LBD04799-05-0
A. 1364--B 2
FOUR FAMILY DWELLING USED OR OCCUPIED, OR INTENDED TO BE USED OR OCCU-
PIED, WHOLLY OR PARTLY, AS THE HOME OR RESIDENCE OF ONE OR MORE PERSONS,
BUT SHALL NOT REFER TO (A) UNIMPROVED REAL PROPERTY UPON WHICH SUCH
DWELLINGS ARE TO BE CONSTRUCTED OR (B) CONDOMINIUM UNITS OR COOPERATIVE
APARTMENTS OR (C) PROPERTY IN A HOMEOWNERS' ASSOCIATION THAT IS NOT
OWNED IN FEE SIMPLE BY THE SELLER. THERE ARE CERTAIN STATUTORY
EXEMPTIONS THAT ARE SET FORTH IN SECTION 463 OF THE NEW YORK STATE REAL
PROPERTY LAW.
THE COMPLETED FORM OR A COPY THEREOF MUST BE DELIVERED TO A BUYER OR
BUYER'S AGENT PRIOR TO THE BUYER SIGNING A BINDING CONTRACT OF SALE. THE
SELLER AUTHORIZES HIS OR HER AGENT, IF ANY, TO PROVIDE A COPY OF THIS
STATEMENT TO A PROSPECTIVE BUYER OF THE RESIDENTIAL REAL PROPERTY. SELL-
ERS MUST ALSO PROVIDE BUYERS WITH A REVISED STATEMENT IF THE SELLER
ACQUIRES KNOWLEDGE OR INFORMATION THAT RENDERS INACCURATE THE ANSWER TO
ANY QUESTION ON THE DISCLOSURE STATEMENT PROVIDED TO THE BUYER.
THIS IS A LEGAL DOCUMENT. A KNOWINGLY FALSE OR INCOMPLETE STATEMENT BY
THE SELLER ON THIS FORM MAY SUBJECT THE SELLER TO CLAIMS BY THE BUYER
PRIOR TO OR AFTER THE TRANSFER OF TITLE. FOR ASSISTANCE SEEK THE ADVICE
OF AN ATTORNEY.
IN THE EVENT A SELLER FAILS TO DELIVER A COMPLETE DISCLOSURE STATEMENT
PRIOR TO THE BUYER SIGNING A BINDING CONTRACT OF SALE, THE BUYER SHALL
RECEIVE UPON THE TRANSFER OF TITLE A CREDIT OF FIVE HUNDRED DOLLARS
($500.00) AGAINST THE AGREED UPON PURCHASE PRICE OF THE RESIDENTIAL REAL
PROPERTY.
NOTE TO BUYER:
BUYERS ARE REMINDED THAT 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 PROFES-
SIONAL INSPECTIONS AND ENVIRONMENTAL TESTS AND ALSO IS ENCOURAGED TO
CHECK PUBLIC RECORDS PERTAINING TO THE PROPERTY. THE FOLLOWING REPRESEN-
TATIONS ARE MADE BY THE SELLER AND ARE NOT THE REPRESENTATIONS OF THE
SELLER'S AGENT.
INSTRUCTIONS TO THE SELLER:
(A) ANSWER ALL QUESTIONS BASED UPON YOUR ACTUAL KNOWLEDGE OF THE PROP-
ERTY.
(B) ATTACH ADDITIONAL PAGES WITH YOUR SIGNATURE IF ADDITIONAL SPACE IS
REQUIRED.
(C) COMPLETE THIS FORM YOURSELF, OR SEEK THE ADVICE OF AN ATTORNEY.
(D) IF SOME ITEMS DO NOT APPLY TO YOUR PROPERTY, CHECK "NA" (NON-AP-
PLICABLE).
(E) BY INDICATING "YES" OR "NO" YOU ARE STATING THAT YOU HAVE ACTUAL
KNOWLEDGE AS TO THE SUBJECT MATTER OF THE QUESTION.
(F) BY INDICATING "UNKNOWN" YOU ARE STATING THAT YOU HAVE NO ACTUAL
KNOWLEDGE AS TO THE SUBJECT MATTER OF THE QUESTION.
GENERAL INFORMATION
1. HOW LONG HAVE YOU OWNED THE PROPERTY?
2. HOW LONG HAVE YOU OCCUPIED THE PROPERTY?
3. WHAT IS THE AGE OF THE STRUCTURE OR STRUCTURES?
4. IS THERE A CERTIFICATE OF OCCUPANCY/COMPLIANCE RELATED TO THE PROP-
ERTY?
