If this is a Coop or Condo and any resultant flooding is the result of the recent Hurricane "Sandy," the issue may not be so readily apparent. The building may not be in a "flood zone." I would advise you consult with your Attorney. Good luck.
Absolutely, the Buyers agent most disclose all facts known to the agent. We are not Home Inspectors but the Buyers agent will advise the Buyer to get a Home Inspection on the property. Its un ethical to conseal any pertinent facts known on any property that the Buyers agent might be aware of.
The buyer's agent owes his/her FIDUCIARY duties to the BUYER. Therefore, legally and ethically, this has to be disclosed as it is considered as a material fact that will affect the buyer's decision.
Best of Luck!
Certified Buyer Representative (CBR)
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
It a code of ethics violation of Article 1 *When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORSÂ® pledge themselves to protect and promote the interests of their client*. and 2 *REALTORSÂ® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction. REALTORSÂ®.*
In this situation, the buyer's agent owes his/her FIDUCIARY duties to the BUYER. Therefore, legally and ethically, this has to be disclosed as it is considered as a material fact that will affect the buyer's decision.
However, TAKE NOTICE THAT THE FORM ALSO SPECIFICALLY STATES THAT THE BUYER SHOULD PURSUE THEIR OWN INDEPENDENT INSPECTION OF THE PROPERTY - DESPITE THE DISCLOSURE. (THIS IS REFERRED TO AS PERFORMING DUE DILIGENCE) [EXCERPT FROM THE FORM IS BELOW]
Property Condition Disclosure Statement
Name of Seller or Sellers: ___James and Jane Doe____________________________________
Property Address: _________123 Anywhere Street, _____________________________________
________________________,Any County, New York___________________________________
The Property Condition Disclosure Act requires the Seller of residential real property to cause this disclosure statement or a copy thereof to be delivered to a buyer or buyerâ€™s agent Prior To The Signing By The Buyer Of A Binding Contract of Sale.
Purpose of Statement:
This is a statement of certain conditions and information concerning the property known to the seller. This Disclosure Statement is not a warranty of any kind by the seller or by any agent representing the seller in this transaction.
IT IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR TESTS AND THE BUYER IS ENCOURAGED TO OBTAIN HIS OR HER OWN INDEPENDENT PROFESSIONAL INSPECTIONS AND ENVIRONMENTAL TESTS AND ALSO IS ENCOURAGED TO CHECK PUBLIC RECORDS PERTAINING TO THE PROPERTY.
A knowingly false or incomplete statement by the seller on this form may subject the seller to claims by the buyer prior to or after the transfer of title. In the event a seller fails to perform the duty prescribed in this article to deliver a Disclosure Statement prior to the signing by the buyer of a binding contract of sale, the buyer shall receive upon the transfer of title a credit of $500 against the agreed upon purchase price of the residential real property.
â€œResidential real propertyâ€ means real property improved by a one to four family dwelling used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons, but shall not refer to (a) unimproved real property upon which such dwellings are to be constructed or (b) condominium units or cooperative apartments or (c) property on a homeownersâ€™ association that is not owned in fee simple by the seller.
Instructions to the Seller:
a. Answer all questions based upon your actual knowledge.
b. Attach additional pages with your signature if additional space is required.
c. Complete this form yourself.
d. If some items do not apply to your property, check â€œNAâ€ (Non-applicable). If you do not know the answer check â€œUnknâ€ (Unknown).
This is a State required compliance and every Broker is obligated regardless of whether or not they are a member of the National Association of Realtors.
Licensed Associate Broker
Douglas Elliman Real Estate
Here are the duties of the buyer's agent to his client stated in New York State Disclosure Form for Buyer and Seller:
"A buyerâ€™s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account."
The seller's agent would also have to disclose a flooding problem under NYS law: "In dealings with the buyer, a sellerâ€™s agent should (a) exercise reasonable skill and care in performance of the agentâ€™s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law." see Statua