A Property Condition Disclosure Statement (PCDS) is a form required by the State of New York (Division of Licensing and Services), to be completed by a seller of residential real estate, prior to the signing of a residential contract of sale by a Purchaser (New York State Real Property Law Section 462). This form discloses various relevant information regarding the residential real property being sold.
Read MoreThere seems to be a great deal of confusion and misunderstanding as to what an “all cash” offer means. Sellers often feel misled when after signing a Contract, they learn that their “all cash” Purchaser is procuring financing. It is important, as a Seller, to understand what an “all cash” offer really is. Quite simply, an “all cash” offer, is an offer which is not subject to or contingent upon the Purchaser obtaining financing for the purchase proceeds. It does not mean that the Purchaser will not be procuring financing, nor does it mean that the transaction will necessarily move along any faster than a transaction subject to financing.
Read MoreMost seasoned attorneys practicing real estate law on the east end of Long Island routinely require a Seller of real property to procure an updated Certificate of Occupancy as a condition of closing. Although none of the local townships specifically require an updated Certificate of Occupancy be issued upon the transfer of a property, as a general rule, this is a very prudent move.
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