YES NO (IF YES, LIST OR ATTACH ALL CERTIFICATES, IF NO, EXPLAIN BELOW)
5. HAVE YOU MADE ANY IMPROVEMENTS TO THE PROPERTY? YES NO. IF YES, DO
YOU KNOW IF ANY OF THEM REQUIRED A PERMIT? YES NO (IF YES, DESCRIBE
IMPROVEMENT AND LIST OR ATTACH ALL PERMITS)
6. WHAT SCHOOL DISTRICT IS THE PROPERTY LOCATED IN?
A. 1364--B 3
7. DOES ANYONE ELSE CLAIM A RIGHT TO USE ANY PART OF YOUR PROPERTY
SUCH AS A LEASE, EASEMENT OR A RIGHT TO USE A ROAD OR PATH OR CUT TREES
OR CROPS? YES NO (IF YES, EXPLAIN BELOW)
8. DOES ANYONE ELSE CLAIM TO OWN ANY PART OF YOUR PROPERTY? YES NO (IF
YES, EXPLAIN BELOW)
9. HAS ANYONE DENIED YOU ACCESS TO THE PROPERTY OR MADE A FORMAL LEGAL
CLAIM CHALLENGING YOUR TITLE TO THE PROPERTY? YES NO (IF YES, EXPLAIN
BELOW)
10. ARE THERE ANY FEATURES OF THE PROPERTY SHARED IN COMMON WITH
ADJOINING LAND OWNERS OR A HOMEOWNERS ASSOCIATION, SUCH AS WALLS, FENCES
OR DRIVEWAYS? YES NO (IF YES, DESCRIBE BELOW)
11. ARE THERE ANY SPECIAL TAX ASSESSMENTS OR EXEMPTIONS THAT APPLY TO
THE PROPERTY? YES NO (IF YES, EXPLAIN BELOW)
12. ARE THERE ANY HOMEOWNER OR OTHER ASSOCIATION FEES THAT APPLY TO
THE PROPERTY? YES NO (IF YES, EXPLAIN BELOW)
ENVIRONMENTAL
NOTE TO SELLER - IN THIS SECTION, YOU WILL BE ASKED QUESTIONS REGARD-
ING PETROLEUM PRODUCTS AND HAZARDOUS OR TOXIC SUBSTANCES THAT YOU KNOW
TO HAVE BEEN SPILLED, LEAKED OR OTHERWISE BEEN RELEASED ON THE PROPERTY
OR FROM THE PROPERTY ONTO ANY OTHER PROPERTY. PETROLEUM PRODUCTS MAY
INCLUDE, BUT ARE NOT LIMITED TO, GASOLINE, DIESEL FUEL, HOME HEATING
FUEL, AND LUBRICANTS. HAZARDOUS OR TOXIC SUBSTANCES ARE PRODUCTS THAT
COULD POSE SHORT- OR LONG-TERM DANGER TO PERSONAL HEALTH OR THE ENVIRON-
MENT IF THEY ARE NOT PROPERLY DISPOSED OF, APPLIED OR STORED. THESE
INCLUDE, BUT ARE NOT LIMITED TO, FERTILIZERS, PESTICIDES AND INSECTI-
CIDES, PAINT INCLUDING PAINT THINNER, VARNISH REMOVER AND WOOD PRESERVA-
TIVES, TREATED WOOD, CONSTRUCTION MATERIALS SUCH AS ASPHALT AND ROOFING
MATERIALS, ANTIFREEZE AND OTHER AUTOMOTIVE PRODUCTS, BATTERIES, CLEANING
SOLVENTS INCLUDING SEPTIC TANK CLEANERS, HOUSEHOLD CLEANERS AND POOL
CHEMICALS AND PRODUCTS CONTAINING MERCURY AND LEAD.
NOTE TO BUYER - HAZARDOUS OR TOXIC SUBSTANCES CAN POSE SHORT- OR
LONG-TERM DANGER TO PERSONAL HEALTH OR THE ENVIRONMENT IF THEY ARE NOT
PROPERLY DISPOSED OF, APPLIED OR STORED. IF CONTAMINATION OF THIS PROP-
ERTY FROM HAZARDOUS OR TOXIC SUBSTANCES IS A CONCERN TO YOU, YOU ARE
URGED TO CONSIDER SOIL AND GROUNDWATER TESTING OF THIS PROPERTY. IF THE
STRUCTURE WAS BUILT BEFORE 1978 YOU ARE ENTITLED TO RECEIVE INFORMATION
REGARDING THE POSSIBLE PRESENCE OF LEAD BASED PAINT IN THE RESIDENCE.
