Expert: Hans Weber, Licensed Broker Associate - 9/27/2004

Question
Hi, Is it required that a seller MUST fill out the questionair or can they decline. Was told that you can decline to fill it out but you have to credit the Buyer $500. And what is the period of time the seller is "On the Hook" after the sale is completed. Seems there would have to be some time limit on the your liability.
Thanks, Bob

Answer
Hi Bob,
Thanks for your question.

Yes, New York state law requires sellers to complete the Property Condition Disclosure Statement and make it available to all potential buyers.
And yes, sellers can decline to fill out the form and credit the buyer $500 at closing instead.  Most lawyers prefer their clients not fill out the disclosure form.
The buyer should do all due diligence prior to closing in the way of inspections, title search etc regardless of whether or not the seller supplies the disclosure form.

Once the property passes title and the sale is completed the seller is "off the hook".

Of course anyone can sue after closing if they find some defect intentionally hidden buy a seller.

Hope this answers your question.

Hans