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January 2003

Home Seller Disclosure

For more information contact:
James W. Reed, Deputy Commissioner
Nassau County Office of Consumer Affairs
516-571-3284

FOR IMMEDIATE RELEASE

Mineola, New York ---- New York State Legislation taking effect March 1, 2002, requires sellers of residential real property to provide a uniform disclosure statement to buyers regarding the property condition prior to the buyer signing a contract. This law increases the ability of the home buyer to obtain important information with regard to a home purchase. Failure to provide a disclosure statement will result in the buyer receiving a $500.00 credit against the purchase price at closing.

"A uniform disclosure statement will alert both buyers and sellers to aspects of properties which may require attention: environmental, structural, mechanical or other potential problem areas, particularly those not readily observable by a visual inspection of the property," states Nassau County Consumer Affairs Commissioner, Roger C. Bogsted.

"This act is not intended to and does not limit existing responsibilities by a seller, buyer or agent concerning the condition of the property or potential liabilities or remedies at law, statute or in equity" continued Bogsted. "This act will significantly improve the transfer process and better serve the interests of all parties to a home purchase. It will increase clarity regarding the nature of the property and will provide greater certainty to contracts entered into by better informed buyers and sellers."