13. IS ANY OR ALL OF THE PROPERTY LOCATED IN A DESIGNATED FLOODPLAIN
OR DESIGNATED WETLAND? YES NO UNKNOWN (IF YES, EXPLAIN BELOW)
14. HAS ANY OR ALL OF THE PROPERTY EVER BEEN THE SITE OF A CLEAN OR
WASTE LANDFILL? YES NO UNKNOWN (IF YES, EXPLAIN BELOW)
15. ARE THERE OR HAS THERE EVER BEEN FUEL STORAGE TANKS ABOVE OR BELOW
THE GROUND ON THE PROPERTY? YES NO UNKNOWN
IF YES, ARE THEY CURRENTLY IN USE? YES NO
IF YES, WHERE ARE THEY LOCATED? (EXPLAIN BELOW)
IF YES, ARE THEY LEAKING? YES NO (IF YES, EXPLAIN BELOW)
IF YES, HAVE THEY EVER LEAKED? YES NO (IF YES, EXPLAIN BELOW)
16. IS THERE ASBESTOS INSIDE OR OUTSIDE (E.G. IN EXTERIOR SIDING) THE
STRUCTURE(S)? YES NO UNKNOWN (IF YES, ATTACH ANY TEST REPORTS)
17. IS THERE LEAD PLUMBING INSIDE THE STRUCTURE(S)? YES NO UNKNOWN (IF
YES, ATTACH ANY TEST REPORTS)
18. HAS RADON GAS EVER BEEN DETECTED INSIDE THE STRUCTURE? YES NO
UNKNOWN (IF YES, ATTACH ANY TEST REPORTS)
19. HAVE PESTICIDES OR LAWN OR VEGETATION CARE SUBSTANCES BEEN APPLIED
IN THE LAST SIX (6) MONTHS? YES NO UNKNOWN (IF YES, DESCRIBE BELOW AND
ATTACH ANY REPORTS)
A. 1364--B 4
20. HAS ANY PETROLEUM PRODUCT, METHANE GAS OR ANY HAZARDOUS OR TOXIC
SUBSTANCE SPILLED, LEAKED OR OTHERWISE RELEASED ON THE PROPERTY OR FROM
THE PROPERTY ONTO ANY OTHER PROPERTY? YES NO UNKNOWN (IF YES, DESCRIBE
BELOW)
21. HAS THE PROPERTY EVER BEEN TESTED FOR THE PRESENCE OF PETROLEUM
PRODUCTS, METHANE GAS, TOXIC MOLD OR ANY HAZARDOUS OR TOXIC SUBSTANCE?
YES NO UNKNOWN (IF YES, ATTACH ANY REPORTS)
STRUCTURAL
22. IS THERE ANY ROT OR WATER DAMAGE TO THE STRUCTURE OR STRUCTURES?
YES NO UNKNOWN (IF YES, EXPLAIN BELOW)
23. IS THERE ANY REPAIRED OR UN-REPAIRED FIRE OR SMOKE DAMAGE TO THE
STRUCTURE OR STRUCTURES? YES NO UNKNOWN (IF YES, EXPLAIN BELOW)
24. IS THERE ANY REPAIRED OR UN-REPAIRED TERMITE, INSECT, RODENT OR
PEST INFESTATION OR DAMAGE? YES NO UNKNOWN (IF YES, EXPLAIN BELOW AND
ATTACH ANY TEST REPORTS)
25. ARE THERE ANY MATERIAL DEFECTS IN ANY OF THE FOLLOWING STRUCTURAL
SYSTEMS: FOOTINGS, BEAMS, GIRDERS, LINTELS, COLUMNS OR PARTITIONS? YES
NO UNKNOWN (IF YES, EXPLAIN BELOW)
