The Syracuse New York Agreement or Contract for Deed for Sale and Purchase of Real Estate, also known as Land or Executory Contract, is a legally binding document that outlines the terms and conditions of a property transaction in Syracuse, New York. This contract is commonly used when the buyer does not have immediate access to conventional financing options or faces challenges in obtaining a traditional mortgage. The Syracuse New York Agreement or Contract for Deed provides an alternative way for individuals or businesses to purchase real estate without requiring a mortgage from a bank or financial institution. With this type of agreement, the seller retains the legal title to the property until the buyer fulfills all the obligations specified in the contract. Once the buyer fulfills these obligations, they will receive the full ownership rights to the property. Keywords: Syracuse New York, Agreement, Contract for Deed, Sale and Purchase, Real Estate, Land, Executory Contract, mortgage, property transaction, financing options, legal title, ownership rights. Different types of Syracuse New York Agreements or Contracts for Deed for Sale and Purchase of Real Estate may include: 1. Residential Contract for Deed: This type of contract is specifically designed for the sale and purchase of residential properties in Syracuse, New York. It outlines the terms and conditions of the transaction, including the purchase price, payment schedule, and any additional provisions or contingencies. 2. Commercial Contract for Deed: This contract is used when buying or selling commercial properties such as office buildings, retail spaces, or industrial facilities in Syracuse, New York. It includes clauses and provisions tailored to meet the specific needs and requirements of commercial real estate transactions. 3. Vacant Land Contract for Deed: This type of contract is utilized when purchasing or selling undeveloped land in Syracuse, New York. It addresses unique considerations, including zoning regulations, easements, environmental assessments, and potential development plans. 4. Distressed Property Contract for Deed: This contract may be used when buying or selling distressed properties, such as foreclosed homes or properties in need of significant repairs or renovations. It may include additional clauses and provisions related to the condition of the property and any potential liabilities. Keywords: Residential Contract for Deed, Commercial Contract for Deed, Vacant Land Contract for Deed, Distressed Property Contract for Deed.
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New York Agreement or Contract for Deed for Sale and Purchase of Real...
Syracuse New York Agreement or Contract for Deed for Sale and Purchase of Real Estate a/k/a Land or Executory Contract
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A Contract for Deed is used as owner financing for the purchase of real property. The Seller retains title to the property until an agreed amount is paid. After the agreed amount is paid, the Seller conveys the property to Buyer.
The Syracuse New York Agreement or Contract for Deed for Sale and Purchase of Real Estate, also known as Land or Executory Contract, is a legally binding document that outlines the terms and conditions of a property transaction in Syracuse, New York. This contract is commonly used when the buyer does not have immediate access to conventional financing options or faces challenges in obtaining a traditional mortgage. The Syracuse New York Agreement or Contract for Deed provides an alternative way for individuals or businesses to purchase real estate without requiring a mortgage from a bank or financial institution. With this type of agreement, the seller retains the legal title to the property until the buyer fulfills all the obligations specified in the contract. Once the buyer fulfills these obligations, they will receive the full ownership rights to the property. Keywords: Syracuse New York, Agreement, Contract for Deed, Sale and Purchase, Real Estate, Land, Executory Contract, mortgage, property transaction, financing options, legal title, ownership rights. Different types of Syracuse New York Agreements or Contracts for Deed for Sale and Purchase of Real Estate may include: 1. Residential Contract for Deed: This type of contract is specifically designed for the sale and purchase of residential properties in Syracuse, New York. It outlines the terms and conditions of the transaction, including the purchase price, payment schedule, and any additional provisions or contingencies. 2. Commercial Contract for Deed: This contract is used when buying or selling commercial properties such as office buildings, retail spaces, or industrial facilities in Syracuse, New York. It includes clauses and provisions tailored to meet the specific needs and requirements of commercial real estate transactions. 3. Vacant Land Contract for Deed: This type of contract is utilized when purchasing or selling undeveloped land in Syracuse, New York. It addresses unique considerations, including zoning regulations, easements, environmental assessments, and potential development plans. 4. Distressed Property Contract for Deed: This contract may be used when buying or selling distressed properties, such as foreclosed homes or properties in need of significant repairs or renovations. It may include additional clauses and provisions related to the condition of the property and any potential liabilities. Keywords: Residential Contract for Deed, Commercial Contract for Deed, Vacant Land Contract for Deed, Distressed Property Contract for Deed.
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FAQ
If you're trying to sell a property using a contract for deed, the disadvantages pertain to the way the purchase is handled. A contract for deed typically requires only a minimal down payment, and the subsequent payments are made in installments.
A purchase agreement is the most common type of real estate agreement. This contract specifies the details regarding the sale of property.
In contrast with a contract or agreement, there is no requirement for consideration to pass for a deed to be legally binding. Consideration is not required for a deed to be enforceable because of the idea that a deed is the most solemn indication to the community that the parties to a deed intend to be bound.
The Five Elements of a Contract Offer. Acceptance. Consideration. Capacity. Lawful Purpose.
Section 4 (3) of Sale of Goods Act, 1930 directly explains this context with the words as ?Where under a contract of sale the property in the goods is transferred from the seller to the buyer, the contract is called a sale, but where the transfer of the property in the goods is to take place at a future time or subject
On the basis of validity or enforceability, we have five different types of contracts as given below. Valid Contracts.Void Contract Or Agreement.Voidable Contract.Illegal Contract.Unenforceable Contracts.
There are essentially four types of real estate contracts: purchase agreement contracts, contracts for deed, lease agreements, and power of attorney contracts. They each have different uses and stipulations.
Attorney's Role in a New York Home Purchase It is customary in New York for the sellers' attorney to prepare the first draft of the contract of sale. Most sellers' attorneys start with a standardized form and then add a rider with additional terms to be negotiated with the buyers.
Required Elements of a Real Estate Contract To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.
In a Contract to Sell the seller retains ownership over the property until the buyer fully pays the purchase price. Once the purchase price is fully paid the seller delivers the property to the buyer and transfers ownership over the same to the buyer by executing a Deed of Sale.
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Law summary
Agreement or Contract for Deed for Sale and Purchase of Real Estate a/k/a Land or Executory Contract
NEW YORK CONSOLIDATED LAWSCHAPTER 50 OF THE CONSOLIDATED LAWS - REAL PROPERTY LAW
ARTICLE 8 CONVEYANCES AND MORTGAGES
§ 240 Real Prop. Definitions and use of terms.
<blockquote>1. The term "heirs," or other words of inheritance, are not requisite to create or convey an estate in fee.
2. The term "conveyance," as used in this article, includes every instrument, in writing, except a will, by which any estate or interest in real property is created, transferred, assigned or surrendered.
3. Every instrument creating, transferring, assigning or surrendering an estate or interest in real property must be construed according to the intent of the parties, so far as such intent can be gathered from the whole instrument, and is consistent with the rules of law.
4. The terms "estate" and "interest in real property" include every such estate and interest, freehold or chattel, legal or equitable, present or future, vested or contingent.</blockquote>
§ 240-b Real Prop. Certain conveyances authorized; effect thereof.
<blockquote>1. Any person or persons owning real property or an interest in real property which he or they have power to convey, may effectively convey such property or interest by a conveyance naming himself or themselves and another person or persons, or one or more of themselves and another person or other persons, as grantees, and the conveyance has the same effect as to whether it creates an estate in severalty, a joint tenancy, or a tenancy by the entirety, or tenancy in common, as if it were a conveyance from a stranger who owned the property or interest to the persons named as grantees in the conveyance.
2. Any two or more persons owning real property or an interest in real property which they have power to convey, may effectively convey such property or interest by a conveyance naming one, or more than one, or all such persons, as grantees, and the conveyance has the same effect, as to whether it creates an estate in severalty, or a joint tenancy, or a tenancy by the entirety, or tenancy in common, as if it were a conveyance from a stranger who owned the property or interest to the persons named as grantees in the conveyance.
3. As used in this section, "person" may be a married person and "persons" may be persons married to each other.</blockquote>
§ 240-c Real Prop. Joint tenancy severance.
<blockquote>1. In addition to any other means by which a joint tenancy with right of survivorship may be severed, a joint tenant may unilaterally sever a joint tenancy in real property without consent of any non-severing joint tenant or tenants by:
<blockquote>(a) Execution and delivery of a deed that conveys legal title to the severing joint tenant's interest to a third person, whether or not pursuant to an agreement requiring the third person to reconvey legal title to the severing joint tenant; or
(b) Execution of a written instrument that evidences the intent to sever the joint tenancy, including a deed that names the severing tenant as the direct grantee of the severing tenant's interest.</blockquote>
2. No severance of a joint tenancy pursuant to subdivision one of this section shall terminate the right of survivorship of any non-severing joint tenant or tenants as to the severing tenant's interest unless the deed or written instrument effecting the severance is recorded, prior to the death of the severing tenant, in the county where the real property is located.
3. Nothing in this section shall limit the manner or effect of:
<blockquote>(a) A severance of a joint tenancy pursuant to a written instrument executed by all joint tenants, or pursuant to a written agreement of all joint tenants.
(b) A severance of a joint tenancy effected by a deed from a joint tenant to another joint tenant.
(c) A severance ordered by a court of competent jurisdiction.</blockquote>
</blockquote>
§ 241 Real Prop. Ancient conveyances abolished.
The conveyance of real property by feoffment, with livery of seizin, or by fines, or common recoveries, is abolished.
§ 242 Real Prop. Disclosure prior to the sale of real property.
[EDITORS' NOTE: TE TEXT OF THIS SECTION IS EFFECTIVE UNTIL JANUARY 1, 2007, SEE BELOW SECTION FOR TEXT EFFECTIVE JANUARY 1, 2007.]
<blockquote>
<blockquote>1. (a) Any person, firm, company, partnership or corporation offering to sell real property to which no utility electric service is provided shall provide written notice to the prospective purchaser or to the prospective purchaser's agent, clearly indicating this fact. Such notice shall be provided prior to accepting a purchase offer.
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this section is entitled to recover any actual damages incurred from the person offering to sell said real property.
(c) The provisions of this subdivision shall not apply in instances where the real property being sold lies within the applicable free footage allowance or service lateral specified by the public service commission in rule, regulation or public utility tariff.</blockquote>
2. Disclosure prior to the sale of real property to which utility surcharge payments attach.
<blockquote>(a) Any person, firm, company, partnership or corporation offering to sell real property against which an electric, gas or water utility surcharge is assessed for the purpose of defraying the costs associated with an electric, gas or water line extension, or for the purpose of defraying the costs associated with related facilities, shall provide written notice to the prospective purchaser or the prospective purchaser's agent, stating as follows: "This property is subject to an electric , gas and/or water utility surcharge". In addition, such notice shall also state, the type and purpose of the surcharge, the amount of the surcharge and whether such surcharge is payable on a monthly, yearly or other basis. Such notice shall be provided by the seller prior to accepting a purchase offer.
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this subdivision is entitled to recover any actual damages incurred from the person offering to sell or selling said real property.
(As amended by Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004.)
Amendment Notes:
Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004, amended paragraph (a) of subdivision 2.</blockquote>
</blockquote>
§ 242 Disclosure prior to the sale of real property.
[EDITORS' NOTE: THE TEXT OF THIS SECTION IS EFFECTIVE JANUARY 1, 2007, SEE ABOVE SECTION FOR TEXT EFFECTIVE UNTIL JANUARY 1, 2007.]
<blockquote>
<blockquote>1. (a) Any person, firm, company, partnership or corporation offering to sell real property to which no utility electric service is provided shall provide written notice to the prospective purchaser or to the prospective purchaser's agent, clearly indicating this fact. Such notice shall be provided prior to accepting a purchase offer.
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this section is entitled to recover any actual damages incurred from the person offering to sell said real property.
