460 – Short Title.

§ 460. Short title. This article shall be known and may be cited as the “property condition disclosure act”.

461 – Definitions.

§ 461. Definitions. As used in this article, the following terms shall have the following meanings: 1. “Agent” means a person who is licensed as a real estate broker or a real estate salesperson pursuant to section four hundred forty-a of this chapter and is acting in a fiduciary capacity. 2. “Binding contract of sale” […]

462 – Property Condition Disclosure Statement.

§ 462. Property condition disclosure statement. 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 property condition disclosure statement as prescribed by subdivision two of this section and cause it, or a copy […]

463 – Exemptions.

§ 463. Exemptions. A property condition disclosure statement shall not be required in connection with any of the following transfers of residential real property: 1. A transfer pursuant to a court order, including, but not limited to, a transfer order by a probate court during the administration of a decedent’s estate, a transfer pursuant to […]

464 – Revision.

§ 464. Revision. 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 condition […]

465 – Remedy.

§ 465. Remedy. 1. In the event a seller fails to perform the duty prescribed in this article to deliver a 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 […]

466 – Duty of an Agent.

§ 466. Duty of an agent. An agent representing a seller of residential real property as a listing broker shall have the duty to timely inform each seller represented by that agent of the seller’s obligations under this article. An agent representing a buyer of residential real property, or, if the buyer is not represented […]

467 – Liability.

§ 467. Liability. Nothing contained in this article shall be construed as limiting any existing legal cause of action or remedy at law, in statute or in equity.