For your convenience, the complete English version of this form is attached below the Spanish version. This form is a Sellers Disclosure and Disclaimer Statement for use in a residential sales transaction. This statement concerns the condition of property and is completed by the Seller. Though this form is valid in many states, your state may require a specific disclosure form. It is your duty to confirm you are meeting your legal obligations.
New York Residential Property Disclosure and Disclaimer Statement (RP DDS) is a legally binding document that provides a comprehensive description of a residential property and outlines various disclaimers. This statement is crucial for both buyers and sellers involved in real estate transactions in New York state. The RP DDS aims to inform potential buyers about the condition of the property, any known issues, and any legal or environmental concerns that may affect their decision to purchase. It helps buyers make informed choices while allowing sellers to protect themselves from potential legal disputes. The information disclosed in the RP DDS mitigates risks and promotes transparency in real estate transactions. Typically, the New York Residential Property Disclosure and Disclaimer Statement covers a wide range of topics, including but not limited to: 1. Property Description: This section provides a detailed description of the residential property, including its address, size, number of rooms, features, and any additional structures such as garages or sheds. 2. Utilities and Services: It outlines the utilities and services available to the property, such as water supply, sewage disposal, heating systems, electrical wiring, and internet access. Any known issues or limitations are disclosed here. 3. Property Condition: This section lists any known defects or problems with the property, including structural issues, water damage, plumbing or electrical problems, pest infestation, or any hazardous materials. It may also include information on whether the property has been inspected recently. 4. Environmental Concerns: The RP DDS may address any environmental concerns such as the presence of lead-based paint, asbestos, radon, or any other hazardous substances. Sellers are required to disclose any known environmental hazards or contaminants that may affect the property. 5. Legal Issues: It highlights any legal matters associated with the property, such as pending lawsuits, easements, boundary disputes, or any encroachments that may affect the property's boundaries or current or future usage. 6. Neighborhood and Community: The RP DDS may also provide information about the neighborhood, nearby amenities, schools, public transportation, noise levels, or any relevant community restrictions or homeowners association rules. Different types of New York Residential Property Disclosure and Disclaimer Statements may exist based on the specific property type, such as single-family homes, condominiums, cooperative apartments, or multi-unit residential buildings. These variations may have additional sections or specific disclosures related to the respective property type. Regardless of the property type, it is essential for both buyers and sellers to thoroughly review and understand the New York Residential Property Disclosure and Disclaimer Statement. It is recommended to seek legal advice to ensure compliance with the relevant laws and regulations, as well as to clarify any doubts or concerns that may arise during the transaction process.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
