Impact on Property Condition Disclosure Statements New Laws, Sellers’ Liability andWhat Buyers Need to Know

Welcome to another episode of Hudson Valley Real Estate Explained! Join host Michael Kahns, co-host Rik Brescia, and esteemed real estate attorney Ian Lindars for an enriching conversation about New York State's looming legal changes set to reshape real estate transactions. Ian unravels the legal details of the critical changes, especially the abolition of the $500 credit for sellers who failed to complete the property condition disclosure statement. This episode delves into the increased seller liability, the enlarged scope of buyer's due diligence, and multiple other aspects of this legal turn.

Embarking on an incisive journey, we delve into the detailed characteristics of Property Condition Disclosure Statements, the candid consequences of fraud or misrepresentation, the necessity of legal counsel, and the significance of honesty in these pivotal forums. Ian also dissects the implications of the freshly amended New York State law, effective March 20, 2024, particularly the potential of introducing real damage liability for sellers who avoid filling out the statement.

This episode puts a spotlight on the repercussions of not fully completing the form and brings to the fore numerous case scenarios underscoring the importance of full disclosure and professional consultations. Offering a comprehensive comprehension of the real estate landscape, this conversation serves as a vital guide for anyone stepping into the realms of new or used home buying.

To wrap up, our guests recount their personal experiences, illustrate past cases that have influenced their understanding of the sphere, and share their direct contact details. Offering intriguing narratives, valuable advice, and comprehensive professional insights, this episode is essential for anyone involved in real estate transactions. Keep abreast of the latest legal updates regarding Property Condition Disclosure Statements by tuning in to this informative episode.