Listing Agents in NYS Disclosure Requirements
Question: In New York State, if a house was under contract but didn't end off being purchased (most likely a failed inspection), is a listing agent obligated to disclose to future buyers what happened?
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@Mike Cumbie another thing my attorney does (not sure how it works in your area of NY) is not fill out the disclosure and credit the buyer $500. He said in my area this is the norm. He was shocked when I bought my primary house and the seller filled one out.
Then you have the issues of disclosing things that were fixed when renovated. I had a house that just before I closed (when I bought) the bank let the basement get water in it (no power or sump pump and a 60 degree day in Feb caused it). Of course after I got the house I plumbed in a nice new set up, with battery back up. I disclosed what had happened and how I removed and replaced any damaged items to the new buyers (even gave them a preview of the battery back up and how it would work in a power outage). Whether I needed to or not seems to be a grey area.