NY area home sellers must make disclosures under updated law

[Account Closed]

New York home sellers must make disclosures under updated law in shift away from 'buyer beware'

For the past 22 years, Long Islanders selling their homes could avoid answering detailed questions about their property by giving a $500 credit to buyers.

They no longer have that option starting Wednesday, when new changes to state law take effect.

Last year, the State Legislature amended the Property Condition Disclosure Act, removing the option to give a $500 credit to buyers and adding seven questions related to a home’s flood history and insurance requirements.

Here is the link to the story.