26. WHAT TYPE OF ROOF COVERS THE STRUCTURE: SLATE, ASPHALT, OTHER?
(CIRCLE ALL THAT APPLY, IF OTHER, EXPLAIN BELOW)
ARE THERE ANY KNOWN MATERIAL DEFECTS? YES NO UNKNOWN (IF YES, EXPLAIN
BELOW)
DO YOU KNOW HOW OLD THE ROOF IS? YES NO UNKNOWN (IF YES, INDICATE AGE
BELOW)
IS THERE A TRANSFERABLE WARRANTY ON THE ROOF IN EFFECT NOW? YES NO
UNKNOWN (IF YES, EXPLAIN BELOW)
27. WHAT TYPE OF SIDING OR EXTERIOR WALL COVERING COVERS THE STRUC-
TURE: VINYL, ALUMINUM, BRICK, OTHER? (CIRCLE ALL THAT APPLY, IF OTHER,
EXPLAIN BELOW)
ARE THERE ANY KNOWN MATERIAL DEFECTS? YES NO UNKNOWN (IF YES, EXPLAIN
BELOW)
DO YOU KNOW HOW OLD THE PRODUCT IS? YES NO UNKNOWN (IF YES, INDICATE
AGE BELOW)
IS THERE A TRANSFERABLE WARRANTY ON THE PRODUCT IN EFFECT NOW? YES NO
UNKNOWN (IF YES, EXPLAIN BELOW)
IS THE EXISTING SIDING COVERING A PRE-EXISTING SIDING OR EXTERIOR WALL
COVERING? YES NO UNKNOWN (IF YES, EXPLAIN BELOW)
MECHANICAL SYSTEMS & SERVICES
28. WHAT IS THE WATER SOURCE - WELL, PRIVATE, MUNICIPAL OR OTHER?
(CIRCLE ALL THAT APPLY, IF OTHER, EXPLAIN BELOW)
IF MUNICIPAL, IS IT METERED? YES NO
IF A WELL, HAS IT EVER RUN DRY? YES NO UNKNOWN
IF A WELL, DO YOU KNOW HOW OLD THE PUMP IS? YES NO UNKNOWN (IF YES,
INDICATE AGE BELOW)
IF A WELL, DO YOU KNOW HOW OLD THE WATER STORAGE TANK IS? YES NO
UNKNOWN (IF YES, INDICATE AGE BELOW)
29. HAS THE WATER QUALITY AND/OR FLOW RATE EVER BEEN TESTED? YES NO
UNKNOWN (IF YES, DESCRIBE BELOW AND ATTACH ANY TEST RESULTS)
30. WHAT IS THE TYPE OF SEWAGE SYSTEM - PUBLIC SEWER, PRIVATE SEWER,
SEPTIC OR CESSPOOL? (CIRCLE ALL THAT APPLY)
IF SEPTIC OR CESSPOOL, DO YOU KNOW ITS AGE? YES NO UNKNOWN (IF YES,
INDICATE AGE BELOW)
DO YOU KNOW THE DATE IT WAS LAST PUMPED? YES NO UNKNOWN (IF YES, INDI-
CATE WHEN BELOW)
DO YOU KNOW THE FREQUENCY OF PUMPING? YES NO UNKNOWN (IF YES, INDICATE
FREQUENCY)
A. 1364--B 5
ARE THERE ANY MATERIAL DEFECTS TO THE SEWAGE SYSTEM? YES NO UNKNOWN
(IF YES, EXPLAIN BELOW)
31. WHO IS YOUR ELECTRIC SERVICE PROVIDER?
DOES THE PROPERTY HAVE CIRCUIT BREAKERS OR FUSES?
PRIVATE OR PUBLIC POLES?
ARE THERE ANY MATERIAL DEFECTS TO THE ELECTRICAL SYSTEM? YES NO
UNKNOWN (IF YES, EXPLAIN BELOW)
32. IS THERE ANY FLOODING, DRAINAGE OR GRADING PROBLEMS THAT RESULT IN
STANDING WATER ON ANY PORTION OF THE PROPERTY? YES NO UNKNOWN NA (IF
YES, STATE LOCATIONS AND EXPLAIN BELOW)
33. IS THERE ANY CONDITION THAT RESULTS IN STANDING WATER IN THE BASE-
MENT? YES NO UNKNOWN (IF YES, EXPLAIN BELOW)
34. WHAT FUELS THE HEATING SYSTEM: OIL, GAS, ELECTRIC, WOOD, OTHER?
(CIRCLE ALL THAT APPLY; IF OTHER, EXPLAIN BELOW). HOW THE HEAT IS CIRCU-
LATED: FORCED HOT AIR, HOT WATER RADIANT, ELECTRIC, OTHER? (CIRCLE ALL
THAT APPLY; IF OTHER, EXPLAIN BELOW).