(c) The provisions of this subdivision shall not apply in instances where the real property being sold lies within the applicable free footage allowance or service lateral specified by the public service commission in rule, regulation or public utility tariff.</blockquote>
2. Disclosure prior to the sale of real property to which utility surcharge payments attach.<br />
<br />
(a) Any person, firm, company, partnership or corporation offering to sell real property against which an electric, gas or water utility surcharge is assessed for the purpose of defraying the costs associated with an electric, gas or water line extension, or for the purpose of defraying the costs associated with related facilities, shall provide written notice to the prospective purchaser or the prospective purchaser’s agent, stating as follows: “This property is subject to an electric , gas and/or water utility surcharge”. In addition, such notice shall also state, the type and purpose of the surcharge, the amount of the surcharge and whether such surcharge is payable on a monthly, yearly or other basis. Such notice shall be provided by the seller prior to accepting a purchase offer.<br />
<br />
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this subdivision is entitled to recover any actual damages incurred from the person offering to sell or selling said real property.<br />
(As amended by Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004.)<br />
Amendment Notes:<br />
Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004, amended paragraph (a) of subdivision 2.<br />
<br />
§ 242 Disclosure prior to the sale of real property.<br />
[EDITORS’ NOTE: THE TEXT OF THIS SECTION IS EFFECTIVE JANUARY 1, 2007, SEE ABOVE SECTION FOR TEXT EFFECTIVE UNTIL JANUARY 1, 2007.]<br />
<br />
1. (a) Any person, firm, company, partnership or corporation offering to sell real property to which no utility electric service is provided shall provide written notice to the prospective purchaser or to the prospective purchaser’s agent, clearly indicating this fact. Such notice shall be provided prior to accepting a purchase offer.<br />
<br />
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this section is entitled to recover any actual damages incurred from the person offering to sell said real property.<br />
<br />
(c) The provisions of this subdivision shall not apply in instances where the real property being sold lies within the applicable free footage allowance or service lateral specified by the public service commission in rule, regulation or public utility tariff.<br />
<br />
2. Disclosure prior to the sale of real property to which utility surcharge payments attach.<br />
<br />
(a) Any person, firm, company, partnership or corporation offering to sell real property against which an electric, gas or water utility surcharge is assessed for the purpose of defraying the costs associated with an electric, gas or water line extension, or for the purpose of defraying the costs associated with related facilities, shall provide written notice to the prospective purchaser or the prospective purchaser’s agent, stating as follows: “This property is subject to an electric , gas and/or water utility surcharge”. In addition, such notice shall also state, the type and purpose of the surcharge, the amount of the surcharge and whether such surcharge is payable on a monthly, yearly or other basis. Such notice shall be provided by the seller prior to accepting a purchase offer.<br />
<br />
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this subdivision is entitled to recover any actual damages incurred from the person offering to sell or selling said real property.<br />
<br />
3. Any person, firm, company, partnership or corporation offering to sell real property on which uncapped natural gas wells are situated, and of which such person, firm, company, partnership or corporation has actual knowledge, shall inform any purchaser of the existence of these wells prior to entering into a contract for the sale/purchase of such property.<br />
(As amended by Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004; Laws 2006, ch. 163, Sec. 1, eff. Jan. 1, 2007.)<br />
Amendment Notes:<br />
Laws 2006, ch. 163, Sec. 1, eff. Jan. 1, 2007, amended this section by adding a new subdivision 3.<br />
Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004, amended paragraph (a) of subdivision 2.<br />
<br />
§ 243 Real Prop. Grant of fee or freehold.<br />
<br />
A grant in fee or of a freehold estate, must be subscribed by the person from whom the estate or interest conveyed is intended to pass, or by his lawful agent thereunto authorized in writing. If not duly acknowledged before its delivery, according to the provisions of this chapter, its execution and delivery must be attested by at least one witness, or, if not so attested, it does not take effect as against a subsequent purchaser or incumbrancer until so acknowledged.<br />
<br />
§ 244 Real Prop. When grant takes effect.<br />
<br />
A grant takes effect, so as to vest the estate or interest intended to be conveyed, only from its delivery; and all the rules of law, now in force, in respect to the delivery of deeds, apply to grants hereafter executed.<br />
<br />
§ 245 Real Prop. Estate which passes by grant or devise.<br />
<br />
A grant or devise of real property passes all the estate or interest of the grantor or testator unless the intent to pass a less estate or interest appears by the express terms of such grant or devise or by necessary implication therefrom. A greater estate or interest does not pass by any grant or conveyance, than the grantor possessed or could lawfully convey, at the time of the delivery of the deeds; except that every grant is conclusive against the grantor and his heirs claiming from him by descent, and as against a subsequent purchaser or incumbrancer from such grantor, or from such heirs claiming as such, other than a subsequent purchaser or incumbrancer in good faith and for a valuable consideration, who acquires a superior title by a conveyance that has been first duly recorded.<br />
<br />
§ 246 Real Prop. Certain deeds declared grants.<br />
<br />
Deeds of bargain and sale, and of lease and release, may continue to be used; and are to be deemed grants, subject to all the provisions of law in relation thereto.<br />
<br />
§ 247 Real Prop. Conveyance by tenant for life or years of greater estate than possessed.<br />
<br />
A conveyance made by a tenant for life or years, of a greater estate than he possesses, or can lawfully convey, does not work a forfeiture of his estate, but passes to the grantee all the title, estate or interest which such tenant can lawfully convey.<br />
<br />
§ 248 Real Prop. Effect of conveyance where property is leased.<br />
<br />
An attornment to a grantee is not requisite to the validity of a conveyance of real property occupied by a tenant, or of the rents or profits thereof, or any other interest therein. But the payment of rent to a grantor, by his tenant, before notice of the conveyance, binds the grantee; and the tenant is not liable to such grantee, before such notice, for the breach of any condition of the lease.<br />
<br />
NEW YORK CONSOLIDATED LAWS<br />
CHAPTER 50 OF THE CONSOLIDATED LAWS — REAL PROPERTY LAW<br />
ARTICLE 14 PROPERTY CONDITION DISCLOSURE IN THE SALE OF RESIDENTIAL REAL PROPERTY<br />
<br />
§ 461 Real Prop. Definitions.<br />
<br />
As used in this article, the following terms shall have the following meanings:<br />
<br />
1. “Agent” means a person who is licensed as a real estate broker or a real estate salesperson pursuant to section four hundred forty-a of this chapter and is acting in a fiduciary capacity.<br />
<br />
2. “Binding contract of sale” means a real estate purchase contract or offer that would, upon signing by the seller and subject to satisfaction of any contingencies, require the buyer to accept a transfer of title.<br />
<br />
3. “Knowledge” means only actual knowledge of a defect or condition on the part of the seller of residential real property.<br />
<br />
4. “Real estate purchase contract” means any of the following:<br />
<br />
(a) a contract which provides for the purchase and sale or exchange of residential real property;<br />
<br />
(b) a lease with an option to purchase residential real property;<br />
<br />
(c) a lease-with-obligation-to-purchase agreement for residential real property; or<br />
<br />
(d) an installment land sale contract for residential real property.<br />
<br />
5. “Residential real property” means real property improved by a one to four family dwelling used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons, but shall not refer to (a) unimproved real property upon which such dwellings are to be constructed, or (b) condominium units or cooperative apartments, or (c) property in a homeowners’ association that is not owned in fee simple by the seller.<br />
<br />
6. “Transfer of title” means delivery of a properly executed instrument conveying title to residential real property and shall include delivery of a real estate purchase contract that is a lease or installment land sale contract.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 462 Real Prop. Property condition disclosure statement<br />
<br />
1. Except as is provided in section four hundred sixty-three of this article, every seller of residential real property pursuant to a real estate purchase contract shall complete and sign a property condition disclosure statement as prescribed by subdivision two of this section and cause it, 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. A copy of the property condition disclosure statement containing the signatures of both seller and buyer shall be attached to the real estate purchase contract. Nothing contained in this article or this disclosure statement is intended to prevent the parties to a contract of sale from entering into agreements of any kind or nature with respect to the physical condition of the property to be sold, including, but not limited to, agreements for the sale of real property “as is”.<br />
<br />
2. The following shall be the disclosure form:PROPERTY CONDITION DISCLOSURE STATEMENT<br />
<br />
NAME OF SELLER OR SELLERS:<br />
<br />
PROPERTY ADDRESS:<br />
<br />
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.<br />
<br />
PURPOSE OF STATEMENT: THIS IS A STATEMENT OF CERTAIN CONDITIONS AND INFORMATION CONCERNING THE PROPERTY KNOWN TO THE SELLER. THIS DISCLOSURE STATEMENT IS NOT A WARRANTY OF ANY KIND BY THE SELLER OR BY ANY AGENT REPRESENTING THE SELLER IN THIS TRANSACTION. IT IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR TESTS AND THE BUYER IS ENCOURAGED TO OBTAIN HIS OR HER OWN INDEPENDENT PROFESSIONAL INSPECTIONS AND ENVIRONMENTAL TESTS AND ALSO IS ENCOURAGED TO CHECK PUBLIC RECORDS PERTAINING TO THE PROPERTY. A KNOWINGLY FALSE OR INCOMPLETE STATEMENT BY THE SELLER ON THIS FORM MAY SUBJECT THE SELLER TO CLAIMS BY THE BUYER PRIOR TO OR AFTER THE TRANSFER OF TITLE. IN THE EVENT A SELLER FAILS TO PERFORM THE DUTY PRESCRIBED IN THIS ARTICLE TO DELIVER A DISCLOSURE STATEMENT PRIOR TO THE SIGNING BY THE BUYER OF A BINDING CONTRACT OF SALE, THE BUYER SHALL RECEIVE UPON THE TRANSFER OF TITLE A CREDIT OF FIVE HUNDRED DOLLARS AGAINST THE AGREED UPON PURCHASE PRICE OF THE RESIDENTIAL REAL PROPERTY.<br />
<br />
“RESIDENTIAL REAL PROPERTY” MEANS REAL PROPERTY IMPROVED BY A ONE TO FOUR FAMILY DWELLING USED OR OCCUPIED, OR INTENDED TO BE USED OR OCCUPIED, WHOLLY OR PARTLY, AS THE HOME OR RESIDENCE OF ONE OR MORE PERSONS, BUT SHALL NOT REFER TO (A) UNIMPROVED REAL PROPERTY UPON WHICH SUCH DWELLINGS ARE TO BE CONSTRUCTED OR (B) CONDOMINIUM UNITS OR COOPERATIVE APARTMENTS OR (C) PROPERTY ON A HOMEOWNERS’ ASSOCIATION THAT IS NOT OWNED IN FEE SIMPLE BY THE SELLER.<br />
<br />
INSTRUCTIONS TO THE SELLER:<br />
<br />
(a) ANSWER ALL QUESTIONS BASED UPON YOUR ACTUAL KNOWLEDGE.<br />
<br />
(b) ATTACH ADDITIONAL PAGES WITH YOUR SIGNATURE IF ADDITIONAL SPACE IS REQUIRED.<br />
<br />
(c) COMPLETE THIS FORM YOURSELF.<br />
<br />
(d) IF SOME ITEMS DO NOT APPLY TO YOUR PROPERTY, CHECK “NA” (NON-APPLICABLE). IF YOU DO NOT KNOW THE ANSWER CHECK “UNKN” (UNKNOWN).<br />
<br />
SELLER’S STATEMENT: THE SELLER MAKES THE FOLLOWING REPRESENTATIONS TO THE BUYER BASED UPON THE SELLER’S ACTUAL KNOWLEDGE AT THE TIME OF SIGNING THIS DOCUMENT. THE SELLER AUTHORIZES HIS OR HER AGENT, IF ANY, TO PROVIDE A COPY OF THIS STATEMENT TO A PROSPECTIVE BUYER OF THE RESIDENTIAL REAL PROPERTY. THE FOLLOWING ARE REPRESENTATIONS MADE BY THE SELLER AND ARE NOT THE REPRESENTATIONS OF THE SELLER’S AGENT.GENERAL INFORMATION<br />
<br />
1. HOW LONG HAVE YOU OWNED THE PROPERTY?<br />
<br />
2. HOW LONG HAVE YOU OCCUPIED THE PROPERTY?<br />
<br />
3. WHAT IS THE AGE OF THE STRUCTURE OR STRUCTURES? NOTE TO BUYER — IF THE STRUCTURE WAS BUILT BEFORE 1978 YOU ARE ENCOURAGED TO INVESTIGATE FOR THE PRESENCE OF LEAD BASED PAINT.<br />
<br />
4. DOES ANYBODY OTHER THAN YOURSELF HAVE A LEASE, EASEMENT OR ANY OTHER RIGHT TO USE OR OCCUPY ANY PART OF YOUR PROPERTY OTHER THAN THOSE STATED IN DOCUMENTS AVAILABLE IN THE PUBLIC RECORD, SUCH AS RIGHTS TO USE A ROAD OR PATH OR CUT TREES OR CROPS.<br />
<br />
YES NO UNKN NA<br />
<br />
5. DOES ANYBODY ELSE CLAIM TO OWN ANY PART OF YOUR PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
6. HAS ANYONE DENIED YOU ACCESS TO THE PROPERTY OR MADE A FORMAL LEGAL CLAIM CHALLENGING YOUR TITLE TO THE PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
7. ARE THERE ANY FEATURES OF THE PROPERTY SHARED IN COMMON WITH ADJOINING LAND OWNERS OR A HOMEOWNERS ASSOCIATION, SUCH AS WALLS, FENCES OR DRIVEWAYS?<br />
<br />
YES NO UNKN NA (IF YES DESCRIBE BELOW)<br />
<br />
8. ARE THERE ANY ELECTRIC OR GAS UTILITY SURCHARGES FOR LINE EXTENSIONS, SPECIAL ASSESSMENTS OR HOMEOWNER OR OTHER ASSOCIATION FEES THAT APPLY TO THE PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
9. ARE THERE CERTIFICATES OF OCCUPANCY RELATED TO THE PROPERTY?<br />
<br />
YES NO UNKN NA (IF NO, EXPLAIN BELOW)<br />
<br />
ENVIRONMENTAL NOTE TO SELLER — IN THIS SECTION, YOU WILL BE ASKED QUESTIONS REGARDING PETROLEUM PRODUCTS AND HAZARDOUS OR TOXIC SUBSTANCES THAT YOU KNOW TO HAVE BEEN SPILLED, LEAKED OR OTHERWISE BEEN RELEASED ON THE PROPERTY OR FROM THE PROPERTY ONTO ANY OTHER PROPERTY. PETROLEUM PRODUCTS MAY INCLUDE, BUT ARE NOT LIMITED TO, GASOLINE, DIESEL FUEL, HOME HEATING FUEL, AND LUBRICANTS. HAZARDOUS OR TOXIC SUBSTANCES ARE PRODUCTS THAT COULD POSE SHORT- OR LONG-TERM DANGER TO PERSONAL HEALTH OR THE ENVIRONMENT IF THEY ARE NOT PROPERLY DISPOSED OF, APPLIED OR STORED. THESE INCLUDE, BUT ARE NOT LIMITED TO, FERTILIZERS, PESTICIDES AND INSECTICIDES, PAINT INCLUDING PAINT THINNER, VARNISH REMOVER AND WOOD PRESERVATIVES, TREATED WOOD, CONSTRUCTION MATERIALS SUCH AS ASPHALT AND ROOFING MATERIALS, ANTIFREEZE AND OTHER AUTOMOTIVE PRODUCTS, BATTERIES, CLEANING SOLVENTS INCLUDING SEPTIC TANK CLEANERS, HOUSEHOLD CLEANERS AND POOL CHEMICALS AND PRODUCTS CONTAINING MERCURY AND LEAD.<br />
