Syracuse New York Seller's Disclosure of Forfeiture Rights for Contract for Deed

State:
New York
City:
Syracuse
Control #:
NY-00470-22
Format:
Word; 
Rich Text
Instant download

Description

This Disclosure Notice of Forfeiture Rights form is provided by the Seller to the Purchaser at the time of the contract signing. Mandatory use of this form is rarely required; however, this form provides the Purchaser with a good understanding of forfeiture and how he or she can be affected by it in the event of a default. Should the courts become involved, the use of this form will help the Seller show that the Purchaser understood his side of the bargain and may help the Purchaser pursue the remedy of forfeiture if challenged by the Purchaser.

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FAQ

The Property Condition Disclosure Act requires the seller of residential real property to cause 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.

New York law requires you to disclose known home defects to the buyer. Under today's law, you?as a New York home seller?could be found liable to a buyer for having failed to disclose certain property conditions, or defects, in the course of the sale.

Transfers made by court order, default, divorce, and by government entities are exempt from the disclosure requirement. Sellers with exempt property should fill out an exemption certificate provided by the Delaware real estate commission.

A seller is required to provide the TDS even when selling property without an agent, such as in a ?for sale by owner? transaction. The TDS also must be provided for sales of a new residential property that is not part of a subdivision, such as a new home or a new four-unit building being built on a lot.

Which of these transactions in California is exempt from agency disclosure requirements? Agency disclosure is not required for transactions involving residential properties with five or more units, as these are exempt from this disclosure requirement.

The Transfer Disclosure Statement (TDS) is required in the state of California unless the seller (or transferor) meets one of the following conditions: Court-ordered sales such as probate sales, foreclosure sales, sale by bankruptcy trustee, eminent domain.

If a property is transferred from one spouse to another during a divorce, no disclosure is required. Similarly, if the property is being transferred along close family lines (even without a divorce), then no disclosure is required. 4. Dwelling.

New York state law Section 462 requires all sellers to disclose known material defects to buyers, including: Material defects in electrical and other systems. Termite and asbestos conditions. Homeowners' association rules.

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Syracuse New York Seller's Disclosure of Forfeiture Rights for Contract for Deed