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People also ask
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Do you have to disclose asbestos when selling a house in New York?
If asbestos is found, the seller will need to disclose the results to potential buyers. Benefits of Asbestos Testing: Transparency: Providing buyers with an asbestos inspection report builds trust and can prevent disputes down the road.
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What is the New York state law for home disclosure?
New York law requires most property sellers to disclose known home defects to buyers, covering structural, environmental, and other physical and legal issues.
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What is the new property disclosure law in NY?
Effective March 20, 2024, the amended New York Real Property Law Chapter 50, Article 14 (the “Property Condition Disclosure Act”) will compel all sellers of residential property to complete and deliver a Property Condition Disclosure Statement (“PCDS”) to a buyer prior to signing a contract of sale.
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Who is exempt from a transfer disclosure statement?
Other exemptions from of the TDS include transfers from one co-owner to another, transfers made to a spouse or child, grandchild, parent, grandparent or other direct ancestor or descendent; transfers between spouses in connection with dissolution of marriage, and various transfers to the state for failure to pay ...
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How long are you liable after selling a house in NY?
Sellers Will Be Exposed To Liability Even After Closing may subject the seller to claims by the buyer prior to or after the transfer of title. That means buyers can sue sellers after closing. And the statute of limitations on these claims may be as long as six years.
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What are the requirements for disclosure in NY?
Other required disclosures Beyond the condition of the property and environmental hazards, New York law requires sellers to disclose other pertinent information. This includes any zoning violations, restrictions, and whether the property is in a flood zone.
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Do you have to disclose mold when selling a house New York?
In New York, sellers must complete a property condition disclosure form, which includes questions about the presence of mold in the home. In addition, specific mold remediation regulations must be followed to ensure buyer safety. Failure to follow these regulations may result in legal consequences for the seller.
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Do you have to disclose asbestos when selling a house in NY?
If asbestos is found, the seller will need to disclose the results to potential buyers. Benefits of Asbestos Testing: Transparency: Providing buyers with an asbestos inspection report builds trust and can prevent disputes down the road.
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