<br />
NOTE TO BUYER — IF CONTAMINATION OF THIS PROPERTY FROM PETROLEUM PRODUCTS AND/OR HAZARDOUS OR TOXIC SUBSTANCES IS A CONCERN TO YOU, YOU ARE URGED TO CONSIDER SOIL AND GROUNDWATER TESTING OF THIS PROPERTY.<br />
<br />
10. IS ANY OR ALL OF THE PROPERTY LOCATED IN A DESIGNATED FLOODPLAIN?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
11. IS ANY OR ALL OF THE PROPERTY LOCATED IN A DESIGNATED WETLAND?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
12. IS THE PROPERTY LOCATED IN AN AGRICULTURAL DISTRICT?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
13. WAS THE PROPERTY EVER THE SITE OF A LANDFILL?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
14. ARE THERE OR HAVE THERE EVER BEEN FUEL STORAGE TANKS ABOVE OR BELOW THE GROUND ON THE PROPERTY?<br />
<br />
YES NO UNKN NA IF YES, ARE THEY CURRENTLY IN USE?<br />
<br />
YES NO UNKN NA LOCATION(S) ARE THEY LEAKING OR HAVE THEY EVER LEAKED?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
15. IS THERE ASBESTOS IN THE STRUCTURE?<br />
<br />
YES NO UNKN NA (IF YES, STATE LOCATION OR LOCATIONS BELOW)<br />
<br />
16. IS LEAD PLUMBING PRESENT?<br />
<br />
YES NO UNKN NA (IF YES, STATE LOCATION OR LOCATIONS BELOW)<br />
<br />
17. HAS A RADON TEST BEEN DONE?<br />
<br />
YES NO UNKN NA (IF YES, ATTACH A COPY OF THE REPORT)<br />
<br />
18. HAS MOTOR FUEL, MOTOR OIL, HOME HEATING FUEL, LUBRICATING OIL OR ANY OTHER PETROLEUM PRODUCT, METHANE GAS, OR ANY HAZARDOUS OR TOXIC SUBSTANCE SPILLED, LEAKED OR OTHERWISE BEEN RELEASED ON THE PROPERTY OR FROM THE PROPERTY ONTO ANY OTHER PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, DESCRIBE BELOW)<br />
<br />
19. HAS THE PROPERTY BEEN TESTED FOR THE PRESENCE OF MOTOR FUEL, MOTOR OIL, HOME HEATING FUEL, LUBRICATING OIL, OR ANY OTHER PETROLEUM PRODUCT, METHANE GAS, OR ANY HAZARDOUS OR TOXIC SUBSTANCE?<br />
<br />
YES NO UNKN NA (IF YES, ATTACH REPORT(S))STRUCTURAL<br />
<br />
20. IS THERE ANY ROT OR WATER DAMAGE TO THE STRUCTURE OR STRUCTURES?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
21. IS THERE ANY FIRE OR SMOKE DAMAGE TO THE STRUCTURE OR STRUCTURES?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
22. IS THERE ANY TERMITE, INSECT, RODENT OR PEST INFESTATION OR DAMAGE?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
23. HAS THE PROPERTY BEEN TESTED FOR TERMITE, INSECT, RODENT OR PEST INFESTATION OR DAMAGE?<br />
<br />
YES NO UNKN NA (IF YES, PLEASE ATTACH REPORT(S))<br />
<br />
24. WHAT IS THE TYPE OF ROOF/ROOF COVERING (SLATE, ASPHALT, OTHER.)? ANY KNOWN MATERIAL DEFECTS? HOW OLD IS THE ROOF? IS THERE A TRANSFERABLE WARRANTEE ON THE ROOF IN EFFECT NOW?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
25. ARE THERE ANY KNOWN MATERIAL DEFECTS IN ANY OF THE FOLLOWING STRUCTURAL SYSTEMS: FOOTINGS, BEAMS, GIRDERS, LINTELS, COLUMNS OR PARTITIONS.<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)MECHANICAL SYSTEMS & SERVICES<br />
<br />
26. WHAT IS THE WATER SOURCE (CIRCLE ALL THAT APPLY — WELL, PRIVATE, MUNICIPAL, OTHER)? IF MUNICIPAL, IS IT METERED?<br />
<br />
YES NO UNKN NA<br />
<br />
27. HAS THE WATER QUALITY AND/OR FLOW RATE BEEN TESTED?<br />
<br />
YES NO UNKN NA (IF YES, DESCRIBE BELOW)<br />
<br />
28. WHAT IS THE TYPE OF SEWAGE SYSTEM (CIRCLE ALL THAT APPLY — PUBLIC SEWER, PRIVATE SEWER, SEPTIC OR CESSPOOL)? IF SEPTIC OR CESSPOOL, AGE? ________ DATE LAST PUMPED? ________ FREQUENCY OF PUMPING? ________ ANY KNOWN MATERIAL DEFECTS?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
29. WHO IS YOUR ELECTRIC SERVICE PROVIDER? ________ WHAT IS THE AMPERAGE? ________ DOES IT HAVE CIRCUIT BREAKERS OR FUSES? ________ PRIVATE OR PUBLIC POLES? ________ ANY KNOWN MATERIAL DEFECTS?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
30. ARE THERE ANY FLOODING, DRAINAGE OR GRADING PROBLEMS THAT RESULTED IN STANDING WATER ON ANY PORTION OF THE PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, STATE LOCATIONS AND EXPLAIN BELOW)<br />
<br />
31. DOES THE BASEMENT HAVE SEEPAGE THAT RESULTS IN STANDING WATER?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
ARE THERE ANY KNOWN MATERIAL DEFECTS IN ANY OF THE FOLLOWING (IF YES, EXPLAIN BELOW. USE ADDITIONAL SHEETS IF NECESSARY.):<br />
<br />
32. PLUMBING SYSTEM? YES NO UNKN NA<br />
<br />
33. SECURITY SYSTEM? YES NO UNKN NA<br />
<br />
34. CARBON MONOXIDE DETECTOR? YES NO UNKN NA<br />
<br />
35. SMOKE DETECTOR? YES NO UNKN NA<br />
<br />
36. FIRE SPRINKLER SYSTEM? YES NO UNKN NA<br />
<br />
37. SUMP PUMP? YES NO UNKN NA<br />
<br />
38. FOUNDATION/SLAB? YES NO UNKN NA<br />
<br />
39. INTERIOR WALLS/CEILINGS? YES NO UNKN NA<br />
<br />
40. EXTERIOR WALLS OR SIDING? YES NO UNKN NA<br />
<br />
41. FLOORS? YES NO UNKN NA<br />
<br />
42. CHIMNEY/FIREPLACE OR STOVE? YES NO UNKN NA<br />
<br />
43. PATIO/DECK? YES NO UNKN NA<br />
<br />
44. DRIVEWAY? YES NO UNKN NA<br />
<br />
45. AIR CONDITIONER? YES NO UNKN NA<br />
<br />
46. HEATING SYSTEM? YES NO UNKN NA<br />
<br />
47. HOT WATER HEATER? YES NO UNKN NA<br />
<br />
48. THE PROPERTY IS LOCATED IN THE FOLLOWING SCHOOL DISTRICT UNKN NOTE: BUYER IS ENCOURAGED TO CHECK PUBLIC RECORDS CONCERNING THE PROPERTY (E.G. TAX RECORDS AND WETLAND AND FLOOD PLAIN MAPS)<br />
<br />
THE SELLER SHOULD USE THIS AREA TO FURTHER EXPLAIN ANY ITEM ABOVE. IF NECESSARY, ATTACH ADDITIONAL PAGES AND INDICATE HERE THE NUMBER OF ADDITIONAL PAGES ATTACHED.<br />
<br />
_______________________________________________________<br />
<br />
_______________________________________________________<br />
<br />
_______________________________________________________<br />
<br />
_______________________________________________________<br />
<br />
SELLER’S CERTIFICATION: SELLER CERTIFIES THAT THE INFORMATION IN THIS PROPERTY CONDITION DISCLOSURE STATEMENT IS TRUE AND COMPLETE TO THE SELLER’S ACTUAL KNOWLEDGE AS OF THE DATE SIGNED BY THE SELLER. IF A SELLER OF RESIDENTIAL REAL PROPERTY ACQUIRES KNOWLEDGE WHICH RENDERS MATERIALLY INACCURATE A PROPERTY CONDITION DISCLOSURE STATEMENT PROVIDED PREVIOUSLY, THE SELLER SHALL DELIVER A REVISED PROPERTY CONDITION DISCLOSURE STATEMENT TO THE BUYER AS SOON AS PRACTICABLE. IN NO EVENT, HOWEVER, SHALL A SELLER BE REQUIRED TO PROVIDE A REVISED PROPERTY CONDITION DISCLOSURE STATEMENT AFTER THE TRANSFER OF TITLE FROM THE SELLER TO THE BUYER OR OCCUPANCY BY THE BUYER, WHICHEVER IS EARLIER.<br />
<br />
SELLER__________ DATE___________<br />
<br />
SELLER__________ DATE___________<br />
<br />
BUYER’S ACKNOWLEDGMENT: BUYER ACKNOWLEDGES RECEIPT OF A COPY OF THIS STATEMENT AND BUYER UNDERSTANDS THAT THIS INFORMATION IS A STATEMENT OF CERTAIN CONDITIONS AND INFORMATION CONCERNING THE PROPERTY KNOWN TO THE SELLER. IT IS NOT A WARRANTY OF ANY KIND BY THE SELLER OR SELLER’S AGENT AND IS NOT A SUBSTITUTE FOR ANY HOME, PEST, RADON OR OTHER INSPECTIONS OR TESTING OF THE PROPERTY OR INSPECTION OF THE PUBLIC RECORDS.<br />
<br />
BUYER__________ DATE__________<br />
<br />
BUYER__________ DATE _________<br />
<br />
3. Nothing in this article shall require a seller to undertake or provide for any investigation or inspection of his or her residential real property or to check any public records.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 463 Real Prop. Exemptions.<br />
<br />
A property condition disclosure statement shall not be required in connection with any of the following transfers of residential real property:<br />
<br />
1. A transfer pursuant to a court order, including, but not limited to, a transfer order by a probate court during the administration of a decedent’s estate, a transfer pursuant to a writ of execution, a transfer by a trustee in bankruptcy or debtor-in-possession, a transfer as a result of the exercise of the power of eminent domain, and a transfer that results from a decree for specific performance of a contract or other agreement between two or more persons;<br />
<br />
2. A transfer to mortgagee or an affiliate or agent thereof by a mortgagor by deed in lieu of foreclosure or in satisfaction of the mortgage debt;<br />
<br />
3. A transfer to a beneficiary of a deed of trust;<br />
<br />
4. A transfer pursuant to a foreclosure sale that follows a default in the satisfaction of an obligation that is secured by a mortgage;<br />
<br />
5. A transfer by a sale under a power of sale that follows a default in the satisfaction of an obligation that is secured by a mortgage;<br />
<br />
6. A transfer by a mortgagee, or a beneficiary under a mortgage, or an affiliate or agent thereof, who has acquired the residential real property at a sale under a mortgage or who has acquired the residential real property by a deed in lieu of foreclosure;<br />
<br />
7. A transfer by a fiduciary in the course of the administration of a descendent’s estate, a guardianship, a conservatorship, or a trust;<br />
<br />
8. A transfer from one co-owner to one or more other co-owners;<br />
<br />
9. A transfer made to the transferor’s spouse or to one or more persons in the lineal consanguinity of one or more of the transferors;<br />
<br />
10. A transfer between spouses or former spouses as a result of a decree of divorce, dissolution of marriage, annulment, or legal separation or as a result of property settlement, agreement incidental to a decree of divorce, dissolution of marriage, annulment or legal separation;<br />
<br />
11. A transfer to or from the state, a political subdivision of the state, or another governmental entity;<br />
<br />
12. A transfer that involves newly constructed residential real property that previously had not been inhabited;<br />
<br />
13. A transfer by a sheriff; or<br />
<br />
14. A transfer pursuant to a partition action.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 464 Real Prop. Revision.<br />
<br />
If a seller of residential real property acquires knowledge which renders materially inaccurate a property condition disclosure statement provided previously, the seller shall deliver a revised property condition disclosure statement to the buyer as soon as practicable. In no event, however, shall a seller be required to provide a revised property condition disclosure statement after the transfer of title from the seller to the buyer or occupancy by the buyer, whichever is earlier.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 465 Real Prop. Remedy.<br />
<br />
1. In the event a seller fails to perform the duty prescribed in this article to deliver a disclosure statement prior to the signing by the buyer of a binding contract of sale, the buyer shall receive upon the transfer of title a credit of five hundred dollars against the agreed upon purchase price of the residential real property.<br />
<br />
2. Any seller who provides a property condition disclosure statement or provides or fails to provide a revised property condition disclosure statement shall be liable only for a willful failure to perform the requirements of this article. For such a willful failure, the seller shall be liable for the actual damages suffered by the buyer in addition to any other existing equitable or statutory remedy.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 466 Real Prop. Duty of an agent<br />
<br />
An agent representing a seller of residential real property as a listing broker shall have the duty to timely inform each seller represented by that agent of the seller’s obligations under this article. An agent representing a buyer of residential real property, or, if the buyer is not represented by an agent, the agent representing a seller of residential real property and dealing with a prospective buyer, shall have the duty to timely (in any event, before the buyer signs a binding contract of sale) inform such buyer of the buyer’s rights and obligations under this article. If an agent performs the duties and obligations imposed upon him or her pursuant to this section, the agent shall have no further duties under this article and shall not be liable to any party for a violation of this article.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 467 Real Prop. Liability.<br />
<br />
Nothing contained in this article shall be construed as limiting any existing legal cause of action or remedy at law, in statute or in equity.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
NEW YORK CASE LAW<br />
<br />
The key to the resolution of the rights of the parties lies in whether the vendee under a land sale contract has acquired an interest in the property of such a nature that it must be extinguished before the vendor may resume possession. Such an interest exists when the vendee acquires equitable title and the vendor merely holds the legal title in trust for the vendee, subject to the vendor’s equitable lien for the payment of the purchase price in accordance with the terms of the contract. The vendor may not enforce his rights by the simple expedient of an action in ejectment but must instead proceed to foreclose the vendee’s equitable title or bring an action at law for the purchase price. Bean v. Walker, 95 A.D.2d 70 (1983)<br />
<br />
While legal title does not vest in the vendee until the contract terms are satisfied, he does acquire a vested equitable title at the time the contract is consummated. When the parties enter into the contract all incidents of ownership accrue to the vendee who assumes the risk of loss and is the recipient of all appreciation of value. The status of the parties becomes like that of mortgagor-mortgagee. Viewed otherwise would be to elevate form over substance. Id.<br />
<br />
Where sale of real property is evidenced by contract only and the purchase price has not been paid and is not to be paid until some future date in accordance with the terms of the agreement, the parties occupy substantially the position of mortgagor and mortgagee at common law. In New York a mortgage merely creates a lien rather than conveying title. Id.
Legal definition
Agreement or Contract for Deed for Sale and Purchase of Real Estate a/k/a Land or Executory Contract
NEW YORK CONSOLIDATED LAWS
CHAPTER 50 OF THE CONSOLIDATED LAWS - REAL PROPERTY LAW
ARTICLE 8 CONVEYANCES AND MORTGAGES
§ 240 Real Prop. Definitions and use of terms.
<blockquote>1. The term "heirs," or other words of inheritance, are not requisite to create or convey an estate in fee.
2. The term "conveyance," as used in this article, includes every instrument, in writing, except a will, by which any estate or interest in real property is created, transferred, assigned or surrendered.
3. Every instrument creating, transferring, assigning or surrendering an estate or interest in real property must be construed according to the intent of the parties, so far as such intent can be gathered from the whole instrument, and is consistent with the rules of law.
