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osted by Cynthia Weil, a seasoned agent with Howard Hanna Rand Realty in Yorktown, our monthly column delivers market trends, local updates, and practical insights for sellers, buyers, and investors. In last month’s feature, “How the Real Estate Market Is Like an Elephant,” Weil reminded readers that purchasing a home demands multiple viewpoints, especially the potential financial loss from undiscovered defects.
Before 2002, New York followed the “caveat emptor” rule, leaving sellers largely unbound from disclosing hidden flaws. The 2002 Property Condition Disclosure Act shifted that balance, mandating written disclosures. Sellers must now list any major, non‑visible defects—such as asbestos or foundation issues—on a state‑approved form, with the threat of misrepresentation suits if they lie. Both buyer and seller agents are required to inform clients about the form. Sellers could previously avoid the form by offering a $500 credit to the buyer, a loophole that was eliminated in 2024 to protect buyers.
The disclosure form grew from 48 to 56 questions, adding sections on flooding, leaks, septic systems, roof integrity, HVAC, electrical, plumbing, and flood risk. Agents take compliance seriously; a missed flood‑zone disclosure can leave a client with costly surprises. They verify disclosures, conduct inspections, and advise clients on risk mitigation, ensuring all parties understand the property’s true condition.
Our column also covers median price shifts, neighborhood developments, and investment opportunities, encouraging readers to ask questions and provide feedback. By staying current with state regulations and market dynamics, we help clients make informed decisions.
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