Are seller disclosures mandatory?

In New York, residential real estate law requires sellers of residential properties to make certain disclosures during a sale. These disclosures are mandatory, and they must be provided to the buyer in a timely manner. The New York Real Property Law states that a seller must provide a real estate transfer disclosure statement to a buyer. This disclosure must include information about the condition of the property, such as whether it was damaged by fire, flooding, or other natural disasters. The seller must also disclose whether the property is located in an area at risk of flooding, and include any relevant records or diagrams. In addition, the seller must provide an Environmental Disclosure Statement, which must include information about any hazardous waste or contamination on the property. This includes former industrial sites, landfills, or other known hazardous waste sites. The seller must also indicate whether the property has ever been used for agricultural or animal husbandry purposes. Finally, the seller must provide the buyer with a lead paint disclosure statement. This document must state whether the property contains lead-based paint and provide information about hazards associated with lead-based paint. In short, seller disclosures are mandatory in New York residential real estate law. Sellers must provide buyers with disclosure statements regarding the condition of the property, environmental hazards, and lead-based paint.

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Are seller disclosures mandatory?

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