Real estate refers to properties consisting of land, buildings and natural resources. It is usually divided into residential and commercial. Residential properties are meant for human habitation, while commercial properties are used for businesses.
Commercial real estate includes restaurants, malls, office buildings, and retail stores. A real estate investor specializes in either residential or commercial property.
Real estate law in New York requires sellers to disclose known defects on homes. Examples of defects include termites, mold and other infestations, and significant damage to walls or roofs. Those who fail to disclose the defect may be held liable.
The Department of State, which enforces real estate laws in the state, is the authority that administers the rules. It has the duty to regulate and prosecute any unauthorized real estate activities.
In New York, real estate agents are required to inform potential clients of their agency relationship. They must also provide them with a disclosure form. These forms allow clients to make informed decisions.
The website Real Estate also offers a parcel assessment search. This feature is useful for both buyers and sellers. The assessed value of a property on the site is based on a base year’s market value. However, the values are subject to change based on the laws and regulations that apply to the specific property.
Real estate laws in New York differ from those in other states. If the seller fails to disclose a defect, they could be liable for failing to meet their legal duty to sell the property.