Article 12A is an important piece of legislation that affects the real estate industry. It is a section of the New York State Real Property Law, and it outlines the disclosure requirements for real estate transactions. In this article, we will explore everything you need to know about Article 12A and how it impacts real estate transactions. Fasten your seat-belts as you are about to get the full scoop and low down on everything related to Article 12A by a local Greenpoint, Brooklyn Real Estate & Business Lawyer.
What is Article 12A?
Article 12A is a New York State law that was enacted in 1985. It is also known as the Real Property Law Disclosure Act. The purpose of Article 12A is to ensure that buyers of real estate have access to important information about the property they are considering purchasing. Article 12A applies to residential real estate transactions that involve one to four dwelling units. This includes single-family homes, condominiums, co-ops, and townhouses.
What Does Article 12A Require?
Article 12A requires sellers of residential real estate to provide buyers with a Property Condition Disclosure Statement. This statement outlines any known defects or conditions that could affect the property’s value or safety. The Property Condition Disclosure Statement must be provided to the buyer before the purchase contract is signed. The statement must also be signed by the seller and dated. The Property Condition Disclosure Statement covers a wide range of issues, including:
- The presence of lead-based paint
- The condition of the roof, foundation, and other structural elements
- The condition of the plumbing, electrical, and heating systems
- The presence of pests or other nuisances
- The existence of any environmental hazards or other factors that could affect the property’s value or safety.
If the seller is not aware of any defects or conditions, they must still provide a Property Condition Disclosure Statement indicating that they have no knowledge of any such issues.
How Does Article 12A Impact Real Estate Transactions?
Article 12A is an important piece of legislation that protects buyers of real estate. By requiring sellers to disclose any known defects or conditions, buyers can make informed decisions about whether or not to proceed with the purchase. Failure to provide a Property Condition Disclosure Statement can result in legal action against the seller. In some cases, buyers may be able to rescind the contract or sue the seller for damages if they can prove that the seller knew about a defect or condition and failed to disclose it.
Conclusion
Article 12A is an important piece of legislation that protects buyers of residential real estate in New York State. By requiring sellers to disclose any known defects or conditions, buyers can make informed decisions about whether or not to proceed with the purchase. Failure to provide a Property Condition Disclosure Statement can result in legal action against the seller, so it is important for sellers to comply with this law. Buyers should also carefully review the Property Condition Disclosure Statement and consider hiring a home inspector to ensure that they are fully informed about the condition of the property.
Contributed With Help From:
Fisher Stone, P.C. NYC Corporate, Small Business & Trademark Lawyer 115 Broadway Floor 5, New York, NY 10006 (212) 256-1877 https://fisherstonelaw.com/
Fisher Stone Small Business & Real Estate Lawyers Of Brooklyn, P.C. 88 Suydam St Suite A, Brooklyn, NY 11221, United States