4. The terms "estate" and "interest in real property" include every such estate and interest, freehold or chattel, legal or equitable, present or future, vested or contingent.</blockquote>
§ 240-b Real Prop. Certain conveyances authorized; effect thereof.
<blockquote>1. Any person or persons owning real property or an interest in real property which he or they have power to convey, may effectively convey such property or interest by a conveyance naming himself or themselves and another person or persons, or one or more of themselves and another person or other persons, as grantees, and the conveyance has the same effect as to whether it creates an estate in severalty, a joint tenancy, or a tenancy by the entirety, or tenancy in common, as if it were a conveyance from a stranger who owned the property or interest to the persons named as grantees in the conveyance.
2. Any two or more persons owning real property or an interest in real property which they have power to convey, may effectively convey such property or interest by a conveyance naming one, or more than one, or all such persons, as grantees, and the conveyance has the same effect, as to whether it creates an estate in severalty, or a joint tenancy, or a tenancy by the entirety, or tenancy in common, as if it were a conveyance from a stranger who owned the property or interest to the persons named as grantees in the conveyance.
3. As used in this section, "person" may be a married person and "persons" may be persons married to each other.</blockquote>
§ 240-c Real Prop. Joint tenancy severance.
<blockquote>1. In addition to any other means by which a joint tenancy with right of survivorship may be severed, a joint tenant may unilaterally sever a joint tenancy in real property without consent of any non-severing joint tenant or tenants by:
<blockquote>(a) Execution and delivery of a deed that conveys legal title to the severing joint tenant's interest to a third person, whether or not pursuant to an agreement requiring the third person to reconvey legal title to the severing joint tenant; or
(b) Execution of a written instrument that evidences the intent to sever the joint tenancy, including a deed that names the severing tenant as the direct grantee of the severing tenant's interest.</blockquote>
2. No severance of a joint tenancy pursuant to subdivision one of this section shall terminate the right of survivorship of any non-severing joint tenant or tenants as to the severing tenant's interest unless the deed or written instrument effecting the severance is recorded, prior to the death of the severing tenant, in the county where the real property is located.
3. Nothing in this section shall limit the manner or effect of:
<blockquote>(a) A severance of a joint tenancy pursuant to a written instrument executed by all joint tenants, or pursuant to a written agreement of all joint tenants.
(b) A severance of a joint tenancy effected by a deed from a joint tenant to another joint tenant.
(c) A severance ordered by a court of competent jurisdiction.</blockquote>
</blockquote>
§ 241 Real Prop. Ancient conveyances abolished.
The conveyance of real property by feoffment, with livery of seizin, or by fines, or common recoveries, is abolished.
§ 242 Real Prop. Disclosure prior to the sale of real property.
[EDITORS' NOTE: TE TEXT OF THIS SECTION IS EFFECTIVE UNTIL JANUARY 1, 2007, SEE BELOW SECTION FOR TEXT EFFECTIVE JANUARY 1, 2007.]
<blockquote>
<blockquote>1. (a) Any person, firm, company, partnership or corporation offering to sell real property to which no utility electric service is provided shall provide written notice to the prospective purchaser or to the prospective purchaser's agent, clearly indicating this fact. Such notice shall be provided prior to accepting a purchase offer.
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this section is entitled to recover any actual damages incurred from the person offering to sell said real property.
(c) The provisions of this subdivision shall not apply in instances where the real property being sold lies within the applicable free footage allowance or service lateral specified by the public service commission in rule, regulation or public utility tariff.</blockquote>
2. Disclosure prior to the sale of real property to which utility surcharge payments attach.
<blockquote>(a) Any person, firm, company, partnership or corporation offering to sell real property against which an electric, gas or water utility surcharge is assessed for the purpose of defraying the costs associated with an electric, gas or water line extension, or for the purpose of defraying the costs associated with related facilities, shall provide written notice to the prospective purchaser or the prospective purchaser's agent, stating as follows: "This property is subject to an electric , gas and/or water utility surcharge". In addition, such notice shall also state, the type and purpose of the surcharge, the amount of the surcharge and whether such surcharge is payable on a monthly, yearly or other basis. Such notice shall be provided by the seller prior to accepting a purchase offer.
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this subdivision is entitled to recover any actual damages incurred from the person offering to sell or selling said real property.
(As amended by Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004.)
Amendment Notes:
Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004, amended paragraph (a) of subdivision 2.</blockquote>
</blockquote>
§ 242 Disclosure prior to the sale of real property.
[EDITORS' NOTE: THE TEXT OF THIS SECTION IS EFFECTIVE JANUARY 1, 2007, SEE ABOVE SECTION FOR TEXT EFFECTIVE UNTIL JANUARY 1, 2007.]
<blockquote>
<blockquote>1. (a) Any person, firm, company, partnership or corporation offering to sell real property to which no utility electric service is provided shall provide written notice to the prospective purchaser or to the prospective purchaser's agent, clearly indicating this fact. Such notice shall be provided prior to accepting a purchase offer.
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this section is entitled to recover any actual damages incurred from the person offering to sell said real property.
(c) The provisions of this subdivision shall not apply in instances where the real property being sold lies within the applicable free footage allowance or service lateral specified by the public service commission in rule, regulation or public utility tariff.</blockquote>
2. Disclosure prior to the sale of real property to which utility surcharge payments attach.<br />
<br />
(a) Any person, firm, company, partnership or corporation offering to sell real property against which an electric, gas or water utility surcharge is assessed for the purpose of defraying the costs associated with an electric, gas or water line extension, or for the purpose of defraying the costs associated with related facilities, shall provide written notice to the prospective purchaser or the prospective purchaser’s agent, stating as follows: “This property is subject to an electric , gas and/or water utility surcharge”. In addition, such notice shall also state, the type and purpose of the surcharge, the amount of the surcharge and whether such surcharge is payable on a monthly, yearly or other basis. Such notice shall be provided by the seller prior to accepting a purchase offer.<br />
<br />
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this subdivision is entitled to recover any actual damages incurred from the person offering to sell or selling said real property.<br />
(As amended by Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004.)<br />
Amendment Notes:<br />
Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004, amended paragraph (a) of subdivision 2.<br />
<br />
§ 242 Disclosure prior to the sale of real property.<br />
[EDITORS’ NOTE: THE TEXT OF THIS SECTION IS EFFECTIVE JANUARY 1, 2007, SEE ABOVE SECTION FOR TEXT EFFECTIVE UNTIL JANUARY 1, 2007.]<br />
<br />
1. (a) Any person, firm, company, partnership or corporation offering to sell real property to which no utility electric service is provided shall provide written notice to the prospective purchaser or to the prospective purchaser’s agent, clearly indicating this fact. Such notice shall be provided prior to accepting a purchase offer.<br />
<br />
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this section is entitled to recover any actual damages incurred from the person offering to sell said real property.<br />
<br />
(c) The provisions of this subdivision shall not apply in instances where the real property being sold lies within the applicable free footage allowance or service lateral specified by the public service commission in rule, regulation or public utility tariff.<br />
<br />
2. Disclosure prior to the sale of real property to which utility surcharge payments attach.<br />
<br />
(a) Any person, firm, company, partnership or corporation offering to sell real property against which an electric, gas or water utility surcharge is assessed for the purpose of defraying the costs associated with an electric, gas or water line extension, or for the purpose of defraying the costs associated with related facilities, shall provide written notice to the prospective purchaser or the prospective purchaser’s agent, stating as follows: “This property is subject to an electric , gas and/or water utility surcharge”. In addition, such notice shall also state, the type and purpose of the surcharge, the amount of the surcharge and whether such surcharge is payable on a monthly, yearly or other basis. Such notice shall be provided by the seller prior to accepting a purchase offer.<br />
<br />
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this subdivision is entitled to recover any actual damages incurred from the person offering to sell or selling said real property.<br />
<br />
3. Any person, firm, company, partnership or corporation offering to sell real property on which uncapped natural gas wells are situated, and of which such person, firm, company, partnership or corporation has actual knowledge, shall inform any purchaser of the existence of these wells prior to entering into a contract for the sale/purchase of such property.<br />
(As amended by Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004; Laws 2006, ch. 163, Sec. 1, eff. Jan. 1, 2007.)<br />
Amendment Notes:<br />
Laws 2006, ch. 163, Sec. 1, eff. Jan. 1, 2007, amended this section by adding a new subdivision 3.<br />
Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004, amended paragraph (a) of subdivision 2.<br />
<br />
§ 243 Real Prop. Grant of fee or freehold.<br />
<br />
A grant in fee or of a freehold estate, must be subscribed by the person from whom the estate or interest conveyed is intended to pass, or by his lawful agent thereunto authorized in writing. If not duly acknowledged before its delivery, according to the provisions of this chapter, its execution and delivery must be attested by at least one witness, or, if not so attested, it does not take effect as against a subsequent purchaser or incumbrancer until so acknowledged.<br />
<br />
§ 244 Real Prop. When grant takes effect.<br />
<br />
A grant takes effect, so as to vest the estate or interest intended to be conveyed, only from its delivery; and all the rules of law, now in force, in respect to the delivery of deeds, apply to grants hereafter executed.<br />
<br />
§ 245 Real Prop. Estate which passes by grant or devise.<br />
<br />
A grant or devise of real property passes all the estate or interest of the grantor or testator unless the intent to pass a less estate or interest appears by the express terms of such grant or devise or by necessary implication therefrom. A greater estate or interest does not pass by any grant or conveyance, than the grantor possessed or could lawfully convey, at the time of the delivery of the deeds; except that every grant is conclusive against the grantor and his heirs claiming from him by descent, and as against a subsequent purchaser or incumbrancer from such grantor, or from such heirs claiming as such, other than a subsequent purchaser or incumbrancer in good faith and for a valuable consideration, who acquires a superior title by a conveyance that has been first duly recorded.<br />
<br />
§ 246 Real Prop. Certain deeds declared grants.<br />
<br />
Deeds of bargain and sale, and of lease and release, may continue to be used; and are to be deemed grants, subject to all the provisions of law in relation thereto.<br />
<br />
§ 247 Real Prop. Conveyance by tenant for life or years of greater estate than possessed.<br />
<br />
A conveyance made by a tenant for life or years, of a greater estate than he possesses, or can lawfully convey, does not work a forfeiture of his estate, but passes to the grantee all the title, estate or interest which such tenant can lawfully convey.<br />
<br />
§ 248 Real Prop. Effect of conveyance where property is leased.<br />
<br />
An attornment to a grantee is not requisite to the validity of a conveyance of real property occupied by a tenant, or of the rents or profits thereof, or any other interest therein. But the payment of rent to a grantor, by his tenant, before notice of the conveyance, binds the grantee; and the tenant is not liable to such grantee, before such notice, for the breach of any condition of the lease.<br />
<br />
NEW YORK CONSOLIDATED LAWS<br />
CHAPTER 50 OF THE CONSOLIDATED LAWS — REAL PROPERTY LAW<br />
ARTICLE 14 PROPERTY CONDITION DISCLOSURE IN THE SALE OF RESIDENTIAL REAL PROPERTY<br />
<br />
§ 461 Real Prop. Definitions.<br />
<br />
As used in this article, the following terms shall have the following meanings:<br />
<br />
1. “Agent” means a person who is licensed as a real estate broker or a real estate salesperson pursuant to section four hundred forty-a of this chapter and is acting in a fiduciary capacity.<br />
<br />
