Important Seller Disclosures
As a seller you are asked to fully disclose any known material facts about your home that could affect its value and also the health of potential buyers.
In New York State, sellers are asked to provide a Seller’s Property Condition Disclosure Statement. Please see link to review pdf. This statement includes four pages of questions regarding basic information about your house and property, and includes questions about your home’s septic system, well and fuel storage tanks.
Before you fill out this form you should discuss it with your attorney. If you choose not to provide this form to prospective buyers, you will be required to provide a $500.00 credit to the buyer at closing.
Federal Law requires that if your home was built before 1978 you must disclose any knowledge of lead-based paint in your home and any reports pertaining to lead-based paint you may have. Please review this pdf regarding lead disclosures.
Buried Oil Tanks
Because of environmental issues related improperly buried oil tanks, many prospective buyers, their attorneys and their lenders will want to know if there is a buried tank on the property.
If you are aware of a buried oil tank on your property, you should disclose its location to your real estate agent and broker, so that they can disclose it to prospective buyers. In most cases, you will be asked by a prospective buyer to have the tank properly removed or abandoned. This requires permits in many municipalities and requires the tank be removed or abandoned by a licensed contractor that can provide the proper documentation acceptable to the prospective buyer, their attorney and their lender. This documentation is commonly referred as a certificate of abandonment and/or removal.
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