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If you are financing the lender is going to want a copy of the disclosure in most cases.
I think you're using the wrong lenders if you work with one that requires a disclosure notice. Been doing this 15 years and not a single lender has ever asked for, much less required, the disclosure notice on any transaction I've worked.
A disclosure is a "notice", not part of the actual binding contract between buyer and seller as a contract is something all parties agree on, and a buyer not like nor agree with a disclosure, especially if their inspection turns up something different.
AZ Manager has it correct. Get your earnest $ back and move on - the seller is hiding something BIG. Maybe search local records or ask locals about the address - maybe something... HAPPENED... there.
The last house I bought was inspected by a professional, and he missed a couple biggies - including a missing cross joist under one corner of the house under the front door, hidden strategically by a bunch of paint cans stacked on a shelf at that spot. Passing an inspection doesn't mean much, especially if it was pencil-whipped.
Hey everyone, hope all is well and you guys can provide some advice on my situation.
I'm purchasing a 1940 colonial stick frame house in the Catskills in upstate New York.
The seller says that they want to give me a $500 credit instead of providing disclosures regarding the house.
I've already had an inspection performed.
My gut feeling is that I would rather have the disclosures than $500. Not only is $500 a low amount of money when you consider repairs and renovations, but I want to know what the seller knows about the house.
The inspection went well, there were a couple issues here and there, but mostly cosmetic. Is that enough to be comfortable moving forward? Or would you request the seller's disclosures?
Thanks!
99% of all real estate transactions in NY on older homes the seller gives the $500 credit. No lawyer in his right mind would let the seller sign a disclosure.
I sold a 1923 house that I grew up in after my Mom died. We owned it 30 years. No problems at all. Our lawyer refused to let us sign a disclosure.
He was like from 1923 -1973 could be lead paint, asbestos, aluminium wiring, foundation could have settled etc. Just cause you never had an issue why the heck would you sell a house for $550,000 and risk a huge multimillion dollar lawsuit over 500 bucks.
Here, the sellers weren't required to do a disclosure. Among the things the home inspector missed were -
1) Faulty wiring. The previous owner had decided to DIY and we had a lot of problems with shorting out until we spent $800 on an electrician.
2) Septic was installed by an unlicensed contractor subbing for a licensed contractor. They chose to save $100 by not having all 4 sprinkler heads connected. Also, the motor was installed backwards $800
3) Pinhole in pipe leading to washing machine - had to tear out the new drywall to find that one. We repaired that one ourselves... so only $300
4) "New" garage door and opener - installed with half the screws holding the rails into the wall. That took a year of use to discover. $500
5) Concrete floors - waxed, not sealed. $3000 estimate plus having to remove everything we had moved in and live somewhere else for 2 weeks. Due to circumstances, we never were able to get this done
and many, many more "small things"
We did have a home warranty - so the new inside and outside units for the Central Air only cost us $60. Though we had to go without A/C, in Texas, in June for 2 weeks. The stove shorted out the first time I baked in it too - so $60 for a new one there too
Abestos tiles is very common in basements. They have insulation qualities.
No need to remove them at all. Just put floor on top. And why do you care if prior owner removes them. If they dont crack or go to a million pieces no issue. Absestos is only harmfull when airborne.
Sounds like you are not a experienced buyer. Or are unfamilar with NY.
Also how can seller disclose defects on a house he owns such a short period of time. I owned a home 30 years and could not sign off.
Did we ever test for lead, absestos, look in chimmney in our 30 years. Nope.
Abestos tiles is very common in basements. They have insulation qualities.
No need to remove them at all. Just put floor on top. And why do you care if prior owner removes them. If they dont crack or go to a million pieces no issue. Absestos is only harmfull when airborne.
Sounds like you are not a experienced buyer. Or are unfamilar with NY.
Also how can seller disclose defects on a house he owns such a short period of time. I owned a home 30 years and could not sign off.
Did we ever test for lead, absestos, look in chimmney in our 30 years. Nope.
In other states, if you don't know the answer to something, that's an acceptable response on a disclosure.
But after a couple of people mentioned it, I looked into it a little more and yes, this is one of those quirky New York real estate things where the common practice is to pay $500 in lieu of a disclosure. Most sources said there is actually a difference between downstate and upstate, and disclosures are used upstate.
But not giving a disclosure is not a complete get out of jail card - the seller cannot fraudulently conceal a defect they are aware of.
This is a tough one to me - having only purchased and sold in states where disclosures are required, the idea of buying a property without one seems so risky. But if the customary practice is not to use them, then you may just have to accept that because it will end up being the same for any property you choose to buy.
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