NY 4.0 hours Disclosure Is Not A Secret - Course Syllabus


Course Syllabus:

4.0 Elective Hours

From the licensee's point of view, the seller's disclosure helps to limit the liability of both listing and selling agents. The most important liability protection for real estate companies, in the last 20 years, has been the use of seller disclosure statements that identify needed improvements.

From the sellers' point of view, the disclosure limits their liability. Should the buyer sue the seller for material items, the seller is covered if the item is listed on the disclosure statement. If the seller refuses to produce a seller disclosure statement, the seller is often admitting there is something wrong with the house that he or she prefers not to divulge.

The agent who represents a buyer in a normal house purchase transaction (seller occupied, single family residential property), should advise the buyer-client to request a disclosure statement. It is best to not show a seller's property without a seller's disclosure. It should be provided before the buyer sees the property.

A seller’s disclosure statement provides useful information about the condition of the property, and it allows the buyer to make faster and more informed decisions. This course reviews the seller’s disclosure statement as well as the various types of disclosures and their importance.