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NY S08729
Bill
Status
1/7/2026
Primary Sponsor
Rachel May
Click for details
AI Summary
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Establishes a mandatory 10 business day (maximum 14 calendar day) inspection period for home buyers, beginning after receipt of a signed purchase agreement, during which buyers can have the property inspected by a licensed home inspector
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Prohibits sellers and their agents from conditioning acceptance of a purchase offer on the buyer waiving or limiting their right to a home inspection, except for auction sales or sales to relatives/former spouses pursuant to court orders
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Allows buyers to cancel the purchase agreement by 5:00 p.m. on the last day of the inspection period if unsatisfied with inspection results, with full refund of deposits
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Imposes civil penalties on sellers who violate the inspection requirements of up to 4% of the home's last publicly listed asking price or $10,000, whichever is greater, plus liability for damages
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Requires the Department of State to develop a right-to-inspection form that must be signed by both buyer and seller and attached to the purchase contract
Legislative Description
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.
Last Action
PRINT NUMBER 8729A
2/12/2026