New York State law requires real estate licensees who are acting as agents of buyers or sellers of property to advise the potential buyers or sellers with whom they work of the nature of their agency relationship and the rights and obligations it creates. This disclosure will help you to make informed choices about your relationship with the real estate broker and its sales agents.
Throughout the transaction you may receive more than one disclosure form. The law may require each agent assisting in the transaction to present you with this disclosure form. A real estate agent is a person qualified to give advice about real estate. If you need legal, tax or other advice, consult with a professional in that field.
Referenced: New York State Department of State (DOS)
New York State Property Disclosure
The Property Condition Disclosure Act requires the seller of residential real property to complete this disclosure statement, or a copy thereof, to be delivered to a buyer or buyer’s agent prior to the signing by the buyer of a binding contract of sale. Every seller of residential real property is required to complete and sign the property condition disclosure statement, which is to be delivered to a buyer or buyer’s agent, prior to the signing by the buyer of a binding contract of sale.
Please be advised that your binders, or offers to purchase, should be modified to indicate that the document does not constitute a contract of sale thereby avoiding the need to attach a property condition disclosure to the documents. A copy of the disclosure statement containing the signatures of both the seller and the buyer is to be attached to the real estate contract. Whether or not a real estate broker is utilized in the transaction, a disclosure statement must be annexed to the contract of sale. The statute further indicates that the seller is to complete the form without the assistance of the real estate broker. The 48 questions posed in the disclosure statement are representations made by the seller and not the representations of the seller’s agent. We at RGH Realty #1, Inc. recommend that you consult an attorney.