I sent an email to my lawyer. From what I see, New York State sellers can pay a $500 penalty for failing to file a disclosure form, and many do that. But I'll have to check if NYC has tighter laws.
disclosure forms typically have Yes, No, Don't Know as choices. Most answers are "don't know".
Asbestos I can tell (!)
Okay. One reason that I was asking is that if you have steam heat now, but it is a two-pipe radiator system, you have the option of converting from steam heat to hot water radiator heat. Whether you want to, or should, do that is another question.
I have a property that has a natural gas fired one-pipe radiator steam heat system. Steam heat can get a little complicated to deal with and to maintain properly, especially for tenants (which I have in that property). I had to learn as much as I could about steam heat when I bought the property because I never had steam heat before. Some people say it is the best type of heat to have. Still, if I had the option, I would convert my steam heat system with a large old boiler to a higher efficiency natural gas fired hot water radiator system with a much smaller boiler unit. Unfortunately, that is not an option for me since I have a one-pipe radiator system.
"There is no right way to do the wrong thing."
Thomas Huxley (1825-1895)
Jeff
Unless there is some other reason to not file a disclosure form, I don't see why doing that is a consideration. Even if you can pay $500 to somehow opt out, what are buyer's going to think when you do that? I would think it could wind up costing you a lot more than $500. If brokers and/or lawyers are involved, almost certainly the buyers are going to be put on notice that a disclosure form is lacking and then they are going to wonder why, may find another property, etc.
From what I see at this point, the issue is really what they actually ask about asbestos on the disclosure form and how that affects how you choose to proceed.
Yes, we're all going to die. Call EPA and get the totally expensive guys out with moon suits.
- . Christopher A. Young learn more about Jesus .
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Sure there are, depending on what the wrong thing is. In this case, my lawyer says that there is no obligation to remove an asbestos, and that most people do pay the $500 penalty and do not sign a disclosure form. There is less exposure if you don't sign the form.
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