Bill > A04883

This bill establishes a legal right for prospective buyers of residential real property, condominium units, and cooperative apartments to conduct a professional home inspection within ten days of a seller accepting their purchase offer. The bill defines an "inspection" as a comprehensive evaluation by a licensed home inspector of readily accessible components like heating, cooling, plumbing, electrical systems, structural elements, foundation, roof, and interior/exterior features. Sellers cannot condition their acceptance of an offer on the buyer waiving this inspection right, with the exception of property sold at auction. The bill mandates that all purchase offers include specific language informing buyers of their inspection rights, and if an inspector identifies serious defects exceeding a pre-agreed cost threshold, the buyer can revoke the offer. Sellers who violate these provisions can be liable for damages up to 4% of the sale price or $10,000, whichever is greater, and may face additional penalties under consumer protection laws. The bill does not require buyers to actually conduct an inspection, but their right to do so expires if no inspection occurs within the agreed timeframe. The law will take effect on the first day of January following its passage.

Justice

https://www.nysenate.gov/legislation/bills/2025/A4883