New York Home Buying Pitfalls Series
The New York Home Buying Pitfalls Series
Attorney AdvertisingAnkaa Law P.C.Manhattan 42 West 44th Street · Flushing 3915 Main Street, Room 319+1 718-218-5805
“Do I need an inspection? How do I win the house? Will it flood? What if I find a leak or a tenant after closing?” This series walks through the most common traps in buying a home, one at a time, based on New York law.
Before You Sign
| Part | Title | In One Sentence |
|---|---|---|
| Part 1 | Do I Really Need a Home Inspection? | Inspect before signing in New York, special items to check, condos and co-ops |
| Part 2 | Found a Home You Love? How to Lock It Down | Why an accepted offer doesn’t count, preparing to bid, contract terms to keep |
| Part 3 | Is the Home in a Flood Zone? | FEMA maps, NYC stormwater maps, the disclosure statement, flood insurance |
After Signing, Before Closing
| Part | Title | In One Sentence |
|---|---|---|
| Part 4 | Can I Back Out After Signing? Will I Lose My 10% Deposit? | Contingencies, deposit forfeiture and “time of the essence” notices |
| Part 5 | How Long Will the Co-op Board Take? | 15 days to acknowledge, 45 days to decide, extensions and summer recess |
After Closing
| Part | Title | In One Sentence |
|---|---|---|
| Part 6 | Found a Leak After Closing: Can I Go After the Seller? | Disclosure liability, fraud, survival clauses, new home warranties, deadlines |
| Part 7 | Bought a Home and Found a Tenant Inside: What Now? | No self-help, notice periods, Good Cause Eviction, the squatter amendment |
Main Laws Referenced in This Series
- New York Real Property Law, including property condition disclosure (Article 14) and the Good Cause Eviction Law (Article 6-A)
- New York Real Property Actions and Proceedings Law
- New York General Obligations Law and General Business Law
- New York City Cooperative Application Timeline Law (Int. 1120-B)
- Federal flood insurance laws and regulations
Key 2026 Numbers at a Glance
| Item | Rule |
|---|---|
| Downstate contract deposit | Usually 10% of the price |
| Deposit forfeiture on buyer default | Generally up to 10%, without the seller proving damages |
| Property Condition Disclosure Statement (PCDS) | Mandatory for one- to four-family homes since March 20, 2024, with no $500 credit option; condos and co-ops exempt |
| Co-op board deadlines (NYC) | 15 days to confirm completeness, 45 days to decide (applications submitted on or after July 28, 2026) |
| NFIP flood insurance limits | $250,000 building, $100,000 contents |
| Notice of non-renewal | 30 days (under 1 year), 60 days (1–2 years), 90 days (over 2 years) |
| NYC eviction stay | Court may stay enforcement up to one year |
| Fraud statute of limitations | 6 years, or 2 years from discovery, whichever is later |
Attorney’s perspective
New York home purchases move fast, and the contracts favor the seller. We represent buyers in English and Chinese, from the offer through contract review, title and closing.
For advice about your own situation, call +1 718-218-5805 or schedule a consultation. We meet clients in Flushing and Manhattan, in English or Chinese.
This article is for general information only and is not legal advice. Reading it does not create an attorney-client relationship. For advice about your situation, please contact us.
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