NY A08889

Grants prospective purchasers the right to have residential properties, condominium units, or cooperative apartments inspected by a licensed home inspector within 10 days of seller's acceptance of an offer to purchase, or longer if agreed in writing.

Prohibits sellers from conditioning acceptance of an offer on the prospective purchaser's agreement to waive or limit inspection rights, except for properties sold at auction.

Requires all purchase offers to include disclosure language informing buyers of their inspection rights and their option to revoke the offer within 5 business days if inspection reveals serious defects costing more than an amount specified by the buyer.

Allows sellers to accept inspection-waiver offers only when the prospective purchaser is a family member (spouse, sibling, child, parent, grandparent, grandchild, great-grandchild, great-grandparent) or a former spouse buying pursuant to a court judgment or order.

Imposes civil penalties on sellers who fail to comply, including liability for damages and a civil penalty of 4% of the sale price or $10,000, whichever is greater, and classifies violations as unfair and deceptive trade practices.