NY S05772

Grants prospective purchasers of residential real property, condominium units, and cooperative apartments the right to have the property inspected by a licensed home inspector within 10 days of the seller accepting their offer

Prohibits sellers from conditioning acceptance of an offer on the buyer waiving their right to inspection, with exceptions for auction sales and sales to family members or former spouses pursuant to court orders

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

Imposes penalties on non-compliant sellers including liability for damages and civil penalties up to 4% of the sale price or $10,000, whichever is greater

Violations by real estate agents constitute a violation of professional conduct standards, and violations by those engaged in trade are considered unfair and deceptive practices under the General Business Law