Bill > S05772

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 10 days of a seller accepting their purchase offer. The bill defines "inspection" as a comprehensive evaluation by a licensed home inspector that covers various structural and systems components, including heating, cooling, plumbing, electrical systems, foundation, roof, and other housing-related elements. The legislation prohibits sellers from conditioning the sale on a buyer waiving their inspection rights, with limited exceptions such as sales at auction or transactions between certain family members. Each purchase offer must now include specific language informing buyers of their inspection rights, and if the inspection reveals serious defects exceeding a predetermined cost threshold, the buyer can revoke the offer. Sellers who fail to comply with these provisions can be liable for damages and may face civil penalties up to 4% of the sale price or $10,000, whichever is greater. The bill also considers violations by real estate professionals as unfair and deceptive practices, potentially subject to additional legal action by the Attorney General. The law is set to take effect on the first day of January following its passage.

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https://www.nysenate.gov/legislation/bills/2025/S5772