Expert: Hans Weber, Licensed Broker Associate - 9/29/2008

Question
Hi, I came across a very helpful answer you previously provided about the NY property disclosure form. Related that question, in a transaction where it is understood that a property is being purchased "as-is", can a buyer waive the $500 credit at closing if a seller does not provide the disclosure form (and of course put this waiver in writing)?  Thank you.
Brian

Answer
Hello Brian,

Thank you for your question.

I think you are asking if the buyer can waive the $500 credit and require the seller to complete the property disclosure form?  The seller has the option to supply a completed property disclosure form or give the buyer a $500 credit.  The disclosure form was created with good intentions to help sellers tell buyers about their house's history and condition.  Since a real estate sale involves a lot of money the correctness of the answers is very important and any deviation from 100% can cost someone some money.  That opens the door to legal interpretations and lawyers and lawsuits.  That is where the credit option comes from.

I have seen a buyer sign for disclosures from a relocation company that was essentially blank, since the relo company had never lived in the house and the buyer waived the $500 credit.

As far as a property being sold as is goes, that is only as long as both sides agree to that.  You can ask for anything, you just may not get it.

Hope this helps.

Hans