Environmental
Radon disclosure requirements in New York residential transactions require:
ASellers to test for radon and remediate before listing
BSellers to disclose known radon conditions on the Property Condition Disclosure Statement✓ Correct
CBuyers to sign a radon waiver form
DRadon testing by a DOS-certified inspector only
Explanation
New York's Property Condition Disclosure Statement includes a question about known radon conditions. Sellers must disclose known radon issues.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
State-Specific Concepts
Disclosure Requirements
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