2. “Binding contract of sale” means a real estate purchase contract or offer that would, upon signing by the seller and subject to satisfaction of any contingencies, require the buyer to accept a transfer of title.<br />
<br />
3. “Knowledge” means only actual knowledge of a defect or condition on the part of the seller of residential real property.<br />
<br />
4. “Real estate purchase contract” means any of the following:<br />
<br />
(a) a contract which provides for the purchase and sale or exchange of residential real property;<br />
<br />
(b) a lease with an option to purchase residential real property;<br />
<br />
(c) a lease-with-obligation-to-purchase agreement for residential real property; or<br />
<br />
(d) an installment land sale contract for residential real property.<br />
<br />
5. “Residential real property” means real property improved by a one to four family dwelling used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons, but shall not refer to (a) unimproved real property upon which such dwellings are to be constructed, or (b) condominium units or cooperative apartments, or (c) property in a homeowners’ association that is not owned in fee simple by the seller.<br />
<br />
6. “Transfer of title” means delivery of a properly executed instrument conveying title to residential real property and shall include delivery of a real estate purchase contract that is a lease or installment land sale contract.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 462 Real Prop. Property condition disclosure statement<br />
<br />
1. Except as is provided in section four hundred sixty-three of this article, every seller of residential real property pursuant to a real estate purchase contract shall complete and sign a property condition disclosure statement as prescribed by subdivision two of this section and cause it, 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. A copy of the property condition disclosure statement containing the signatures of both seller and buyer shall be attached to the real estate purchase contract. Nothing contained in this article or this disclosure statement is intended to prevent the parties to a contract of sale from entering into agreements of any kind or nature with respect to the physical condition of the property to be sold, including, but not limited to, agreements for the sale of real property “as is”.<br />
<br />
2. The following shall be the disclosure form:PROPERTY CONDITION DISCLOSURE STATEMENT<br />
<br />
NAME OF SELLER OR SELLERS:<br />
<br />
PROPERTY ADDRESS:<br />
<br />
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.<br />
<br />
PURPOSE OF STATEMENT: THIS IS A STATEMENT OF CERTAIN CONDITIONS AND INFORMATION CONCERNING THE PROPERTY KNOWN TO THE SELLER. THIS DISCLOSURE STATEMENT IS NOT A WARRANTY OF ANY KIND BY THE SELLER OR BY ANY AGENT REPRESENTING THE SELLER IN THIS TRANSACTION. IT IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR TESTS AND THE BUYER IS ENCOURAGED TO OBTAIN HIS OR HER OWN INDEPENDENT PROFESSIONAL INSPECTIONS AND ENVIRONMENTAL TESTS AND ALSO IS ENCOURAGED TO CHECK PUBLIC RECORDS PERTAINING TO THE PROPERTY. A KNOWINGLY FALSE OR INCOMPLETE STATEMENT BY THE SELLER ON THIS FORM MAY SUBJECT THE SELLER TO CLAIMS BY THE BUYER PRIOR TO OR AFTER THE TRANSFER OF TITLE. IN THE EVENT A SELLER FAILS TO PERFORM THE DUTY PRESCRIBED IN THIS ARTICLE TO DELIVER A DISCLOSURE STATEMENT PRIOR TO THE SIGNING BY THE BUYER OF A BINDING CONTRACT OF SALE, THE BUYER SHALL RECEIVE UPON THE TRANSFER OF TITLE A CREDIT OF FIVE HUNDRED DOLLARS AGAINST THE AGREED UPON PURCHASE PRICE OF THE RESIDENTIAL REAL PROPERTY.<br />
<br />
“RESIDENTIAL REAL PROPERTY” MEANS REAL PROPERTY IMPROVED BY A ONE TO FOUR FAMILY DWELLING USED OR OCCUPIED, OR INTENDED TO BE USED OR OCCUPIED, WHOLLY OR PARTLY, AS THE HOME OR RESIDENCE OF ONE OR MORE PERSONS, BUT SHALL NOT REFER TO (A) UNIMPROVED REAL PROPERTY UPON WHICH SUCH DWELLINGS ARE TO BE CONSTRUCTED OR (B) CONDOMINIUM UNITS OR COOPERATIVE APARTMENTS OR (C) PROPERTY ON A HOMEOWNERS’ ASSOCIATION THAT IS NOT OWNED IN FEE SIMPLE BY THE SELLER.<br />
<br />
INSTRUCTIONS TO THE SELLER:<br />
<br />
(a) ANSWER ALL QUESTIONS BASED UPON YOUR ACTUAL KNOWLEDGE.<br />
<br />
(b) ATTACH ADDITIONAL PAGES WITH YOUR SIGNATURE IF ADDITIONAL SPACE IS REQUIRED.<br />
<br />
(c) COMPLETE THIS FORM YOURSELF.<br />
<br />
(d) IF SOME ITEMS DO NOT APPLY TO YOUR PROPERTY, CHECK “NA” (NON-APPLICABLE). IF YOU DO NOT KNOW THE ANSWER CHECK “UNKN” (UNKNOWN).<br />
<br />
SELLER’S STATEMENT: THE SELLER MAKES THE FOLLOWING REPRESENTATIONS TO THE BUYER BASED UPON THE SELLER’S ACTUAL KNOWLEDGE AT THE TIME OF SIGNING THIS DOCUMENT. THE SELLER AUTHORIZES HIS OR HER AGENT, IF ANY, TO PROVIDE A COPY OF THIS STATEMENT TO A PROSPECTIVE BUYER OF THE RESIDENTIAL REAL PROPERTY. THE FOLLOWING ARE REPRESENTATIONS MADE BY THE SELLER AND ARE NOT THE REPRESENTATIONS OF THE SELLER’S AGENT.GENERAL INFORMATION<br />
<br />
1. HOW LONG HAVE YOU OWNED THE PROPERTY?<br />
<br />
2. HOW LONG HAVE YOU OCCUPIED THE PROPERTY?<br />
<br />
3. WHAT IS THE AGE OF THE STRUCTURE OR STRUCTURES? NOTE TO BUYER — IF THE STRUCTURE WAS BUILT BEFORE 1978 YOU ARE ENCOURAGED TO INVESTIGATE FOR THE PRESENCE OF LEAD BASED PAINT.<br />
<br />
4. DOES ANYBODY OTHER THAN YOURSELF HAVE A LEASE, EASEMENT OR ANY OTHER RIGHT TO USE OR OCCUPY ANY PART OF YOUR PROPERTY OTHER THAN THOSE STATED IN DOCUMENTS AVAILABLE IN THE PUBLIC RECORD, SUCH AS RIGHTS TO USE A ROAD OR PATH OR CUT TREES OR CROPS.<br />
<br />
YES NO UNKN NA<br />
<br />
5. DOES ANYBODY ELSE CLAIM TO OWN ANY PART OF YOUR PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
6. HAS ANYONE DENIED YOU ACCESS TO THE PROPERTY OR MADE A FORMAL LEGAL CLAIM CHALLENGING YOUR TITLE TO THE PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
7. ARE THERE ANY FEATURES OF THE PROPERTY SHARED IN COMMON WITH ADJOINING LAND OWNERS OR A HOMEOWNERS ASSOCIATION, SUCH AS WALLS, FENCES OR DRIVEWAYS?<br />
<br />
YES NO UNKN NA (IF YES DESCRIBE BELOW)<br />
<br />
8. ARE THERE ANY ELECTRIC OR GAS UTILITY SURCHARGES FOR LINE EXTENSIONS, SPECIAL ASSESSMENTS OR HOMEOWNER OR OTHER ASSOCIATION FEES THAT APPLY TO THE PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
9. ARE THERE CERTIFICATES OF OCCUPANCY RELATED TO THE PROPERTY?<br />
<br />
YES NO UNKN NA (IF NO, EXPLAIN BELOW)<br />
<br />
ENVIRONMENTAL NOTE TO SELLER — IN THIS SECTION, YOU WILL BE ASKED QUESTIONS REGARDING PETROLEUM PRODUCTS AND HAZARDOUS OR TOXIC SUBSTANCES THAT YOU KNOW TO HAVE BEEN SPILLED, LEAKED OR OTHERWISE BEEN RELEASED ON THE PROPERTY OR FROM THE PROPERTY ONTO ANY OTHER PROPERTY. PETROLEUM PRODUCTS MAY INCLUDE, BUT ARE NOT LIMITED TO, GASOLINE, DIESEL FUEL, HOME HEATING FUEL, AND LUBRICANTS. HAZARDOUS OR TOXIC SUBSTANCES ARE PRODUCTS THAT COULD POSE SHORT- OR LONG-TERM DANGER TO PERSONAL HEALTH OR THE ENVIRONMENT IF THEY ARE NOT PROPERLY DISPOSED OF, APPLIED OR STORED. THESE INCLUDE, BUT ARE NOT LIMITED TO, FERTILIZERS, PESTICIDES AND INSECTICIDES, PAINT INCLUDING PAINT THINNER, VARNISH REMOVER AND WOOD PRESERVATIVES, TREATED WOOD, CONSTRUCTION MATERIALS SUCH AS ASPHALT AND ROOFING MATERIALS, ANTIFREEZE AND OTHER AUTOMOTIVE PRODUCTS, BATTERIES, CLEANING SOLVENTS INCLUDING SEPTIC TANK CLEANERS, HOUSEHOLD CLEANERS AND POOL CHEMICALS AND PRODUCTS CONTAINING MERCURY AND LEAD.<br />
<br />
NOTE TO BUYER — IF CONTAMINATION OF THIS PROPERTY FROM PETROLEUM PRODUCTS AND/OR HAZARDOUS OR TOXIC SUBSTANCES IS A CONCERN TO YOU, YOU ARE URGED TO CONSIDER SOIL AND GROUNDWATER TESTING OF THIS PROPERTY.<br />
<br />
10. IS ANY OR ALL OF THE PROPERTY LOCATED IN A DESIGNATED FLOODPLAIN?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
11. IS ANY OR ALL OF THE PROPERTY LOCATED IN A DESIGNATED WETLAND?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
12. IS THE PROPERTY LOCATED IN AN AGRICULTURAL DISTRICT?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
13. WAS THE PROPERTY EVER THE SITE OF A LANDFILL?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
14. ARE THERE OR HAVE THERE EVER BEEN FUEL STORAGE TANKS ABOVE OR BELOW THE GROUND ON THE PROPERTY?<br />
<br />
YES NO UNKN NA IF YES, ARE THEY CURRENTLY IN USE?<br />
<br />
YES NO UNKN NA LOCATION(S) ARE THEY LEAKING OR HAVE THEY EVER LEAKED?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
15. IS THERE ASBESTOS IN THE STRUCTURE?<br />
<br />
YES NO UNKN NA (IF YES, STATE LOCATION OR LOCATIONS BELOW)<br />
<br />
16. IS LEAD PLUMBING PRESENT?<br />
<br />
YES NO UNKN NA (IF YES, STATE LOCATION OR LOCATIONS BELOW)<br />
<br />
17. HAS A RADON TEST BEEN DONE?<br />
<br />
YES NO UNKN NA (IF YES, ATTACH A COPY OF THE REPORT)<br />
<br />
18. HAS MOTOR FUEL, MOTOR OIL, HOME HEATING FUEL, LUBRICATING OIL OR ANY OTHER PETROLEUM PRODUCT, METHANE GAS, OR ANY HAZARDOUS OR TOXIC SUBSTANCE SPILLED, LEAKED OR OTHERWISE BEEN RELEASED ON THE PROPERTY OR FROM THE PROPERTY ONTO ANY OTHER PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, DESCRIBE BELOW)<br />
<br />
19. HAS THE PROPERTY BEEN TESTED FOR THE PRESENCE OF MOTOR FUEL, MOTOR OIL, HOME HEATING FUEL, LUBRICATING OIL, OR ANY OTHER PETROLEUM PRODUCT, METHANE GAS, OR ANY HAZARDOUS OR TOXIC SUBSTANCE?<br />
<br />
YES NO UNKN NA (IF YES, ATTACH REPORT(S))STRUCTURAL<br />
<br />
20. IS THERE ANY ROT OR WATER DAMAGE TO THE STRUCTURE OR STRUCTURES?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
21. IS THERE ANY FIRE OR SMOKE DAMAGE TO THE STRUCTURE OR STRUCTURES?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
22. IS THERE ANY TERMITE, INSECT, RODENT OR PEST INFESTATION OR DAMAGE?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
23. HAS THE PROPERTY BEEN TESTED FOR TERMITE, INSECT, RODENT OR PEST INFESTATION OR DAMAGE?<br />
<br />
YES NO UNKN NA (IF YES, PLEASE ATTACH REPORT(S))<br />
<br />
24. WHAT IS THE TYPE OF ROOF/ROOF COVERING (SLATE, ASPHALT, OTHER.)? ANY KNOWN MATERIAL DEFECTS? HOW OLD IS THE ROOF? IS THERE A TRANSFERABLE WARRANTEE ON THE ROOF IN EFFECT NOW?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
25. ARE THERE ANY KNOWN MATERIAL DEFECTS IN ANY OF THE FOLLOWING STRUCTURAL SYSTEMS: FOOTINGS, BEAMS, GIRDERS, LINTELS, COLUMNS OR PARTITIONS.<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)MECHANICAL SYSTEMS & SERVICES<br />
<br />
26. WHAT IS THE WATER SOURCE (CIRCLE ALL THAT APPLY — WELL, PRIVATE, MUNICIPAL, OTHER)? IF MUNICIPAL, IS IT METERED?<br />
<br />
YES NO UNKN NA<br />
<br />
27. HAS THE WATER QUALITY AND/OR FLOW RATE BEEN TESTED?<br />
<br />
YES NO UNKN NA (IF YES, DESCRIBE BELOW)<br />
<br />
28. WHAT IS THE TYPE OF SEWAGE SYSTEM (CIRCLE ALL THAT APPLY — PUBLIC SEWER, PRIVATE SEWER, SEPTIC OR CESSPOOL)? IF SEPTIC OR CESSPOOL, AGE? ________ DATE LAST PUMPED? ________ FREQUENCY OF PUMPING? ________ ANY KNOWN MATERIAL DEFECTS?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
29. WHO IS YOUR ELECTRIC SERVICE PROVIDER? ________ WHAT IS THE AMPERAGE? ________ DOES IT HAVE CIRCUIT BREAKERS OR FUSES? ________ PRIVATE OR PUBLIC POLES? ________ ANY KNOWN MATERIAL DEFECTS?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
30. ARE THERE ANY FLOODING, DRAINAGE OR GRADING PROBLEMS THAT RESULTED IN STANDING WATER ON ANY PORTION OF THE PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, STATE LOCATIONS AND EXPLAIN BELOW)<br />
<br />
31. DOES THE BASEMENT HAVE SEEPAGE THAT RESULTS IN STANDING WATER?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
ARE THERE ANY KNOWN MATERIAL DEFECTS IN ANY OF THE FOLLOWING (IF YES, EXPLAIN BELOW. USE ADDITIONAL SHEETS IF NECESSARY.):<br />
<br />
32. PLUMBING SYSTEM? YES NO UNKN NA<br />
<br />
33. SECURITY SYSTEM? YES NO UNKN NA<br />
<br />
34. CARBON MONOXIDE DETECTOR? YES NO UNKN NA<br />
<br />
35. SMOKE DETECTOR? YES NO UNKN NA<br />
<br />
36. FIRE SPRINKLER SYSTEM? YES NO UNKN NA<br />
<br />
37. SUMP PUMP? YES NO UNKN NA<br />
<br />
38. FOUNDATION/SLAB? YES NO UNKN NA<br />
<br />
39. INTERIOR WALLS/CEILINGS? YES NO UNKN NA<br />
<br />
40. EXTERIOR WALLS OR SIDING? YES NO UNKN NA<br />
<br />
41. FLOORS? YES NO UNKN NA<br />
<br />
42. CHIMNEY/FIREPLACE OR STOVE? YES NO UNKN NA<br />
<br />
43. PATIO/DECK? YES NO UNKN NA<br />
<br />
44. DRIVEWAY? YES NO UNKN NA<br />
<br />
45. AIR CONDITIONER? YES NO UNKN NA<br />
<br />
46. HEATING SYSTEM? YES NO UNKN NA<br />
<br />
47. HOT WATER HEATER? YES NO UNKN NA<br />
<br />
48. THE PROPERTY IS LOCATED IN THE FOLLOWING SCHOOL DISTRICT UNKN NOTE: BUYER IS ENCOURAGED TO CHECK PUBLIC RECORDS CONCERNING THE PROPERTY (E.G. TAX RECORDS AND WETLAND AND FLOOD PLAIN MAPS)<br />
<br />
THE SELLER SHOULD USE THIS AREA TO FURTHER EXPLAIN ANY ITEM ABOVE. IF NECESSARY, ATTACH ADDITIONAL PAGES AND INDICATE HERE THE NUMBER OF ADDITIONAL PAGES ATTACHED.<br />
<br />
_______________________________________________________<br />
<br />
_______________________________________________________<br />
<br />
_______________________________________________________<br />
<br />
_______________________________________________________<br />
<br />
SELLER’S CERTIFICATION: SELLER CERTIFIES THAT THE INFORMATION IN THIS PROPERTY CONDITION DISCLOSURE STATEMENT IS TRUE AND COMPLETE TO THE SELLER’S ACTUAL KNOWLEDGE AS OF THE DATE SIGNED BY THE SELLER. IF A SELLER OF RESIDENTIAL REAL PROPERTY ACQUIRES KNOWLEDGE WHICH RENDERS MATERIALLY INACCURATE A PROPERTY CONDITION DISCLOSURE STATEMENT PROVIDED PREVIOUSLY, THE SELLER SHALL DELIVER A REVISED PROPERTY CONDITION DISCLOSURE STATEMENT TO THE BUYER AS SOON AS PRACTICABLE. IN NO EVENT, HOWEVER, SHALL A SELLER BE REQUIRED TO PROVIDE A REVISED PROPERTY CONDITION DISCLOSURE STATEMENT AFTER THE TRANSFER OF TITLE FROM THE SELLER TO THE BUYER OR OCCUPANCY BY THE BUYER, WHICHEVER IS EARLIER.<br />
<br />
SELLER__________ DATE___________<br />
<br />
SELLER__________ DATE___________<br />
<br />
BUYER’S ACKNOWLEDGMENT: BUYER ACKNOWLEDGES RECEIPT OF A COPY OF THIS STATEMENT AND BUYER UNDERSTANDS THAT THIS INFORMATION IS A STATEMENT OF CERTAIN CONDITIONS AND INFORMATION CONCERNING THE PROPERTY KNOWN TO THE SELLER. IT IS NOT A WARRANTY OF ANY KIND BY THE SELLER OR SELLER’S AGENT AND IS NOT A SUBSTITUTE FOR ANY HOME, PEST, RADON OR OTHER INSPECTIONS OR TESTING OF THE PROPERTY OR INSPECTION OF THE PUBLIC RECORDS.<br />
