NY A04883

Grants prospective buyers of residential real property, condominiums, and cooperative apartments the right to a home inspection by a licensed inspector within 10 days of an accepted offer (or longer if agreed in writing)

Prohibits sellers from conditioning acceptance of an offer on the buyer waiving their inspection rights, with exceptions for auction sales and transactions between close family members or pursuant to divorce judgments

Requires all purchase offers to include mandatory disclosure language informing buyers of their inspection rights and allowing them to revoke the offer if defects exceed a specified dollar threshold

Establishes penalties for non-compliance including actual damages plus a civil penalty of up to 4% of the sale price or $10,000, whichever is greater

Classifies violations as unfair and deceptive trade practices under General Business Law and authorizes the Attorney General to enforce the provisions