Realtors chime in! (New York, York: 2013, credit, house)

[LouRod87]

Does a sellers agent in NY have to disclose a house is in a flood zone ?

Realtors seem to be split on this. Anywhere I can get a concrete answer ? A link would be great.

[BlakeJones]

Originally Posted by LouRod87

Does a sellers agent in NY have to disclose a house is in a flood zone ?

Realtors seem to be split on this. Anywhere I can get a concrete answer ? A link would be great.

just look at the map, if you buy in a flood zone and get water damage it's your own dumb fault

[HarperQuinn]

Originally Posted by LouRod87

Does a sellers agent in NY have to disclose a house is in a flood zone ?

Realtors seem to be split on this. Anywhere I can get a concrete answer ? A link would be great.

Types of Disclosures New York Sellers Must Make:

The PCDA requires you to complete a standard form disclosure statement http://www.dos.ny.gov/forms/licensing/1614-a.pdf. The language of the disclosure statement comes directly from the law and contains 48 questions about the property. The questions are organized by topic, and the topics are:

general information: age, ownership, utility surcharges and possession of the property
environmental: whether the property is located within a flood plain, wetlands, or agricultural district, near a landfill; whether the property contains asbestos, lead pipes, or fuel storage tanks; whether a radon test has been performed on the property; or whether petroleum products or hazardous or toxic substances are known to have been spilled, leaked, or otherwise released on or from the property
structural: water, fire, smoke, or insect damage and the condition of the roof
mechanical systems and services: utilities, water source and quality, sewers, drainage, flooding.

The disclosure statement also asks you to check off any systems or property components that have known defects from a list that includes plumbing, air conditioning, heating, hot water, security and other detection systems, foundation, walls, sump pumps, floors, chimneys, patios, decks, or driveways. If any of these systems or components are defective, you should describe the defect in detail in the spaces provided on the form. (N.Y. Real Prop. Law §462).

The agent should provide that information but buyers should do their due diligence and research properties.

[LouRod87]

In NY, the seller can pay $500 to the buyer and not disclose anything. I'm trying to figure out if it protects their agent.

[HarperQuinn]

Originally Posted by LouRod87

In NY, the seller can pay $500 to the buyer and not disclose anything. I'm trying to figure out if it protects their agent.

If the seller decides to not disclose and sign a disclaimer statement and fork the $500 credit at closing then the agent is protected.

[WhyRUMad]

Pay $500 to not disclose what? A murder? If the house is haunted? Demons?


I've never heard of this and if I was buying and a seller said, "Hey, I'll give you $500 if I don't have to disclose something to you about this house." I'd back out.

[HarperQuinn]

Originally Posted by WhyRUMad

Pay $500 to not disclose what? A murder? If the house is haunted? Demons?


I've never heard of this and if I was buying and a seller said, "Hey, I'll give you $500 if I don't have to disclose something to you about this house." I'd back out.

Look at previous comment. Opt out of disclosing general information, environmental, structural and mechanical systems/services. You are required to complete the disclosure statement or a disclaimer that entitles the buyer to a $500 credit. I agree - I wouldn't want to purchase w/o the disclosure statement and doing inspections but it's become a common thing now for sellers to just pay the $500 credit.

Now with the $500 credit to not disclosure - it opens the door for potential lawsuits (future). But often judges stress "let the buyer beware".