<br />
BUYER__________ DATE__________<br />
<br />
BUYER__________ DATE _________<br />
<br />
3. Nothing in this article shall require a seller to undertake or provide for any investigation or inspection of his or her residential real property or to check any public records.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 463 Real Prop. Exemptions.<br />
<br />
A property condition disclosure statement shall not be required in connection with any of the following transfers of residential real property:<br />
<br />
1. A transfer pursuant to a court order, including, but not limited to, a transfer order by a probate court during the administration of a decedent’s estate, a transfer pursuant to a writ of execution, a transfer by a trustee in bankruptcy or debtor-in-possession, a transfer as a result of the exercise of the power of eminent domain, and a transfer that results from a decree for specific performance of a contract or other agreement between two or more persons;<br />
<br />
2. A transfer to mortgagee or an affiliate or agent thereof by a mortgagor by deed in lieu of foreclosure or in satisfaction of the mortgage debt;<br />
<br />
3. A transfer to a beneficiary of a deed of trust;<br />
<br />
4. A transfer pursuant to a foreclosure sale that follows a default in the satisfaction of an obligation that is secured by a mortgage;<br />
<br />
5. A transfer by a sale under a power of sale that follows a default in the satisfaction of an obligation that is secured by a mortgage;<br />
<br />
6. A transfer by a mortgagee, or a beneficiary under a mortgage, or an affiliate or agent thereof, who has acquired the residential real property at a sale under a mortgage or who has acquired the residential real property by a deed in lieu of foreclosure;<br />
<br />
7. A transfer by a fiduciary in the course of the administration of a descendent’s estate, a guardianship, a conservatorship, or a trust;<br />
<br />
8. A transfer from one co-owner to one or more other co-owners;<br />
<br />
9. A transfer made to the transferor’s spouse or to one or more persons in the lineal consanguinity of one or more of the transferors;<br />
<br />
10. A transfer between spouses or former spouses as a result of a decree of divorce, dissolution of marriage, annulment, or legal separation or as a result of property settlement, agreement incidental to a decree of divorce, dissolution of marriage, annulment or legal separation;<br />
<br />
11. A transfer to or from the state, a political subdivision of the state, or another governmental entity;<br />
<br />
12. A transfer that involves newly constructed residential real property that previously had not been inhabited;<br />
<br />
13. A transfer by a sheriff; or<br />
<br />
14. A transfer pursuant to a partition action.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 464 Real Prop. Revision.<br />
<br />
If a seller of residential real property acquires knowledge which renders materially inaccurate a property condition disclosure statement provided previously, the seller shall deliver a revised property condition disclosure statement to the buyer as soon as practicable. In no event, however, shall a seller be required to provide a revised property condition disclosure statement after the transfer of title from the seller to the buyer or occupancy by the buyer, whichever is earlier.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 465 Real Prop. Remedy.<br />
<br />
1. In the event a seller fails to perform the duty prescribed in this article to deliver a disclosure statement prior to the signing by the buyer of a binding contract of sale, the buyer shall receive upon the transfer of title a credit of five hundred dollars against the agreed upon purchase price of the residential real property.<br />
<br />
2. Any seller who provides a property condition disclosure statement or provides or fails to provide a revised property condition disclosure statement shall be liable only for a willful failure to perform the requirements of this article. For such a willful failure, the seller shall be liable for the actual damages suffered by the buyer in addition to any other existing equitable or statutory remedy.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 466 Real Prop. Duty of an agent<br />
<br />
An agent representing a seller of residential real property as a listing broker shall have the duty to timely inform each seller represented by that agent of the seller’s obligations under this article. An agent representing a buyer of residential real property, or, if the buyer is not represented by an agent, the agent representing a seller of residential real property and dealing with a prospective buyer, shall have the duty to timely (in any event, before the buyer signs a binding contract of sale) inform such buyer of the buyer’s rights and obligations under this article. If an agent performs the duties and obligations imposed upon him or her pursuant to this section, the agent shall have no further duties under this article and shall not be liable to any party for a violation of this article.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 467 Real Prop. Liability.<br />
<br />
Nothing contained in this article shall be construed as limiting any existing legal cause of action or remedy at law, in statute or in equity.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
NEW YORK CASE LAW<br />
<br />
The key to the resolution of the rights of the parties lies in whether the vendee under a land sale contract has acquired an interest in the property of such a nature that it must be extinguished before the vendor may resume possession. Such an interest exists when the vendee acquires equitable title and the vendor merely holds the legal title in trust for the vendee, subject to the vendor’s equitable lien for the payment of the purchase price in accordance with the terms of the contract. The vendor may not enforce his rights by the simple expedient of an action in ejectment but must instead proceed to foreclose the vendee’s equitable title or bring an action at law for the purchase price. Bean v. Walker, 95 A.D.2d 70 (1983)<br />
<br />
While legal title does not vest in the vendee until the contract terms are satisfied, he does acquire a vested equitable title at the time the contract is consummated. When the parties enter into the contract all incidents of ownership accrue to the vendee who assumes the risk of loss and is the recipient of all appreciation of value. The status of the parties becomes like that of mortgagor-mortgagee. Viewed otherwise would be to elevate form over substance. Id.<br />
<br />
Where sale of real property is evidenced by contract only and the purchase price has not been paid and is not to be paid until some future date in accordance with the terms of the agreement, the parties occupy substantially the position of mortgagor and mortgagee at common law. In New York a mortgage merely creates a lien rather than conveying title. Id.
CHAPTER 50 OF THE CONSOLIDATED LAWS - REAL PROPERTY LAW
ARTICLE 8 CONVEYANCES AND MORTGAGES
§ 240 Real Prop. Definitions and use of terms.
<blockquote>1. The term "heirs," or other words of inheritance, are not requisite to create or convey an estate in fee.
2. The term "conveyance," as used in this article, includes every instrument, in writing, except a will, by which any estate or interest in real property is created, transferred, assigned or surrendered.
3. Every instrument creating, transferring, assigning or surrendering an estate or interest in real property must be construed according to the intent of the parties, so far as such intent can be gathered from the whole instrument, and is consistent with the rules of law.
4. The terms "estate" and "interest in real property" include every such estate and interest, freehold or chattel, legal or equitable, present or future, vested or contingent.</blockquote>
§ 240-b Real Prop. Certain conveyances authorized; effect thereof.
<blockquote>1. Any person or persons owning real property or an interest in real property which he or they have power to convey, may effectively convey such property or interest by a conveyance naming himself or themselves and another person or persons, or one or more of themselves and another person or other persons, as grantees, and the conveyance has the same effect as to whether it creates an estate in severalty, a joint tenancy, or a tenancy by the entirety, or tenancy in common, as if it were a conveyance from a stranger who owned the property or interest to the persons named as grantees in the conveyance.
2. Any two or more persons owning real property or an interest in real property which they have power to convey, may effectively convey such property or interest by a conveyance naming one, or more than one, or all such persons, as grantees, and the conveyance has the same effect, as to whether it creates an estate in severalty, or a joint tenancy, or a tenancy by the entirety, or tenancy in common, as if it were a conveyance from a stranger who owned the property or interest to the persons named as grantees in the conveyance.
3. As used in this section, "person" may be a married person and "persons" may be persons married to each other.</blockquote>
§ 240-c Real Prop. Joint tenancy severance.
<blockquote>1. In addition to any other means by which a joint tenancy with right of survivorship may be severed, a joint tenant may unilaterally sever a joint tenancy in real property without consent of any non-severing joint tenant or tenants by:
<blockquote>(a) Execution and delivery of a deed that conveys legal title to the severing joint tenant's interest to a third person, whether or not pursuant to an agreement requiring the third person to reconvey legal title to the severing joint tenant; or
(b) Execution of a written instrument that evidences the intent to sever the joint tenancy, including a deed that names the severing tenant as the direct grantee of the severing tenant's interest.</blockquote>
2. No severance of a joint tenancy pursuant to subdivision one of this section shall terminate the right of survivorship of any non-severing joint tenant or tenants as to the severing tenant's interest unless the deed or written instrument effecting the severance is recorded, prior to the death of the severing tenant, in the county where the real property is located.
3. Nothing in this section shall limit the manner or effect of:
<blockquote>(a) A severance of a joint tenancy pursuant to a written instrument executed by all joint tenants, or pursuant to a written agreement of all joint tenants.
(b) A severance of a joint tenancy effected by a deed from a joint tenant to another joint tenant.
(c) A severance ordered by a court of competent jurisdiction.</blockquote>
</blockquote>
§ 241 Real Prop. Ancient conveyances abolished.
The conveyance of real property by feoffment, with livery of seizin, or by fines, or common recoveries, is abolished.
§ 242 Real Prop. Disclosure prior to the sale of real property.
[EDITORS' NOTE: TE TEXT OF THIS SECTION IS EFFECTIVE UNTIL JANUARY 1, 2007, SEE BELOW SECTION FOR TEXT EFFECTIVE JANUARY 1, 2007.]
<blockquote>
<blockquote>1. (a) Any person, firm, company, partnership or corporation offering to sell real property to which no utility electric service is provided shall provide written notice to the prospective purchaser or to the prospective purchaser's agent, clearly indicating this fact. Such notice shall be provided prior to accepting a purchase offer.
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this section is entitled to recover any actual damages incurred from the person offering to sell said real property.
(c) The provisions of this subdivision shall not apply in instances where the real property being sold lies within the applicable free footage allowance or service lateral specified by the public service commission in rule, regulation or public utility tariff.</blockquote>
2. Disclosure prior to the sale of real property to which utility surcharge payments attach.
<blockquote>(a) Any person, firm, company, partnership or corporation offering to sell real property against which an electric, gas or water utility surcharge is assessed for the purpose of defraying the costs associated with an electric, gas or water line extension, or for the purpose of defraying the costs associated with related facilities, shall provide written notice to the prospective purchaser or the prospective purchaser's agent, stating as follows: "This property is subject to an electric , gas and/or water utility surcharge". In addition, such notice shall also state, the type and purpose of the surcharge, the amount of the surcharge and whether such surcharge is payable on a monthly, yearly or other basis. Such notice shall be provided by the seller prior to accepting a purchase offer.
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this subdivision is entitled to recover any actual damages incurred from the person offering to sell or selling said real property.
(As amended by Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004.)
Amendment Notes:
Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004, amended paragraph (a) of subdivision 2.</blockquote>
</blockquote>
§ 242 Disclosure prior to the sale of real property.
[EDITORS' NOTE: THE TEXT OF THIS SECTION IS EFFECTIVE JANUARY 1, 2007, SEE ABOVE SECTION FOR TEXT EFFECTIVE UNTIL JANUARY 1, 2007.]
<blockquote>
<blockquote>1. (a) Any person, firm, company, partnership or corporation offering to sell real property to which no utility electric service is provided shall provide written notice to the prospective purchaser or to the prospective purchaser's agent, clearly indicating this fact. Such notice shall be provided prior to accepting a purchase offer.
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this section is entitled to recover any actual damages incurred from the person offering to sell said real property.
