So this topic is in part with other topic in Blog 14 , 13 ,1 . This is one extremely important.
You will want to have conversation with your Real estate agent, Attorney and your the rest of your team about Disclosures in Real estate.
What are the Disclosure?
How Do they effect You ?
When do they apply ?
Who is effect by them ?
Bellow I have SHARED one of the most important Disclosure you come across . This is Agency Disclosure Buyer /Seller should be getting this disclosure in the first meeting with an agent . This a Great Disclosure to Read it talks about the Responsible a Licensed Real Estate Salesperson has to the Client or Customer. You should know, WHO the REAL ESTATE AGENT IS REPRESENTING ? This extremely important . Not ALL States have the same Disclosure so please ask Us at Nuno.Ribeiro@TeachingEstateState101.com or your local Real Estate Agent . If you want a copy please look below you will find a link below the Page 1 & Page 2 of the NY State Disclosure Form For Buyer and Sell.
Below is the Property Condition Disclosure Statement in New York . This Disclosure is Questionnaire Filled out by the Seller and provide to Buyers( purchaser) . Each State has different laws when it comes to property disclosure Please reach out to US or your local real estate agent for questions . In New York The Seller must provide the form that in the event that a Seller fails to complete a Property Disclosure Statement, the Seller will owe the Buyer $500 as a penalty for failing to provide the completed statement at closing.
Tip of the Day If your Seller isn’t providing the Disclosure Statement. You can always read the disclosure ask some of questions . Example How old is your roof ? How any layers of shingle do you have on the roof ? How old is Heating System ? Most Seller will disclosure this information even if they plan on providing the Buyer(Purchaser) 500.00 at credit at closing .
Please note at not all Seller need to provide a Disclosure Statement and/or provide Penalty $500.00 Credit to the Buyer(Purchaser) . There is exceptions to the Laws . Please ask Us or local Attorney for advice .