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NEW LAW!!! SELLER'S MUST KNOW

LongIsland.com

Hello again! I realize it has been sometime since my last article.... I've been pretty busy! In addition to writing a column for "LongIsland.com, I am also a mother of three with my newest six ...

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Hello again! I realize it has been sometime since my last article....

I've been pretty busy!

In addition to writing a column for "LongIsland.com, I am also a mother of three with my newest six months ago.

The Real Estate Market on Long Island has held it's own. Housing prices are still at an all time high and Mortgage rates are still low.

What this means to you the "Seller" is it is still a Seller's market. (Seller's Market: is when there are no a lot of houses for sale and plenty of buyers.)

*NEW LAW FOR PEOPLE SELLING THEIR HOMES*

The following article is extremely important and I am sure you will have some questions.

PROPERTY CONDITION DISCLOSURE STATEMENT

The Property Condition Disclosure Act will take effect on March 1, 2002. Therefore, if you are selling your home (by Owner, Broker or Agent assisted) and enter into a contract of sale on or after March 1, 2002 this pertains to you.

All Seller's of 1 - 4 family residential housing will be required to provide a completed Property Condition Disclosure Statement to potential buyers under the Seller's Property Condition Disclosure Law.

A completed Property Condition Disclosure Statement must be provided to the buyer before the buyer is bound by a contract of sale.

If a Seller fails to provide the Buyer with the Disclosure a $500 credit will be given to the buyer at the closing.

Properties that are not subject to this new law are: new construction, co-ops and condos.

The link below will provide you with a sample of the Property Condition Disclosure. It is (6) pages long and might take a couple of seconds to load.

http://www.dos.state.ny.us/lcns/pdfs/propcond.pdf

As always, I am here to answer all your questions.

Stacey C. Pavlat
Licensed Real Estate Salesperson
Prudential Long Island Realty
124 West Main Street
Babylon, New York 11702
(631) 422- 7510 ext. 220 or Email: staceyatpru@aol.com