35. WHAT IS THE TYPE OF UNIT THAT PROVIDES HOT RUNNING WATER: OIL,
GAS, ELECTRIC, OTHER? (CIRCLE ALL THAT APPLY; IF OTHER, EXPLAIN BELOW)
ARE EACH OF THE FOLLOWING IN WORKING ORDER? (IF NO, EXPLAIN BELOW.
USE ADDITIONAL SHEETS IF NECESSARY):
WORKING ORDER
36. PLUMBING SYSTEM? YES NO UNKNOWN
37. SECURITY SYSTEM? YES NO UNKNOWN NA
38. FIRE SPRINKLER SYSTEM? YES NO UNKNOWN NA
39. SUMP PUMP? YES NO UNKNOWN NA
40. CHIMNEY/FIREPLACE OR WOODSTOVE? YES NO UNKNOWN NA
41. AIR CONDITIONING UNITS AND SYSTEM? YES NO UNKNOWN NA
42. HEATING SYSTEM? YES NO UNKNOWN
43. HOT WATER SYSTEM? YES NO UNKNOWN
44. CENTRAL VACUUM SYSTEM? YES NO UNKNOWN NA
45. SWIMMING POOL? YES NO UNKNOWN NA
46. HOT TUB/SPA? YES NO UNKNOWN NA
ARE THERE ANY DEFECTS IN ANY OF THE FOLLOWING? (IF YES, EXPLAIN BELOW.
USE ADDITIONAL SHEETS IF NECESSARY):
DEFECTS
47. FOUNDATION/SLAB? YES NO UNKNOWN
48. INTERIOR WALLS/CEILINGS? YES NO UNKNOWN
49. EXTERIOR WALLS OR SIDING? YES NO UNKNOWN
50. FLOORS? YES NO UNKNOWN
51. PATIO/DECK/PORCHES? YES NO UNKNOWN NA
STATUTORY DISCLOSURE REQUIREMENTS
52. IS THERE ELECTRICITY SUPPLIED TO THE PROPERTY BY A UTILITY COMPA-
NY? YES NO
53. ARE THERE ANY ELECTRIC, GAS OR WATER DISTRICT SURCHARGES ASSESSED
AGAINST THE PROPERTY? YES NO
IF YES TO ANY OF THESE SURCHARGES, THE FOLLOWING STATEMENT APPLIES:
"THIS PROPERTY IS SUBJECT TO AN ELECTRIC, GAS AND/OR WATER UTILITY
SURCHARGE"
THE FOLLOWING MUST ALSO BE COMPLETED.
TYPE AND PURPOSE OF SURCHARGE:
AMOUNT OF THE SURCHARGE:
PAYABLE ON A MONTHLY, YEARLY OR OTHER BASIS:
54. IS ANY OR ALL OF THE PROPERTY LOCATED IN A DESIGNATED AGRICULTURAL
DISTRICT? YES NO (IF YES, THE FOLLOWING DISCLOSURE NOTICE APPLIES)
IT IS THE POLICY OF THIS STATE AND THIS COMMUNITY TO CONSERVE, PROTECT
AND ENCOURAGE THE DEVELOPMENT AND IMPROVEMENT OF AGRICULTURAL LAND FOR
A. 1364--B 6
THE PRODUCTION OF FOOD, AND OTHER PRODUCTS, AND ALSO FOR ITS NATURAL AND
ECOLOGICAL VALUE. THIS DISCLOSURE NOTICE IS TO INFORM PROSPECTIVE RESI-
DENTS THAT THE PROPERTY THEY ARE ABOUT TO ACQUIRE LIES PARTIALLY OR
WHOLLY WITHIN AN AGRICULTURAL DISTRICT AND THAT FARMING ACTIVITIES OCCUR
WITHIN THE DISTRICT. SUCH FARMING ACTIVITIES MAY INCLUDE, BUT NOT BE
LIMITED TO, ACTIVITIES THAT CAUSE NOISE, DUST AND ODORS. PROSPECTIVE
RESIDENTS ARE ALSO INFORMED THAT THE LOCATION OF PROPERTY WITHIN AN
AGRICULTURAL DISTRICT MAY IMPACT THE ABILITY TO ACCESS WATER AND/OR
SEWER SERVICES FOR SUCH PROPERTY UNDER CERTAIN CIRCUMSTANCES. PROSPEC-
TIVE PURCHASERS ARE URGED TO CONTACT THE NEW YORK STATE DEPARTMENT OF
AGRICULTURE AND MARKETS TO OBTAIN ADDITIONAL INFORMATION OR CLARIFICA-
TION REGARDING THEIR RIGHTS AND OBLIGATIONS UNDER ARTICLE 25-AA OF THE
AGRICULTURE AND MARKETS LAW.
