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Buying or Selling a Home/property condition disclosure statement

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Expert: - 5/4/2011


Question
What I need to know is, Does the property condition disclosure statement form apply to a corporation as a buyer? I know that the selling entity doesn't matter but does the buyer have to be an individual or can be any type of entity buying a property require the use of this form (or $500 in lieu of)? The property is in nyc and is a 2 family being sold by an individual to a corporation. Thank you.

Answer
Laws may differ from state to state so it would be advisable to check with your attorney before closing on the home.  However, I do know that regardless of who the buyer is, anyone buying a home should have access to all disclosures and therefore, regardless of your status (corporation or individual) the laws for the Seller are the same. When someone offers a property for sale they must have all paperwork and disclosures in place.  They don't know who will make an offer so a property disclosure is always the same. A property disclosure on a two-family home may of course be different than on a single family home.  The Seller may state 'no representation' if it isn't a home he has lived in.  Consequently, a property disclosure may not mean too much. It is always advisable that you do your homework and have it thoroughly inspected. Ask for help from professionals and make sure you know everything you can about the home before you purchase.  

Best wishes,
Jessica Bryan

Buying or Selling a Home

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Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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