Condominium units are quite plentiful throughout the New York City area. A condominium arguably offers a hybrid between homeownership and apartment living. Nevertheless, buying or selling a condominium should be taken as seriously as that for a single-family home. This is to say that sellers must offer full disclosure while buyers must do their due diligence in reviewing all the intel afforded to them. With that being said, please continue reading to learn the information a seller is expected to disclose regarding their condo unit and how an experienced New York City condominium attorney at Zimmet Law Group, P.C. can help you make a conscious purchasing decision.
What information should a seller disclose about their condo unit?
Simply put, New York State Real Property Law requires sellers of condominiums to disclose all property defects of which they are aware. Specifically, this information must be provided via a Property Condition Disclosure Statement no later than 10 days before a buyer goes to sign the binding contract of sale. This is to inform a buyer of anything that may affect the condominium’s value or its potential safety concerns, which may subsequently sway their ultimate decision. Without further ado, below are examples of such property defects a seller is expected to share:
- The condominium’s previous problems with plumbing, electrical, heating, and air conditioning systems.
- The condominium’s proximity to a landfill, floodplain, radon gas, or any other environmental issues.
- Any presence of lead paint, asbestos, mold, or other hazardous materials within the condominium unit.
- Any flood history within the condominium unit, along with the type of damage that resulted from it.
What else should I know before buying a condominium?
In addition to disclosing information regarding the condo unit’s possible defects, a seller must also tell the buyer whether the property is subject to a Homeowner’s Association (HOA) or condominium association. These types of associations may pose significant fees in addition to your monthly mortgage payments. This is not to mention great restrictions on where you can park, what common areas you can utilize, and how you can navigate any other provided amenity. With this, you must seriously consider whether the benefits of HOA or condominium association protection outweigh its imposed fees and regulations.
Lastly, it may be worth mentioning that a seller is not necessarily obligated to disclose whether someone has previously died in the condo unit. They must only do so when the death was related to a property defect or a violent crime. Again, this goes back to having the appropriate amount of information within the Property Condition Disclosure Statement. Rest assured, one of our attorneys will help you look through this statement, along with all the other important documents attributed to the purchase and sale.
At any rate, if you are ready to purchase a condominium or otherwise, now is a better time than ever to contact a skilled New York City real estate attorney. Zimmet Law Group, P.C. is here to help.
