Establishes the right to inspection of homes by buyers; provides for a 10-day inspection period where the buyer has the right to have a home inspected and cancel the contract if the buyer is not satisfied with the inspection results; makes related provisions.
Impact
This bill amends existing real property laws to create an explicit right for buyers that was previously more ambiguous under the caveat emptor doctrine. By formalizing the inspection process and establishing clear timelines, the law seeks to enhance buyer confidence and accountability from sellers. The law will require sellers to provide reasonable access for inspections and prohibits them from conditioning offers based on the waiver of inspection rights. This change not only protects buyers but could also encourage more thorough inspections, ultimately benefiting the real estate market by ensuring transparent transactions.
Summary
Bill S08729, known as the 'Right to Home Inspection Act', is designed to strengthen protections for buyers in residential real estate transactions within New York State. Specifically, the legislation mandates that buyers have the right to conduct inspections on homes they intend to purchase. The bill stipulates a 10-day inspection period during which a buyer can have the property inspected by a licensed home inspector. Furthermore, if the inspection does not meet the buyer's satisfaction, they have the right to cancel the purchase agreement and receive a full refund of any deposits made.
Contention
While there is significant support for the legislation, particularly from consumer advocacy groups, concerns have been raised by some industry professionals. Critics argue that the 10-day timeframe might be insufficient in certain situations, complicating transactions particularly in competitive markets. Additionally, there are worries that sellers may find ways to circumvent the obligations set forth in the legislation, suggesting the need for strong enforcement mechanisms. Compliance failures could lead to civil penalties and further complications in the sales process, especially where sellers might delay access to properties for inspections.
Same As
Establishes the right to inspection of homes by buyers; provides for a 10-day inspection period where the buyer has the right to have a home inspected and cancel the contract if the buyer is not satisfied with the inspection results; makes related provisions.
Establishes the right to inspection of homes by buyers; provides for a 10-day inspection period where the buyer has the right to have a home inspected and cancel the contract if the buyer is not satisfied with the inspection results; makes related provisions.
A bill for an act relating to home inspections, including persons authorized to perform home inspections and requirements for independent home inspection reports, providing penalties, and making penalties applicable.(See SF 460.)
A bill for an act relating to home inspections, including persons authorized to perform home inspections and requirements for independent home inspection reports, providing penalties, and making penalties applicable. (Formerly SSB 1144.) Effective date: 07/01/2025.
Concerns authority of owners, agents, or other persons to elect to contract with private on-site inspection agencies to complete inspections under the construction code; provides for charging of inspection fees.