Property Disclosure Amendment

Effective Jan. 1, 2007, Real Property Law §242 was amended to add an additional disclosure requirement. Paragraph 3 requires sellers to disclose, prior to entering a contract, the existence of any uncapped natural gas wells. “Any person, firm, company, partnership or corporation offering to sell real property on which uncapped natural gas wells are situated, and of which such person, firm, company, partnership or corporation has actual knowledge, shall inform any purchaser of the existence of these wells prior to entering into a contract for the sale/purchase of such property.”