New York Property Condition Disclosure Statement
New York Real Property Law §462 requires sellers of 1–4 family residential properties to provide a Property Condition Disclosure Statement to buyers.
$500 Credit Option: Sellers may instead give the buyer a $500 credit at closing in lieu of the form. Many WNY sellers choose this, but buyers may view it negatively — consult your attorney.
The form (if completed) covers:
Lead Paint — Critical in Buffalo
Buffalo has one of the most significant lead paint challenges in the state. The City of Buffalo has strict lead paint ordinances — disclosure for pre-1978 homes is required federally, and local inspections may be triggered for rentals. For a sale, the federal disclosure requirement applies.
New York Attorney Requirement
New York requires a real estate attorney for all closings. The attorney drafts the purchase contract (there's no standard form in NY — each attorney uses their own). Budget $1,200–$1,800 for WNY attorney fees.
New York Transfer Taxes
On a $270,000 sale: state transfer tax of approximately $1,080.
Download NY disclosure forms and find flat fee WNYMLS services.