Home Selling in Poughkeepsie>Question Details

Concerned, Home Seller in Poughkeepsie, NY

My agent says I have to Pay $500 to the buyer in NYstate if I want to disclaim and not fill out a required discloure form is that true?

Asked by Concerned, Poughkeepsie, NY Thu Jul 28, 2011

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Consult with your attorney to see if it's in your best interest, or not, to fill out the disclosure form and follow his/her advice; generally yes, if the form is not filled out the buyer does receive $500 at closing out of the procceds of the sale--again, before filling in the form, consult with your attorney regarding any potential liabilities....
0 votes Thank Flag Link Thu Jul 28, 2011
Yes, this is very true, consult with your attorney to determine what the best option for you may be though.
0 votes Thank Flag Link Mon Aug 1, 2011
If you do not provide a property condition disclosure form you are required to give the buyers a $500 credit at the closing. Some attorneys recommend not filling out the form to prevent potential litigation in the future. You can always be sued regardless of the fact you provided or didn't provide a property disclosure. I would read the form and draw your own conclusions as to what is on it and how it is filled out. Then check with your attorney to see what they say. Keep in mind, that if you do fill it out, do not check "no" in any of the boxes if the information is actually "unknown". It's a common mistake.

Donald A. Mituzas
Licensed Associate Broker
Prudential Douglas Elliman
Web Reference: http://www.nyhomeseller.com
0 votes Thank Flag Link Sun Jul 31, 2011
Yes, this is true. You need to fill out this form or pay $500 at closing.
0 votes Thank Flag Link Sun Jul 31, 2011
New York State law requires that a seller fills out a property disclosure which would be given to the buyer and becomes part of the sale contract. There is also a provision in law that would allow the seller to not fill out this form in which case they would owe the buyer $500 at closing. The decision in this matter should be discussed with you attorney to determine what is best in your situation. Best of luck.
0 votes Thank Flag Link Thu Jul 28, 2011
Yes. You can confirm this with your attorney.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Jul 28, 2011
Yes. You can confirm this with your attorney.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Jul 28, 2011
Yup! .......................
Web Reference: http://DutchessRE.com
0 votes Thank Flag Link Thu Jul 28, 2011
Yes it is true. Ask your attorney for his/her recommendation pertaining to this issue. Many believe that it is better off not filling out the disclosure and giving a $500 credit at closing for this. The ultimate answer though, lies with your attorney., You're paying him/her good money for his/her objectivity and advice. That's your wisest course of action. Good luck.
0 votes Thank Flag Link Thu Jul 28, 2011
You need to speak to your attorney about the NY Property Condition Disclosure.
0 votes Thank Flag Link Thu Jul 28, 2011
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