If a seller opts not to provide the property condition disclosure form, what reduction in price must they offer to the purchaser?

In New York, when a seller decides not to provide a property condition disclosure form, the law requires them to offer a reduction in the purchase price. This reduction amount is specifically set at $500. The rationale behind this requirement is to compensate the buyer for the lack of information regarding the property's condition, which they would otherwise have received in the disclosure. It helps to balance the risk taken by the buyer since they will not have a full understanding of any potential issues or defects in the property.

The other amounts listed do not align with the legal requirement set forth by New York State law. Therefore, $500 is the mandated discount, providing an incentive for the seller to be transparent about the property’s condition or to adjust the sales price to account for the buyer’s increased risk.