For Sale By Owner: Do you know about the NYS property disclosure law? It can cost you money at closing

New York State Property Condition Disclosure Law

New York Real Property - Article 14 - § 462

Property Condition Disclosure Statement

Did you know?

As of March 1, 2002, EVERY SELLER of one to four family residential housing - whether they be broker (agent)-assisted or for SALE BY OWNER - will be required to provide a completed Property Condition Disclosure Statement to potential buyers under the Property Condition Disclosure Law.

The seller of the residential property must provide a signed property condition disclosure to the buyer or buyer's agent prior to the signing of a binding contract of sale.

If the seller fails to provide the buyer with said property condition disclosure prior to the buyer signing a binding contract, the buyer shall receive a credit of $500.00 upon transfer of title against the agreed upon price of the residential real property.

Please note that this law does not apply to new construction, condos and co-ops.

For sale by owners, make sure you provide the property condition disclosure. Don't throw money out the window. You must be truthful on this disclosure as anything you do not disclosure that you had knowledge of could be subject to litigation in the future.