Buyer's Edge Realty in the News
NEWSFLASH: Buyer Be Aware - New law in effect December 31, 2005
Tarrytown, NY...(January 19, 2006)... Gary Herbst, an exclusive buyer’s agent and principal broker of Buyer’s Edge Realty in Tarrytown, today announced that as of December 31, 2005, a new law requiring home inspectors to be licensed by New York State has gone into effect.
The new law, the Home Inspection Professional Licensing Act, requires home inspectors to be licensed in order to perform home inspections. As of January 18, 2006, 396 home inspectors in New York were licensed by the state- out of about 5,000 registered home inspectors. Licensed professional engineers, registered architects and code enforcement officers can all perform home inspections under this law.
Additionally, a licensed real estate agent or broker must tell a home buyer that the inspector is required to be licensed. If an agent or broker does not abide by this part of the law, s/he could be held liable for recommending untrustworthy sources. Liability could lead to fines in excess of $1,000, and disciplinary action may be taken.
Herbst said that in a “buyer beware” state like New York, where an unrepresented homebuyer is responsible for verifying any- and all- information reported on a home sale listing, the law serves to provide added protection to that homebuyer.
“This law will ensure that real estate agents for the seller cannot simply accelerate the process of a sale by recommending a ‘preferred vendor,’” Herbst said. “Under this law, real estate agents are required to know which inspectors are licensed and which ones are not. It is unethical and unlawful to recommend a vendor simply because there is an existing relationship.”
One of the biggest mistakes homebuyers make is not hiring a licensed inspector. Many homebuyers rely on the seller’s salesperson to refer an inspector, thereby presenting a potential conflict of interest. Herbst added that utilizing the services of an unlicensed home inspector can slow the home buying process, can cost the buyer additional fees for service and can potentially cause the home to be sold to another buyer using the properly licensed vendors.
To find out if a home inspector is licensed, log onto www.dos.state.ny.us , click on Search for Licensees and Registrants, and enter the business name or name of the inspector whose credentials are being researched. Only licensed home inspectors can be found on this website.
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About Buyer's Edge Realty Buyer’s Edge Realty, based in Tarrytown, N.Y., is an exclusive buyer’s agency – a real estate company dedicated solely to representing Westchester County, NY home buyers. Buyer’s Edge Realty does not list properties for sale, ensuring that only the interests of buyers are fully represented - never sellers - on any property. Buyer’s Edge Realty is compensated like any real estate company - at the closing through the proceeds of the transaction - so there is usually no additional cost for their services. Please log onto www.buyersedgerealty.com, or call 914.332.7100 for more information.
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