Right To Sell Property In Bronx
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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.
Unlike many states, New York requires sellers to involve a lawyer in the house-selling transaction. (N.Y. Jud. Law § 484), fulfilling the tasks described above.
Unlike many states, New York requires sellers to involve a lawyer in the house-selling transaction. (N.Y. Jud. Law § 484), fulfilling the tasks described above.
Working With a Lawyer Unlike many states, New York requires sellers to involve a lawyer in the house-selling transaction. (N.Y. Jud. Law § 484), fulfilling the tasks described above.
Sellers must also disclose if there have been any significant alterations or repairs made to the property. Information about utilities and services, such as water supply and sewage disposal systems, must also be shared with potential buyers. Buyers who discover issues that should have been disclosed have legal rights.
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.
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.
Disclosure Requirements in New York The Property Condition Disclosure Statement asks the seller to answer questions about the condition of the property, such as whether there are any structural problems, environmental hazards, or issues with the plumbing or electrical systems.