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What Must You Disclose When Selling a House in Long Island NY

Disclose Selling

Home sellers work hard to present their property in the best light possible through well-lit photographs, strategic staging, and the honeyed words of their realtor. However, there are certain facts Long Island sellers must disclose to potential buyers, no matter how ugly the truth. 

  • Whether the house is in a flood zone or a region designated as wetlands or an agricultural district. 
  • If the property is positioned on top of a previous landfill site or there were fuel-storage tanks 
  • Past or present presence of health hazards including asbestos, as well as paint and plumbing made with lead
  • History of petroleum or toxic materials spills, as well as radon testing results
  • Known structural damage, caused by water, fire, smoke, insects, or rodents
  • Known defects in key building elements including the driveway, patio, hot water heater, interior walls, sump pump, chimney, etc. 
  • A detailed history of roof repairs and replacements
  • Current status of the utilities and water qualities, as well as any issues with sewage and draining
  • Any property which is shared, such as a garage
  • HOA fees, financial health, and rules
  • If the owner established and upheld beliefs of haunting

There may be questions you don’t have the necessary information to answer, which is okay. However, if you purposefully withhold information, you and your realtor are both vulnerable to be sued by the home buyer for fraud. 

What You Don’t Need to Disclose When Selling in Long Island, New York

  • Any history of crimes or deaths that took place on the property. The exception is if the death was directly associated with the condition of the home. 
  • The health history of past occupants

For further information, please refer to this document. Long Island home sellers are expected to complete. 

New York Disclosure Laws Differ From Other States

Seasoned home sellers may be surprised to learn that the rules of one state don’t necessarily translate to another. For example, New York is only one of four states that requires home sellers to report paranormal activities. Reversely, California requires home sellers to disclose any history of legal disputes or disruptive behavior by neighbors.

Relatedly, condominium sellers don’t need to disclose as much as house sellers, as it is assumed that they carry less responsibility for the overall property. 

Worried About Scaring Away Buyers? Don’t Fret

If reading all of this makes you anxious about whether your home will sell, don’t worry. You still have several options available.

One approach is to make targeted home improvements before listing. In some cases, repairs such as removing asbestos or replacing a faulty hot water tank can significantly improve buyer interest. However, some issues like previous termite damage, flood history, or black mold may still impact buyer perception and cannot simply be hidden.

Another option is adjusting your asking price. If your Long Island property comes with challenges, pricing it realistically is key. An experienced real estate professional can help you determine a fair market value based on condition and demand.

You can also market your home to investors or buyers interested in renovation projects or redevelopment. Selling as-is often attracts flippers or developers who are prepared to take on repairs, although they will typically expect a lower purchase price in return.

Finally, you can consider selling directly to a cash buyer like MrCashBuyer, a Long Island iBuyer that purchases homes in nearly any condition. The process is simple. Just answer a few questions online and receive a no-obligation cash offer within 24 hours. When evaluating your home, factors like condition, location, and market trends are taken into account to provide a fair and competitive offer.

Final Verdict

If you want to learn more about MrCashBuyer or get additional guidance on what home sellers need to disclose in Long Island, New York, our team is here to help. Understanding disclosure requirements and the selling process is an important step in ensuring a smooth and informed real estate transaction.

For personalized support or more information, you can contact us directly at 631-388-6640.