In NY, there is a home disclosure that the seller has to sign that lists all these aspects of the house, basicllay everything that could be wrong, they have to disclose it. If they choose not to do it the buyer gets a $500.00 credit. I was just curious any one else that recently boughta home, did your seller disclose this info to you or opt to give you the $500.00 credit? All input appreciated. Thanks.
The law had not gone into effect when we bought our house, but our lawyer said that she would be advising sellers to give the $500 credit.
Our RE agent told us the most lawyers are advising their clients to cough up the 500 and not to be alarmed if our sellers choose this option. She said that some are worried about the possible ramifications later on if they do sign the disclosure. We will see what ours do but I tend to think that they wont sign it either!
I worked for a RE attorney.. basically the disclosure asks if there were any basement leaks, termite infestations, fuel oil leaks (if applicable), lead paint, asbestos, etc. Everything your inspection report would state. It's almost worth paying the $500 to do without it.
My mom just closed on her house and the sellers opted to give her the $500 credit.
