorney explain the Seller $500.00 credit to Buyer at closing in a way that is very easy to understand.

 

Essentially, the Seller is paying back the Buyer at closing for the cost he incurred when he hired a licensed (and hopefully, neutral) inspector. The inspection report should accurately reflect the condition of the property.

 

It will not be left to the Seller to represent the condition of his home, thereby eliminating misrepresentations or mistakes.

 

Local customs and practices; just one of the differences in conducting a NY real estate residential transaction.

 

 

 

 

 

 

 

 

 

 

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ABOUT THE AUTHOR: Graduate REALTOR Institute 

Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
 
 

Sunny Isles, Fl 

 

  

     Specializing in Lifecycle Real Estate Transitions

"When your family doesn't fit your family home, I can help."
 
 
 
 
 
   
   

   

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©Jill Sackler 2010
 

 

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Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

That is a very odd custom. In my area sellers pay a good portion of the clsoing costs. I am selling a new home and my buyer doesn't have to pay anything at clsoing toward the purchase price or the closing costs.

Mar 22, 2016 10:58 PM #1
Rainmaker
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Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Jill Sackler I have not heard of this in Florida, which is why real estate is regional.  Buyers pay for their inspections.  Sellers need to fill out a seller's disclosure; however, it can be done verbally.  But that is what will come back to bite them if they haven't disclosed everything. 

Mar 31, 2016 09:54 AM #2
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

We sometimes deal with condo-hotels here in Daytona, and condo-hotels are places, where people do not live. And every time you deal with a big company, their policy is that they require Seller's disclosure statements. So, if we represent the Buyer, they send it to us, and the 5 pages of "no knowledge" nonsense is useless at best, and if we represent the Seller, their agents demand that we give it to them "because their office managers require it".

No, we do not force Sellers to go through 5 pages of stuff they have no idea about, and do it to please the office manager. We wold do a one page statement that the Seller never lived there and has no knowledge about the condition of the unit/building

Apr 08, 2016 04:24 AM #3
Rainmaker
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Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Jill Sackler This is an interesting twist on how different states & regions within states are handled.  Beware whether you are seller or buyer.

Apr 10, 2016 11:19 PM #4
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Jill Sackler

LI South Shore Real Estate - Broker Associate
Long Island Living - Where Memories Are Made
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