When it comes to the real estate market, different states and cities have their own laws to help keep buyers and sellers safe. From requiring a real estate lawyer to close to placing certain laws around rental agreements, there are different intricacies that you should be aware of before stepping into the market.
In this post, read through some of the New York real estate laws that you should know. But don’t try to tackle real estate yourself! If you’re buying or selling a property in New York, choose the legal defense team at García Pantaleón & Associates to help. Schedule a free consultation with one of our attorneys and get started buying or selling today.
New York Real Estate Laws
Leases and Rentals
If you’re a renter in New York, make sure you understand the state laws surrounding leases and rental agreements. Common information that you’ll find in rental contract includes the cost of rent, the deposit required, when rent should be paid each month, whether the building or home is pet-friendly, and other rules for the property.
A lease or rental agreement is a legally binding contract, but New York law also has governance around what can be included in those agreements. For example, the rental deposit cannot exceed the equivalent of one month’s rent. On top of that, New York landlords cannot discriminate against their potential tenants based on sexual orientation and marital status, and other protected classes. On top of that, cities like New York City have additional rent control laws in effect.
Research your city and country before entering into a contract to ensure all of those laws are being followed.
In New York, the state requires that, in order for the sale of a property to be official, it needs to be done in writing — this means that a verbal contract is not legally binding for either party. Once an offer has been accepted by the other party, a real estate lawyer is needed to proceed with the sale.
At times, a real estate agent might ask you to sign a contract or offer, whether you’re submitting a counter offer or an initial offer. Make sure you don’t sign anything without the advice from your legal defense team or that contract might be binding!
Disclosing Home Defects
Under the Property Condition Disclosure Act (PCDA) in New York, home sellers are required to disclose any existing home defects or conditions to the buyer. It’s important to understand that this act only applies to “residential real property,” not apartments, condominium units, or vacant land where a home is to be built.
The goal of PCDA is to protect home buyers from getting a home with hidden conditions and costly repairs. There are certain parties that are exempt from this disclosure law, just make sure you do your research before you sell your home!
Licensed Home Inspections
While home inspections are not required under state law, New York recently passed a law about the licensure process for home inspectors. In order to become a licensed home inspector, you must:
- Complete a 140 hour minimum course of study approved by the Department of State, Division of Licensing Services. Forty of those hours must be unpaid.
- Perform at least 100 home inspections while under direct supervision.
- Pass the National Home Inspector Examination
If you’re looking for a home inspector during the home buying process, find a home inspector that complies with New York’s licensure requirements!
Find a Legal Defense Team You Can Trust
All of these laws might feel overwhelming if you’re trying to buy or sell a home. That’s where an experienced real estate lawyer comes in. They can help with everything from rental contracts and property rights to buying or selling a business.
Keep your real estate investments safe and hire a real estate lawyer from García Pantaleón & Associates today! We have a legal defense team ready to help!