55. IS THERE AN UNCAPPED NATURAL GAS WELL LOCATED ON THE PROPERTY? YES
NO
NOTE: BUYER IS ENCOURAGED TO CHECK PUBLIC RECORDS CONCERNING THE PROP-
ERTY (E.G. TAX RECORDS AND WETLAND AND FLOODPLAIN MAPS).
THE SELLER SHOULD USE THIS AREA TO FURTHER EXPLAIN ANY ITEM ABOVE. IF
NECESSARY, ATTACH ADDITIONAL PAGES AND INDICATE HERE THE NUMBER OF ADDI-
TIONAL PAGES ATTACHED.
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SELLER'S CERTIFICATION: SELLER CERTIFIES THAT THE INFORMATION IN THIS
PROPERTY CONDITION DISCLOSURE STATEMENT IS TRUE AND COMPLETE TO THE
SELLER'S ACTUAL KNOWLEDGE AS OF THE DATE SIGNED BY THE SELLER. IF A
SELLER OF RESIDENTIAL REAL PROPERTY ACQUIRES KNOWLEDGE WHICH RENDERS
MATERIALLY INACCURATE A PROPERTY CONDITION DISCLOSURE STATEMENT PROVIDED
PREVIOUSLY, THE SELLER SHALL DELIVER A REVISED PROPERTY CONDITION
DISCLOSURE STATEMENT TO THE BUYER AS SOON AS PRACTICABLE. IN NO EVENT,
HOWEVER, SHALL A SELLER BE REQUIRED TO PROVIDE A REVISED PROPERTY CONDI-
TION DISCLOSURE STATEMENT AFTER THE TRANSFER OF TITLE FROM THE SELLER TO
THE BUYER OR OCCUPANCY BY THE BUYER, WHICHEVER IS EARLIER.
SELLER'S SIGNATURE DATE
SELLER'S SIGNATURE DATE
BUYER'S ACKNOWLEDGMENT: BUYER ACKNOWLEDGES RECEIPT OF A COPY OF THIS
STATEMENT AND BUYER UNDERSTANDS THAT THIS INFORMATION IS A STATEMENT OF
CERTAIN CONDITIONS AND INFORMATION CONCERNING THE PROPERTY KNOWN TO THE
SELLER. IT IS NOT A WARRANTY OF ANY KIND BY THE SELLER OR SELLER'S AGENT
AND IS NOT A SUBSTITUTE FOR ANY HOME, PEST, RADON OR OTHER INSPECTIONS
OR TESTING OF THE PROPERTY OR INSPECTION OF THE PUBLIC RECORDS.
BUYER'S SIGNATURE _______________________ DATE ________________
BUYER'S SIGNATURE _______________________ DATE ________________
S 2. Section 464 of the real property law, as added by chapter 456 of
the laws of 2001, is amended to read as follows:
S 464. Revision. If a seller of residential real property acquires
knowledge which renders materially inaccurate a property condition
disclosure statement provided previously, OTHER THAN BY MEANS OF AN
INSPECTION REPORT OBTAINED BY THE BUYER, the seller shall deliver a
revised property condition disclosure statement to the buyer as soon as
practicable. In no event, however, shall a seller be required to provide
a revised property condition disclosure statement after the transfer of
title from the seller to the buyer or occupancy by the buyer, whichever
is earlier.
A. 1364--B 7
S 3. Subdivision 1 of section 465 of the real property law, as added
by chapter 456 of the laws of 2001, is amended to read as follows:
1. In the event a seller fails to perform the duty prescribed in this
article to deliver a COMPLETE disclosure statement prior to the signing
by the buyer of a binding contract of sale, the buyer shall receive upon
the transfer of title a credit of five hundred dollars against the
agreed upon purchase price of the residential real property.
S 4. This act shall take effect on the sixtieth day after it shall
have become a law, and shall apply to binding contracts for the sale of
residential real property signed on or after such effective date.