According to legislation signed by the Governor on November 13, effective March 1, 2002, all sellers of residential real property improved by a 1-4 family dwelling must provide a disclosure statement to buyers (in the form set forth in the statute) regarding the property condition prior to the buyer signing a contract. The seller must also revise the statement upon acquiring knowledge that some part of it has become materially inaccurate. Certain types of property are exempt, including cooperative and condominium units. The sellers’ failure to provide such disclosure statement will result in the buyer receiving a $500 credit against the purchase price at closing.
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.