NY BAR REVIEW REAL PROPERTY 2 Flashcards
contract to purchase real property / buy-sell
sets terms of purchase
every contract to purchase/lease real property MUST
be in writing
contract to purchase real property MUST be signed by whom?
seller/agent and buyer
caveat emptor
buyer beware
there is NO provision for landlord to __________ condition of property
divulge
responsibility of buyer of real property to _________
examine the property and ask all relevant questions prior to purchase. after purchase is too late
property condition disclosure act 2008
production of property condition disclosure statement prior to sale. seller must answer 50 questions. must be given prior to signing contract.
if seller doesnt reveal something that is wrong in the property, affecting the habitability,
contract may be set aside, or seller may be required to pay damages to buyer.
if seller doesnt want to disclose, and wants to rely on caveat emptor, can do what?
give buyer $500 credit toward the purchase price
what brings the landlord OUT of property disclosure statement?
$500 credit to buyer
purchasing a NEW house - which statute?
housing warranty statute
housing warranty statute
warranties by builder of that particular NEW house
uniform vendor and purchaser risk act
if something happens to property before buyer takes title and possession
buyer takes title when?
at end of closing
legal title not conveyed and possession NOT transferred to buyer yet, and a MATERIAL part of house has been destroyed without fault of buyer, or was taken under EMINENT DOMAIN, can seller enforce purchase contract? buyer entitled to recover?
NO.
YES.
