Sellers in New York generally choose to pay the $500 closing credit to the buyer rather than completing the NYS Property Condition Disclosure Statement. Sellers feel that the disclosure statement may discourage potential buyers instead of fueling interest from potential buyers.
As a buyer, the $500 credit helps to pay for a thorough home inspection that should be completed for every home transaction. It adds to your peace of mind that your six figure purchase is structurally sound.
Even if the seller provides the full disclosure statement, a home inspection should still be done. This leads back to the benefits of the $500 closing credit outweighing the disclosure statement that may not be 100% reliable.
A seller may not be able to 100% disclose everything if they honestly don’t know about it.
Let’s say the water heater fails after two months of buying your home. Not even a home inspector will be able to predict when an appliance will fail. A seller’s disclosure statement’s worth is valved by the buyer’s trust in the statement, not by what the seller nor the seller’s agent says.
Lead-based paint disclosure must be provided by the seller with houses built before 1978. It is required by federal law to disclose the possibility of lead-based paint.
0 Comments