Establishes the right to inspection of residential real properties

This bill establishes a legal right for prospective buyers of residential homes, condominium units, and cooperative apartments to have a licensed home inspector examine the property within 10 days (or a longer agreed-upon period) after the seller accepts an offer. It prohibits sellers from conditioning offer acceptance on buyers waiving this inspection right, except in limited cases like family sales or auctions. Purchase offers must include specific language explaining this inspection right and the buyer’s option to withdraw if major defects are found at significant repair costs. Sellers who violate these rules face liability for damages or civil penalties up to 4% of the sale price (capped at $10,000).