What is a disclosure statement for a purchase agreement?

A disclosure statement for a purchase agreement is a document in New York that is required for certain residential real estate transactions. It is designed to provide potential buyers with detailed information about the property that is being purchased. The statement typically includes items related to the condition of the property, such as any known defects or problems. The disclosure statement also includes information about any liens or encumbrances that are held against the property. The disclosure statement is an important legal document that provides potential buyers with the information they need to make an informed decision about a property. It can be used to protect the buyer from making a purchase that might have issues that had not been previously disclosed. The seller is required to disclose any material facts that could influence the buyers decision to purchase the property, such as a leaky foundation. For the purchase agreement to be legally binding, the buyer must be given a reasonable amount of time to review and understand the disclosure statement, which must be in writing. The buyer should consider any information disclosed, ask questions, and have the property inspected in order to make sure that it is suitable for their needs.

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What is a disclosure statement for a purchase agreement?

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