|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to judiciary|
|Jan 05, 2011||referred to judiciary|
senate Bill S700
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S700 - Details
- Law Section:
- Real Property Law
- Laws Affected:
- Add §462-a, amd §463, RP L
- Versions Introduced in 2009-2010 Legislative Session:
S700 - Sponsor Memo
BILL NUMBER:S700 TITLE OF BILL: An act to amend the real property law, in relation to requiring a disclosure statement with regards to water testing PURPOSE: To require a seller of residential real property to disclose the results of any water tests to a buyer or buyer's agent prior to the signing of a binding contract of sale. SUMMARY OF PROVISIONS: Section 1 - amends the real property law by adding a new section 462-a to require a Water Test Disclosure Statement to be delivered to a buyer or buyer's agent and completed prior to the signing of a binding contract of sale. Such disclosure must be signed by both the seller and buyer and be attached to the real estate contract of sale. Failure to make such disclosure shall subject the seller to consequential and incidental damages and permit the buyer to seek recision of the contract and the return of all sums paid to seller. Paragraph 2 provides the required Water Disclosure Statement.
S700 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 700 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. SALAND -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the real property law, in relation to requiring a disclosure statement with regards to water testing THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The real property law is amended by adding a new section 462-a to read as follows: S 462-A. REQUIRED DISCLOSURE OF WATER TESTING. 1. EXCEPT AS IS PROVIDED IN SECTION FOUR HUNDRED SIXTY-THREE OF THIS ARTICLE, EVERY SELLER OF RESIDENTIAL REAL PROPERTY PURSUANT TO A REAL ESTATE PURCHASE CONTRACT SHALL COMPLETE AND SIGN A DISCLOSURE STATEMENT WITH REGARDS TO WATER TESTING AS PRESCRIBED BY SUBDIVISION TWO OF THIS SECTION AND CAUSE IT, OR A COPY THEREOF, TO BE DELIVERED TO A BUYER OR BUYER'S AGENT PRIOR TO THE SIGNING BY THE BUYER OF A BINDING CONTRACT OF SALE. A COPY OF SUCH DISCLOSURE STATEMENT CONTAINING THE SIGNATURES OF BOTH SELLER AND BUYER SHALL BE ATTACHED TO THE REAL ESTATE PURCHASE CONTRACT. FAILURE TO MAKE SUCH DISCLOSURE SHALL SUBJECT THE SELLER TO CONSEQUENTIAL AND INCIDENTAL DAMAGES. IN ADDITION, THE BUYER MAY SEEK RECISION OF THE CONTRACT AND THE RETURN OF ALL SUMS PAID TO THE SELLER. NO AGENT OF EITHER THE BUYER OR THE SELLER TO A REAL ESTATE TRANSACTION SUBJECT TO THIS SECTION SHALL BE LIABLE FOR A FAILURE TO DISCLOSE AS REQUIRED BY THIS SUBDIVISION UNLESS SUCH AGENT HAS ACTUAL KNOWLEDGE. 2. THE FOLLOWING SHALL BE THE WATER TEST DISCLOSURE FORM: WATER TEST DISCLOSURE STATEMENT NAME OF SELLER OR SELLERS: PROPERTY ADDRESS: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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