(c) The provisions of this subdivision shall not apply in instances where the real property being sold lies within the applicable free footage allowance or service lateral specified by the public service commission in rule, regulation or public utility tariff.</blockquote>
2. Disclosure prior to the sale of real property to which utility surcharge payments attach.<br />
<br />
(a) Any person, firm, company, partnership or corporation offering to sell real property against which an electric, gas or water utility surcharge is assessed for the purpose of defraying the costs associated with an electric, gas or water line extension, or for the purpose of defraying the costs associated with related facilities, shall provide written notice to the prospective purchaser or the prospective purchaser’s agent, stating as follows: “This property is subject to an electric , gas and/or water utility surcharge”. In addition, such notice shall also state, the type and purpose of the surcharge, the amount of the surcharge and whether such surcharge is payable on a monthly, yearly or other basis. Such notice shall be provided by the seller prior to accepting a purchase offer.<br />
<br />
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this subdivision is entitled to recover any actual damages incurred from the person offering to sell or selling said real property.<br />
(As amended by Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004.)<br />
Amendment Notes:<br />
Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004, amended paragraph (a) of subdivision 2.<br />
<br />
§ 242 Disclosure prior to the sale of real property.<br />
[EDITORS’ NOTE: THE TEXT OF THIS SECTION IS EFFECTIVE JANUARY 1, 2007, SEE ABOVE SECTION FOR TEXT EFFECTIVE UNTIL JANUARY 1, 2007.]<br />
<br />
1. (a) Any person, firm, company, partnership or corporation offering to sell real property to which no utility electric service is provided shall provide written notice to the prospective purchaser or to the prospective purchaser’s agent, clearly indicating this fact. Such notice shall be provided prior to accepting a purchase offer.<br />
<br />
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this section is entitled to recover any actual damages incurred from the person offering to sell said real property.<br />
<br />
(c) The provisions of this subdivision shall not apply in instances where the real property being sold lies within the applicable free footage allowance or service lateral specified by the public service commission in rule, regulation or public utility tariff.<br />
<br />
2. Disclosure prior to the sale of real property to which utility surcharge payments attach.<br />
<br />
(a) Any person, firm, company, partnership or corporation offering to sell real property against which an electric, gas or water utility surcharge is assessed for the purpose of defraying the costs associated with an electric, gas or water line extension, or for the purpose of defraying the costs associated with related facilities, shall provide written notice to the prospective purchaser or the prospective purchaser’s agent, stating as follows: “This property is subject to an electric , gas and/or water utility surcharge”. In addition, such notice shall also state, the type and purpose of the surcharge, the amount of the surcharge and whether such surcharge is payable on a monthly, yearly or other basis. Such notice shall be provided by the seller prior to accepting a purchase offer.<br />
<br />
(b) Any prospective or actual purchaser who has suffered a loss due to a violation of this subdivision is entitled to recover any actual damages incurred from the person offering to sell or selling said real property.<br />
<br />
3. Any person, firm, company, partnership or corporation offering to sell real property on which uncapped natural gas wells are situated, and of which such person, firm, company, partnership or corporation has actual knowledge, shall inform any purchaser of the existence of these wells prior to entering into a contract for the sale/purchase of such property.<br />
(As amended by Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004; Laws 2006, ch. 163, Sec. 1, eff. Jan. 1, 2007.)<br />
Amendment Notes:<br />
Laws 2006, ch. 163, Sec. 1, eff. Jan. 1, 2007, amended this section by adding a new subdivision 3.<br />
Laws 2004, ch. 61, Sec. 1, eff. Oct. 31, 2004, amended paragraph (a) of subdivision 2.<br />
<br />
§ 243 Real Prop. Grant of fee or freehold.<br />
<br />
A grant in fee or of a freehold estate, must be subscribed by the person from whom the estate or interest conveyed is intended to pass, or by his lawful agent thereunto authorized in writing. If not duly acknowledged before its delivery, according to the provisions of this chapter, its execution and delivery must be attested by at least one witness, or, if not so attested, it does not take effect as against a subsequent purchaser or incumbrancer until so acknowledged.<br />
<br />
§ 244 Real Prop. When grant takes effect.<br />
<br />
A grant takes effect, so as to vest the estate or interest intended to be conveyed, only from its delivery; and all the rules of law, now in force, in respect to the delivery of deeds, apply to grants hereafter executed.<br />
<br />
§ 245 Real Prop. Estate which passes by grant or devise.<br />
<br />
A grant or devise of real property passes all the estate or interest of the grantor or testator unless the intent to pass a less estate or interest appears by the express terms of such grant or devise or by necessary implication therefrom. A greater estate or interest does not pass by any grant or conveyance, than the grantor possessed or could lawfully convey, at the time of the delivery of the deeds; except that every grant is conclusive against the grantor and his heirs claiming from him by descent, and as against a subsequent purchaser or incumbrancer from such grantor, or from such heirs claiming as such, other than a subsequent purchaser or incumbrancer in good faith and for a valuable consideration, who acquires a superior title by a conveyance that has been first duly recorded.<br />
<br />
§ 246 Real Prop. Certain deeds declared grants.<br />
<br />
Deeds of bargain and sale, and of lease and release, may continue to be used; and are to be deemed grants, subject to all the provisions of law in relation thereto.<br />
<br />
§ 247 Real Prop. Conveyance by tenant for life or years of greater estate than possessed.<br />
<br />
A conveyance made by a tenant for life or years, of a greater estate than he possesses, or can lawfully convey, does not work a forfeiture of his estate, but passes to the grantee all the title, estate or interest which such tenant can lawfully convey.<br />
<br />
§ 248 Real Prop. Effect of conveyance where property is leased.<br />
<br />
An attornment to a grantee is not requisite to the validity of a conveyance of real property occupied by a tenant, or of the rents or profits thereof, or any other interest therein. But the payment of rent to a grantor, by his tenant, before notice of the conveyance, binds the grantee; and the tenant is not liable to such grantee, before such notice, for the breach of any condition of the lease.<br />
<br />
NEW YORK CONSOLIDATED LAWS<br />
CHAPTER 50 OF THE CONSOLIDATED LAWS — REAL PROPERTY LAW<br />
ARTICLE 14 PROPERTY CONDITION DISCLOSURE IN THE SALE OF RESIDENTIAL REAL PROPERTY<br />
<br />
§ 461 Real Prop. Definitions.<br />
<br />
As used in this article, the following terms shall have the following meanings:<br />
<br />
1. “Agent” means a person who is licensed as a real estate broker or a real estate salesperson pursuant to section four hundred forty-a of this chapter and is acting in a fiduciary capacity.<br />
<br />
2. “Binding contract of sale” means a real estate purchase contract or offer that would, upon signing by the seller and subject to satisfaction of any contingencies, require the buyer to accept a transfer of title.<br />
<br />
3. “Knowledge” means only actual knowledge of a defect or condition on the part of the seller of residential real property.<br />
<br />
4. “Real estate purchase contract” means any of the following:<br />
<br />
(a) a contract which provides for the purchase and sale or exchange of residential real property;<br />
<br />
(b) a lease with an option to purchase residential real property;<br />
<br />
(c) a lease-with-obligation-to-purchase agreement for residential real property; or<br />
<br />
(d) an installment land sale contract for residential real property.<br />
<br />
5. “Residential real property” means real property improved by a one to four family dwelling used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons, but shall not refer to (a) unimproved real property upon which such dwellings are to be constructed, or (b) condominium units or cooperative apartments, or (c) property in a homeowners’ association that is not owned in fee simple by the seller.<br />
<br />
6. “Transfer of title” means delivery of a properly executed instrument conveying title to residential real property and shall include delivery of a real estate purchase contract that is a lease or installment land sale contract.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
<br />
§ 462 Real Prop. Property condition disclosure statement<br />
<br />
1. Except as is provided in section four hundred sixty-three of this article, every seller of residential real property pursuant to a real estate purchase contract shall complete and sign a property condition disclosure statement as prescribed by subdivision two of this section and cause it, 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. A copy of the property condition disclosure statement containing the signatures of both seller and buyer shall be attached to the real estate purchase contract. Nothing contained in this article or this disclosure statement is intended to prevent the parties to a contract of sale from entering into agreements of any kind or nature with respect to the physical condition of the property to be sold, including, but not limited to, agreements for the sale of real property “as is”.<br />
<br />
2. The following shall be the disclosure form:PROPERTY CONDITION DISCLOSURE STATEMENT<br />
<br />
NAME OF SELLER OR SELLERS:<br />
<br />
PROPERTY ADDRESS:<br />
<br />
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.<br />
<br />
PURPOSE OF STATEMENT: THIS IS A STATEMENT OF CERTAIN CONDITIONS AND INFORMATION CONCERNING THE PROPERTY KNOWN TO THE SELLER. THIS DISCLOSURE STATEMENT IS NOT A WARRANTY OF ANY KIND BY THE SELLER OR BY ANY AGENT REPRESENTING THE SELLER IN THIS TRANSACTION. IT IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR TESTS AND THE BUYER IS ENCOURAGED TO OBTAIN HIS OR HER OWN INDEPENDENT PROFESSIONAL INSPECTIONS AND ENVIRONMENTAL TESTS AND ALSO IS ENCOURAGED TO CHECK PUBLIC RECORDS PERTAINING TO THE PROPERTY. A KNOWINGLY FALSE OR INCOMPLETE STATEMENT BY THE SELLER ON THIS FORM MAY SUBJECT THE SELLER TO CLAIMS BY THE BUYER PRIOR TO OR AFTER THE TRANSFER OF TITLE. IN THE EVENT A SELLER FAILS TO PERFORM THE DUTY PRESCRIBED IN THIS ARTICLE TO DELIVER A DISCLOSURE STATEMENT PRIOR TO THE SIGNING BY THE BUYER OF A BINDING CONTRACT OF SALE, THE BUYER SHALL RECEIVE UPON THE TRANSFER OF TITLE A CREDIT OF FIVE HUNDRED DOLLARS AGAINST THE AGREED UPON PURCHASE PRICE OF THE RESIDENTIAL REAL PROPERTY.<br />
<br />
“RESIDENTIAL REAL PROPERTY” MEANS REAL PROPERTY IMPROVED BY A ONE TO FOUR FAMILY DWELLING USED OR OCCUPIED, OR INTENDED TO BE USED OR OCCUPIED, WHOLLY OR PARTLY, AS THE HOME OR RESIDENCE OF ONE OR MORE PERSONS, BUT SHALL NOT REFER TO (A) UNIMPROVED REAL PROPERTY UPON WHICH SUCH DWELLINGS ARE TO BE CONSTRUCTED OR (B) CONDOMINIUM UNITS OR COOPERATIVE APARTMENTS OR (C) PROPERTY ON A HOMEOWNERS’ ASSOCIATION THAT IS NOT OWNED IN FEE SIMPLE BY THE SELLER.<br />
<br />
INSTRUCTIONS TO THE SELLER:<br />
<br />
(a) ANSWER ALL QUESTIONS BASED UPON YOUR ACTUAL KNOWLEDGE.<br />
<br />
(b) ATTACH ADDITIONAL PAGES WITH YOUR SIGNATURE IF ADDITIONAL SPACE IS REQUIRED.<br />
<br />
(c) COMPLETE THIS FORM YOURSELF.<br />
<br />
(d) IF SOME ITEMS DO NOT APPLY TO YOUR PROPERTY, CHECK “NA” (NON-APPLICABLE). IF YOU DO NOT KNOW THE ANSWER CHECK “UNKN” (UNKNOWN).<br />
<br />
SELLER’S STATEMENT: THE SELLER MAKES THE FOLLOWING REPRESENTATIONS TO THE BUYER BASED UPON THE SELLER’S ACTUAL KNOWLEDGE AT THE TIME OF SIGNING THIS DOCUMENT. THE SELLER AUTHORIZES HIS OR HER AGENT, IF ANY, TO PROVIDE A COPY OF THIS STATEMENT TO A PROSPECTIVE BUYER OF THE RESIDENTIAL REAL PROPERTY. THE FOLLOWING ARE REPRESENTATIONS MADE BY THE SELLER AND ARE NOT THE REPRESENTATIONS OF THE SELLER’S AGENT.GENERAL INFORMATION<br />
<br />
1. HOW LONG HAVE YOU OWNED THE PROPERTY?<br />
<br />
2. HOW LONG HAVE YOU OCCUPIED THE PROPERTY?<br />
<br />
3. WHAT IS THE AGE OF THE STRUCTURE OR STRUCTURES? NOTE TO BUYER — IF THE STRUCTURE WAS BUILT BEFORE 1978 YOU ARE ENCOURAGED TO INVESTIGATE FOR THE PRESENCE OF LEAD BASED PAINT.<br />
<br />
4. DOES ANYBODY OTHER THAN YOURSELF HAVE A LEASE, EASEMENT OR ANY OTHER RIGHT TO USE OR OCCUPY ANY PART OF YOUR PROPERTY OTHER THAN THOSE STATED IN DOCUMENTS AVAILABLE IN THE PUBLIC RECORD, SUCH AS RIGHTS TO USE A ROAD OR PATH OR CUT TREES OR CROPS.<br />
<br />
YES NO UNKN NA<br />
<br />
5. DOES ANYBODY ELSE CLAIM TO OWN ANY PART OF YOUR PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
6. HAS ANYONE DENIED YOU ACCESS TO THE PROPERTY OR MADE A FORMAL LEGAL CLAIM CHALLENGING YOUR TITLE TO THE PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
7. ARE THERE ANY FEATURES OF THE PROPERTY SHARED IN COMMON WITH ADJOINING LAND OWNERS OR A HOMEOWNERS ASSOCIATION, SUCH AS WALLS, FENCES OR DRIVEWAYS?<br />
<br />
YES NO UNKN NA (IF YES DESCRIBE BELOW)<br />
<br />
8. ARE THERE ANY ELECTRIC OR GAS UTILITY SURCHARGES FOR LINE EXTENSIONS, SPECIAL ASSESSMENTS OR HOMEOWNER OR OTHER ASSOCIATION FEES THAT APPLY TO THE PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
9. ARE THERE CERTIFICATES OF OCCUPANCY RELATED TO THE PROPERTY?<br />
<br />
YES NO UNKN NA (IF NO, EXPLAIN BELOW)<br />
<br />
ENVIRONMENTAL NOTE TO SELLER — IN THIS SECTION, YOU WILL BE ASKED QUESTIONS REGARDING PETROLEUM PRODUCTS AND HAZARDOUS OR TOXIC SUBSTANCES THAT YOU KNOW TO HAVE BEEN SPILLED, LEAKED OR OTHERWISE BEEN RELEASED ON THE PROPERTY OR FROM THE PROPERTY ONTO ANY OTHER PROPERTY. PETROLEUM PRODUCTS MAY INCLUDE, BUT ARE NOT LIMITED TO, GASOLINE, DIESEL FUEL, HOME HEATING FUEL, AND LUBRICANTS. HAZARDOUS OR TOXIC SUBSTANCES ARE PRODUCTS THAT COULD POSE SHORT- OR LONG-TERM DANGER TO PERSONAL HEALTH OR THE ENVIRONMENT IF THEY ARE NOT PROPERLY DISPOSED OF, APPLIED OR STORED. THESE INCLUDE, BUT ARE NOT LIMITED TO, FERTILIZERS, PESTICIDES AND INSECTICIDES, PAINT INCLUDING PAINT THINNER, VARNISH REMOVER AND WOOD PRESERVATIVES, TREATED WOOD, CONSTRUCTION MATERIALS SUCH AS ASPHALT AND ROOFING MATERIALS, ANTIFREEZE AND OTHER AUTOMOTIVE PRODUCTS, BATTERIES, CLEANING SOLVENTS INCLUDING SEPTIC TANK CLEANERS, HOUSEHOLD CLEANERS AND POOL CHEMICALS AND PRODUCTS CONTAINING MERCURY AND LEAD.<br />
<br />
NOTE TO BUYER — IF CONTAMINATION OF THIS PROPERTY FROM PETROLEUM PRODUCTS AND/OR HAZARDOUS OR TOXIC SUBSTANCES IS A CONCERN TO YOU, YOU ARE URGED TO CONSIDER SOIL AND GROUNDWATER TESTING OF THIS PROPERTY.<br />
