In New York State, sellers of residential real property (one-to-four family dwellings, condominiums, and cooperatives) are required to complete a comprehensive disclosure form regarding the condition of the property. This document provides prospective buyers with detailed information about the property’s known material defects, covering various aspects such as structural components, mechanical systems, environmental concerns, and other relevant factors. For example, the form requires disclosure about water damage history, known presence of lead-based paint, and the operational status of heating and plumbing systems.
This mandated disclosure process offers significant advantages for both buyers and sellers. Buyers gain valuable insights into the property’s condition, enabling informed purchasing decisions and potentially avoiding costly surprises after closing. For sellers, completing the form accurately can minimize potential legal disputes arising from undisclosed defects. Historically, the implementation of this disclosure requirement aimed to increase transparency in real estate transactions and protect consumers by fostering a more balanced information exchange between parties.
