When someone sells a home in New York, they are required to make certain disclosures under state law. This way, the buyer understands any potential complications with the property. They can factor this in when deciding if repairs need to be made or simply when calculating their offer price.
Some of these disclosures revolve around the presence of hazardous materials. Below are a few examples of things that state law requires a seller to address on the disclosure form.
Radon testing
First and foremost, the form asks if the seller has ever carried out a radon test. If so, the seller may be able to alert the buyer to the presence of radon or give them confirmation that there’s no issue with the property. They can also check off that they have not performed a radon test and so they do not know if there is a risk from radon or not.
Asbestos construction
Many older buildings in New York were constructed using asbestos products. These can often be found in tile, insulation and other materials. Asbestos is no longer used in this capacity today, but not all buildings have been properly remediated. The buyer needs to know if there is a risk of exposure to asbestos, which can lead to an aggressive type of cancer known as mesothelioma.
Lead paint
Similarly, older buildings used to be finished with lead paint. Lead can be very hazardous, especially to children. It can cause developmental and cognitive issues. Like asbestos, lead can be removed from some buildings, but the buyer needs to know if it is present.
If there’s ever a dispute over disclosures or other aspects of the real estate transaction, those involved must know what legal steps to take.