<br />
10. IS ANY OR ALL OF THE PROPERTY LOCATED IN A DESIGNATED FLOODPLAIN?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
11. IS ANY OR ALL OF THE PROPERTY LOCATED IN A DESIGNATED WETLAND?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
12. IS THE PROPERTY LOCATED IN AN AGRICULTURAL DISTRICT?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
13. WAS THE PROPERTY EVER THE SITE OF A LANDFILL?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
14. ARE THERE OR HAVE THERE EVER BEEN FUEL STORAGE TANKS ABOVE OR BELOW THE GROUND ON THE PROPERTY?<br />
<br />
YES NO UNKN NA IF YES, ARE THEY CURRENTLY IN USE?<br />
<br />
YES NO UNKN NA LOCATION(S) ARE THEY LEAKING OR HAVE THEY EVER LEAKED?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
15. IS THERE ASBESTOS IN THE STRUCTURE?<br />
<br />
YES NO UNKN NA (IF YES, STATE LOCATION OR LOCATIONS BELOW)<br />
<br />
16. IS LEAD PLUMBING PRESENT?<br />
<br />
YES NO UNKN NA (IF YES, STATE LOCATION OR LOCATIONS BELOW)<br />
<br />
17. HAS A RADON TEST BEEN DONE?<br />
<br />
YES NO UNKN NA (IF YES, ATTACH A COPY OF THE REPORT)<br />
<br />
18. HAS MOTOR FUEL, MOTOR OIL, HOME HEATING FUEL, LUBRICATING OIL OR ANY OTHER PETROLEUM PRODUCT, METHANE GAS, OR ANY HAZARDOUS OR TOXIC SUBSTANCE SPILLED, LEAKED OR OTHERWISE BEEN RELEASED ON THE PROPERTY OR FROM THE PROPERTY ONTO ANY OTHER PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, DESCRIBE BELOW)<br />
<br />
19. HAS THE PROPERTY BEEN TESTED FOR THE PRESENCE OF MOTOR FUEL, MOTOR OIL, HOME HEATING FUEL, LUBRICATING OIL, OR ANY OTHER PETROLEUM PRODUCT, METHANE GAS, OR ANY HAZARDOUS OR TOXIC SUBSTANCE?<br />
<br />
YES NO UNKN NA (IF YES, ATTACH REPORT(S))STRUCTURAL<br />
<br />
20. IS THERE ANY ROT OR WATER DAMAGE TO THE STRUCTURE OR STRUCTURES?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
21. IS THERE ANY FIRE OR SMOKE DAMAGE TO THE STRUCTURE OR STRUCTURES?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
22. IS THERE ANY TERMITE, INSECT, RODENT OR PEST INFESTATION OR DAMAGE?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
23. HAS THE PROPERTY BEEN TESTED FOR TERMITE, INSECT, RODENT OR PEST INFESTATION OR DAMAGE?<br />
<br />
YES NO UNKN NA (IF YES, PLEASE ATTACH REPORT(S))<br />
<br />
24. WHAT IS THE TYPE OF ROOF/ROOF COVERING (SLATE, ASPHALT, OTHER.)? ANY KNOWN MATERIAL DEFECTS? HOW OLD IS THE ROOF? IS THERE A TRANSFERABLE WARRANTEE ON THE ROOF IN EFFECT NOW?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
25. ARE THERE ANY KNOWN MATERIAL DEFECTS IN ANY OF THE FOLLOWING STRUCTURAL SYSTEMS: FOOTINGS, BEAMS, GIRDERS, LINTELS, COLUMNS OR PARTITIONS.<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)MECHANICAL SYSTEMS & SERVICES<br />
<br />
26. WHAT IS THE WATER SOURCE (CIRCLE ALL THAT APPLY — WELL, PRIVATE, MUNICIPAL, OTHER)? IF MUNICIPAL, IS IT METERED?<br />
<br />
YES NO UNKN NA<br />
<br />
27. HAS THE WATER QUALITY AND/OR FLOW RATE BEEN TESTED?<br />
<br />
YES NO UNKN NA (IF YES, DESCRIBE BELOW)<br />
<br />
28. WHAT IS THE TYPE OF SEWAGE SYSTEM (CIRCLE ALL THAT APPLY — PUBLIC SEWER, PRIVATE SEWER, SEPTIC OR CESSPOOL)? IF SEPTIC OR CESSPOOL, AGE? ________ DATE LAST PUMPED? ________ FREQUENCY OF PUMPING? ________ ANY KNOWN MATERIAL DEFECTS?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
29. WHO IS YOUR ELECTRIC SERVICE PROVIDER? ________ WHAT IS THE AMPERAGE? ________ DOES IT HAVE CIRCUIT BREAKERS OR FUSES? ________ PRIVATE OR PUBLIC POLES? ________ ANY KNOWN MATERIAL DEFECTS?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
30. ARE THERE ANY FLOODING, DRAINAGE OR GRADING PROBLEMS THAT RESULTED IN STANDING WATER ON ANY PORTION OF THE PROPERTY?<br />
<br />
YES NO UNKN NA (IF YES, STATE LOCATIONS AND EXPLAIN BELOW)<br />
<br />
31. DOES THE BASEMENT HAVE SEEPAGE THAT RESULTS IN STANDING WATER?<br />
<br />
YES NO UNKN NA (IF YES, EXPLAIN BELOW)<br />
<br />
ARE THERE ANY KNOWN MATERIAL DEFECTS IN ANY OF THE FOLLOWING (IF YES, EXPLAIN BELOW. USE ADDITIONAL SHEETS IF NECESSARY.):<br />
<br />
32. PLUMBING SYSTEM? YES NO UNKN NA<br />
<br />
33. SECURITY SYSTEM? YES NO UNKN NA<br />
<br />
34. CARBON MONOXIDE DETECTOR? YES NO UNKN NA<br />
<br />
35. SMOKE DETECTOR? YES NO UNKN NA<br />
<br />
36. FIRE SPRINKLER SYSTEM? YES NO UNKN NA<br />
<br />
37. SUMP PUMP? YES NO UNKN NA<br />
<br />
38. FOUNDATION/SLAB? YES NO UNKN NA<br />
<br />
39. INTERIOR WALLS/CEILINGS? YES NO UNKN NA<br />
<br />
40. EXTERIOR WALLS OR SIDING? YES NO UNKN NA<br />
<br />
41. FLOORS? YES NO UNKN NA<br />
<br />
42. CHIMNEY/FIREPLACE OR STOVE? YES NO UNKN NA<br />
<br />
43. PATIO/DECK? YES NO UNKN NA<br />
<br />
44. DRIVEWAY? YES NO UNKN NA<br />
<br />
45. AIR CONDITIONER? YES NO UNKN NA<br />
<br />
46. HEATING SYSTEM? YES NO UNKN NA<br />
<br />
47. HOT WATER HEATER? YES NO UNKN NA<br />
<br />
48. THE PROPERTY IS LOCATED IN THE FOLLOWING SCHOOL DISTRICT UNKN NOTE: BUYER IS ENCOURAGED TO CHECK PUBLIC RECORDS CONCERNING THE PROPERTY (E.G. TAX RECORDS AND WETLAND AND FLOOD PLAIN MAPS)<br />
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THE SELLER SHOULD USE THIS AREA TO FURTHER EXPLAIN ANY ITEM ABOVE. IF NECESSARY, ATTACH ADDITIONAL PAGES AND INDICATE HERE THE NUMBER OF ADDITIONAL PAGES ATTACHED.<br />
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SELLER’S CERTIFICATION: SELLER CERTIFIES THAT THE INFORMATION IN THIS PROPERTY CONDITION DISCLOSURE STATEMENT IS TRUE AND COMPLETE TO THE SELLER’S ACTUAL KNOWLEDGE AS OF THE DATE SIGNED BY THE SELLER. IF A SELLER OF RESIDENTIAL REAL PROPERTY ACQUIRES KNOWLEDGE WHICH RENDERS MATERIALLY INACCURATE A PROPERTY CONDITION DISCLOSURE STATEMENT PROVIDED PREVIOUSLY, THE SELLER SHALL DELIVER A REVISED PROPERTY CONDITION DISCLOSURE STATEMENT TO THE BUYER AS SOON AS PRACTICABLE. IN NO EVENT, HOWEVER, SHALL A SELLER BE REQUIRED TO PROVIDE A REVISED PROPERTY CONDITION DISCLOSURE STATEMENT AFTER THE TRANSFER OF TITLE FROM THE SELLER TO THE BUYER OR OCCUPANCY BY THE BUYER, WHICHEVER IS EARLIER.<br />
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SELLER__________ DATE___________<br />
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SELLER__________ DATE___________<br />
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BUYER’S ACKNOWLEDGMENT: BUYER ACKNOWLEDGES RECEIPT OF A COPY OF THIS STATEMENT AND BUYER UNDERSTANDS THAT THIS INFORMATION IS A STATEMENT OF CERTAIN CONDITIONS AND INFORMATION CONCERNING THE PROPERTY KNOWN TO THE SELLER. IT IS NOT A WARRANTY OF ANY KIND BY THE SELLER OR SELLER’S AGENT AND IS NOT A SUBSTITUTE FOR ANY HOME, PEST, RADON OR OTHER INSPECTIONS OR TESTING OF THE PROPERTY OR INSPECTION OF THE PUBLIC RECORDS.<br />
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BUYER__________ DATE__________<br />
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BUYER__________ DATE _________<br />
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3. Nothing in this article shall require a seller to undertake or provide for any investigation or inspection of his or her residential real property or to check any public records.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
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§ 463 Real Prop. Exemptions.<br />
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A property condition disclosure statement shall not be required in connection with any of the following transfers of residential real property:<br />
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1. A transfer pursuant to a court order, including, but not limited to, a transfer order by a probate court during the administration of a decedent’s estate, a transfer pursuant to a writ of execution, a transfer by a trustee in bankruptcy or debtor-in-possession, a transfer as a result of the exercise of the power of eminent domain, and a transfer that results from a decree for specific performance of a contract or other agreement between two or more persons;<br />
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2. A transfer to mortgagee or an affiliate or agent thereof by a mortgagor by deed in lieu of foreclosure or in satisfaction of the mortgage debt;<br />
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3. A transfer to a beneficiary of a deed of trust;<br />
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4. A transfer pursuant to a foreclosure sale that follows a default in the satisfaction of an obligation that is secured by a mortgage;<br />
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5. A transfer by a sale under a power of sale that follows a default in the satisfaction of an obligation that is secured by a mortgage;<br />
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6. A transfer by a mortgagee, or a beneficiary under a mortgage, or an affiliate or agent thereof, who has acquired the residential real property at a sale under a mortgage or who has acquired the residential real property by a deed in lieu of foreclosure;<br />
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7. A transfer by a fiduciary in the course of the administration of a descendent’s estate, a guardianship, a conservatorship, or a trust;<br />
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8. A transfer from one co-owner to one or more other co-owners;<br />
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9. A transfer made to the transferor’s spouse or to one or more persons in the lineal consanguinity of one or more of the transferors;<br />
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10. A transfer between spouses or former spouses as a result of a decree of divorce, dissolution of marriage, annulment, or legal separation or as a result of property settlement, agreement incidental to a decree of divorce, dissolution of marriage, annulment or legal separation;<br />
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11. A transfer to or from the state, a political subdivision of the state, or another governmental entity;<br />
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12. A transfer that involves newly constructed residential real property that previously had not been inhabited;<br />
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13. A transfer by a sheriff; or<br />
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14. A transfer pursuant to a partition action.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
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§ 464 Real Prop. Revision.<br />
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If a seller of residential real property acquires knowledge which renders materially inaccurate a property condition disclosure statement provided previously, the seller shall deliver a revised property condition disclosure statement to the buyer as soon as practicable. In no event, however, shall a seller be required to provide a revised property condition disclosure statement after the transfer of title from the seller to the buyer or occupancy by the buyer, whichever is earlier.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
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§ 465 Real Prop. Remedy.<br />
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1. In the event a seller fails to perform the duty prescribed in this article to deliver a disclosure statement prior to the signing by the buyer of a binding contract of sale, the buyer shall receive upon the transfer of title a credit of five hundred dollars against the agreed upon purchase price of the residential real property.<br />
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2. Any seller who provides a property condition disclosure statement or provides or fails to provide a revised property condition disclosure statement shall be liable only for a willful failure to perform the requirements of this article. For such a willful failure, the seller shall be liable for the actual damages suffered by the buyer in addition to any other existing equitable or statutory remedy.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
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§ 466 Real Prop. Duty of an agent<br />
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An agent representing a seller of residential real property as a listing broker shall have the duty to timely inform each seller represented by that agent of the seller’s obligations under this article. An agent representing a buyer of residential real property, or, if the buyer is not represented by an agent, the agent representing a seller of residential real property and dealing with a prospective buyer, shall have the duty to timely (in any event, before the buyer signs a binding contract of sale) inform such buyer of the buyer’s rights and obligations under this article. If an agent performs the duties and obligations imposed upon him or her pursuant to this section, the agent shall have no further duties under this article and shall not be liable to any party for a violation of this article.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
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§ 467 Real Prop. Liability.<br />
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Nothing contained in this article shall be construed as limiting any existing legal cause of action or remedy at law, in statute or in equity.<br />
(Added by Laws 2001, ch. 456, § 2, eff. Mar. 1 2002.)<br />
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NEW YORK CASE LAW<br />
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The key to the resolution of the rights of the parties lies in whether the vendee under a land sale contract has acquired an interest in the property of such a nature that it must be extinguished before the vendor may resume possession. Such an interest exists when the vendee acquires equitable title and the vendor merely holds the legal title in trust for the vendee, subject to the vendor’s equitable lien for the payment of the purchase price in accordance with the terms of the contract. The vendor may not enforce his rights by the simple expedient of an action in ejectment but must instead proceed to foreclose the vendee’s equitable title or bring an action at law for the purchase price. Bean v. Walker, 95 A.D.2d 70 (1983)<br />
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While legal title does not vest in the vendee until the contract terms are satisfied, he does acquire a vested equitable title at the time the contract is consummated. When the parties enter into the contract all incidents of ownership accrue to the vendee who assumes the risk of loss and is the recipient of all appreciation of value. The status of the parties becomes like that of mortgagor-mortgagee. Viewed otherwise would be to elevate form over substance. Id.<br />
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Where sale of real property is evidenced by contract only and the purchase price has not been paid and is not to be paid until some future date in accordance with the terms of the agreement, the parties occupy substantially the position of mortgagor and mortgagee at common law. In New York a mortgage merely creates a lien rather than conveying title. Id.
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