What Is a COVID-19 Real Estate Disclosure Form?

Download a COVID-19 Disclosure Form: https://www.hauseit.com/covid-19-real-estate-disclosure-form/

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What is a COVID-19 real estate disclosure form? We’ll demystify this topic in the following video. I’m nick at Hauseit. Visit our website https://www.hauseit.com to save money when buying or selling real estate in NYC. So let’s get started!

The residential real estate industry was heavily impacted by the outbreak of COVID-19. While the industry was deemed ‘essential’ during the crisis and permitted to continue in-person operations in many jurisdictions, the disease itself has ushered in a new wave of potential liability claims for agents and brokers who may inadvertently transmit or facilitate the transmission of the disease through in-person activities such as private showings or future open houses.

In response, the New York State Association of Realtors (NYSAR) created an optional ‘COVID-19 Disclosure Form’ for its members to disseminate to buyers and sellers. The document outlines to prospective buyers or sellers the risks of possible exposure to COVID-19 through real estate activities and provides for the assumption of exposure and all consequences and/or injury which may result from such exposure by permitting access to or accessing a property.

What risks is the COVID-19 real estate disclosure designed to protect against?

The COVID-19 disclosure form is intended to educate a buyer and/seller about the risk of exposure to COVID-19 and associated injury/harm as a result of accessing or permitting access to a property.

Consequently, a broker who is named in a lawsuit alleging exposure to Coronavirus could utilize the disclosure form to demonstrate that the buyer or seller was aware of the risks and assumed such risks prior to engaging in said real estate activity.

It’s important to keep in mind that there is no guarantee that the use of this disclosure form will indemnify a broker or agent who facilitates the transmission of COVID-19 from legal exposure and liability.

Is the COVID-19 disclosure form required?

No. Use of the COVID-19 real estate disclosure form by a licensee is completely optional. Nor is a buyer and/or seller required to sign the disclosure form prior to accessing or permitting access to a property.

So there you have it. We hope you found this video helpful, and if you did, please like this video, subscribe, and leave us a comment. We’d greatly appreciate it. I’m Nick at Hauseit, and we’ll see you on the next one.

Save 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
NYC Buyer Closing Cost Calculator: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
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