What is the consequence if a property owner fails to provide a property condition disclosure before accepting a purchase offer?

If a property owner fails to provide a property condition disclosure before accepting a purchase offer, they may incur legal penalties. Many states, including New York, have laws that require property owners to disclose certain material defects or conditions that might affect the value or desirability of the property. Failing to comply with these disclosure requirements could lead to legal consequences, such as fines or liability for damages if the buyer discovers undisclosed issues after the sale is completed.

This requirement is in place to protect buyers and ensure a fair transaction process. Additionally, the property owner might also face potential lawsuits from buyers who feel that they were misled about the condition of the property. Therefore, it is crucial for sellers to understand their obligation to provide a detailed and accurate property disclosure.