Does a seller have to tell a #homebuyer about looming costly repairs?

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That's a provocative heading but it's a true one.  What if the seller knows that costly repairs are just around the corner?  This article from NYTimes.com, while it deals with a #condominium apartment, has implications for all sellers.

Costly Repairs Are Looming. Must I Tell the Buyer?

Q: I am a board member at an Upper West Side condo that has had issues with leaks. Repairing the problem will be expensive, possibly requiring a five-figure assessment for each apartment. I have been thinking about moving, but now I want to sell quickly to avoid paying the assessment and living through months of construction. Our board does not move quickly and any decision about the repairs is likely months away. The work could ultimately be cheaper than what is currently being proposed. What, if anything, am I required to disclose to potential buyers?

A: In New York, a seller is not required to disclose any adverse information to a buyer. So long as you do not actively conceal the defect, or in this case mislead a buyer about the looming assessment, you haven’t done anything wrong. “The building could be falling down and the seller does not have to tell the buyer,” said Adam Leitman Bailey, a Manhattan real estate lawyer.

Check out the full article here. So the lesson for a #homebuyer is to get  a competent attorney and home inspector.
 

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