Originally Posted By: gromicko
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N.Y.: Bill Lets Buyers Void Sale for Well Contamination
(March 22, 2004) -- A new bill introduced into the New York state legislature (S.6072) would require the seller of a property with a private well to guarantee the buyer a 10-day period to conduct a well test after signing the sales contract, unless both the buyer and seller agree to a different timeframe. The buyer would pay for the well test. (Current state law doesn't require that a private well be tested when the property is sold.)
If the test results show contaminant levels in excess of the threshold established by state health department regulations, the buyer would be able to void the purchase and sale agreement by providing notice in writing to the seller prior to the transfer of the title at closing, says Mike Kelly, government and political affairs representative for the New York State Association of REALTORS?.
S.6072 also stipulates that failure to include the 10-day testing provision in the sales agreement, or failure to provide previous testing results of a private well to a potential buyer, also would be grounds for the buyer to void the purchase and sale agreement by providing notice in writing to the seller prior to the transfer of the title at closing.
Kelly says NYSAR is tracking the bill closely, but hasn't yet taken a position on it.
?By Pat Taylor for REALTOR? Magazine Online