If you are selling your New York home, you must generally disclose as much information about the property as possible to the buyer. Doing so allows this person to make an informed decision as to whether or not the house is worth what he or she is willing to pay for it. Failing to make a required disclosure could result in financial penalties.
Did someone die in the house?
It may be necessary to disclose the fact that a person died in the home during the commission of a violent crime. It may also be necessary to disclose whether a person took their own life in the house that you’re trying to sell.
Does the house contain toxic materials?
Generally speaking, you must tell a buyer about the presence of asbestos, lead or other potentially harmful materials in a home. In some cases, prolonged exposure to these substances can result in physical deformities, breathing issues or death. An attorney who is familiar with real estate law may provide more insight into why you should disclose these issues.
Has water gotten into the property?
New York law requires you to disclose the fact that a property is located in a floodplain. Furthermore, you must tell a buyer about any water damage that a home has experienced. This is because the presence of water could lead to mold growth, damage to the home’s foundation or other costly problems.
If you are putting your home on the market, it may be a good idea to hire a real estate attorney to represent your interests throughout the sale process. This person may be able to make sure that all required disclosures are made in accordance with state law.