This form is a Seller's Disclosure Statement for use in a residential sales transaction in New York. This disclosure statement concerns the condition of property and is completed by the Seller.
New York Residential Real Estate Sales Disclosure Statement
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FAQ
A NY Disclosure Form, more formally called the New York State Disclosure Form for Buyer and Seller, is an agency disclosure form that real estate agents are required to hand out to home buyers and sellers.
Under California law, all material facts that affect the value or desirability of the property must be disclosed to the buyer. There is no specific definition or rule on what is considered to be a material fact.
In general, you have an obligation to disclose potential problems and material defects that could affect the value of the property you're trying to sell. In addition, it is considered illegal in most states to deliberately conceal major defects on your property.
California's Especially Stringent Disclosure Requirements Sellers must fill out and give the buyers a disclosure form listing a broad range of defects, such as a leaky roof, deaths that occurred within three years on the property, neighborhood nuisances such as a dog that barks every night, and more.
A seller disclosure form is a document required by State law that discloses certain physical and/or title conditions of a one- to four-unit residential property by a seller to a buyer during a title transfer. The laws regarding what sellers are required to disclose vary State-to-State.
If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.
A Seller is not required to provide a PCDS in British Columbia. If a Seller is not willing to provide a PCDS, they may not be disclosing a major issue with the property. The fact a Seller is not willing to provide a PCDS to a potential Buyer should be cause for concern to the Buyer.
Whenever you sell real estate, you are obligated to follow local mandatory disclosure laws. This involves informing the buyer about specific hazards or problems affecting the property before the sale is completed.
In general, a disclosure document is supposed to provide details about a property's condition that might negatively affect its value. Sellers who willfully conceal information can be sued and potentially convicted of a crime. Selling a property As Is will usually not exempt a seller from disclosures.