New property buyers in NYC often encounter sellers who lie about the property and hide legal matters. As a result, the buyers face many problems post-purchase, and sellers deny any help. But the law says otherwise; if the seller lies about material defects in the property, the buyer has the right to ask for compensation for the misinformation and the damages. If the buyer cannot deal with the issue, they must seek help from a real estate lawyer.
As per the PDCA and the real estate law, the seller has to produce a disclosure statement containing the following details:
- Age, possession, service surcharges, and custody of the property
- If the property sits in a flood plain, wetlands, or agricultural district or near a landfill and the property have lead pipes, fuel tanks, asbestos, and other minerals.
- Radon test has been performed or not on the property, the property is at risk of toxic substances that are present in the property.
- The property-sustained water, fire, insect, and smoke damages before and is prone to similar damages today. What is the current condition of the roof?
- The utilities present in the property work fine or not, as do the source of water, the condition and quality of the drainage, and the sewers.
As a buyer, if you find this information to be false and you encounter issues with the property that are not mentioned in the statement, you need to call a real estate lawyer.
Seller Cannot Hire Investigator as Per the Real Estate Law
Under real estate law, the seller must make a disclosure statement; the law does not permit them to hire an investigator. Only the property buyer can hire an investigator, while the real estate lawyer near me will provide all the legal assistance. However, buyers should remember that the disclosure statement is not a guarantee or warranty from the seller’s end regarding the property. The statement should be treated as an alternative for investigation, examination, and other research purposes.
What happens when disclosure is not done properly?
The disclosure statement contains a lot of information, so when it is not done properly, the buyer has the right to obligate the issues. As per the PDCA and real estate law, if the seller does not submit or fails to deliver the disclosure statement to the buyer, the seller has to pay a statutory fee of around $500.00 to the buyer. Some sellers openly admit to not creating a disclosure statement and voluntarily pay the fine.
However, the buyer’s real estate lawyer NYC may accuse the seller of not disclosing the property information to the buyer despite paying a fine. The lawyer may even file a case against the seller for a “willful failure to perform” the necessities of the PDCA, in which the seller will be liable to pay the buyer for the damages caused by blemishes.
Why Law Tells Buyers to Hire a Property Agent
You should choose from the best property agents in New York regarding NY real estate law and purchasing a home in NY. While it is not necessary, many buyers choose to work with a buyer’s agent to assist them in finding a property, walk them through the offer process, explain how to buy a house in New York State and teach them how to buy houses in New York City.