Property Description Disclosure Statement
For New York Residential Real Estate Sales
The seller of New York residential real property must deliver to the buyer, or the buyer’s agent, a Property Condition Disclosure Statement, prior to the signing by the buyer of a contract of sale (RPL §462).
In the event a seller fails deliver the Property Condition 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 ($500.00) against the agreed upon purchase price of the residential real property (RPL §465).
The text of the statement is set forth in the statute; however, to facilitate the practice, Blumberg has organized the form to allow easy comprehension and explanation of the answers directly below the questions.