Are sellers legally required to disclose the purchase price on request?

Interesting question. I'd love to know as well.

Doubt it.

what is the point of knowing? it has no impact on the purchaser.

It is definitely a factor in making an offer in a buyer's market like now.

People are asking $1.3 million on places that sold for $300K 10 years ago, and $200K 20 years ago. Inflation doesn't explain today's price and demand is obviously in the toilet.

No they are not
It is surprising you could imagine a scenario in which it could be "legally" required
and it has no relevance whatsoever anyway

urnfna, I respectfully disagree. It has relevance because if the apartment was bought in 1974 for 50k, then you have more negotiating room than with someone who bought in 2006 and paid a 1M for it. The one who bought in 2006 has more to lose in a declining market than someone who will make a substantial profit no matter what.

Its very relevent and useful, if the seller bought recently you'll know a lowball below his purchase price is unlikely. Even if he's desperate

I would ask for full disclosure on their health and overall financial situation as well.

""If you ask point-blank in writing for what price the seller paid for an apartment (and the year it was bought) must he (or the broker) tell you?""

No. They are under no obligation to disclose that to you.

What if it was a complete wreck when they bought it, and they dumped a ton of money on reno's? What if the person actually got a good deal when they bought? That should be considered.

Yes, renovations should be considered. I'm sure anyone who spent real money on that would make it known up front. But sellers tend to be very tight-lipped about purchase prices.

They must also legally reveal their SS#, their mother's maiden name & the name of their childhood dog; after all, it's a buyer's market! Get an effen grip .........

and ATM machine pin number.

whatever price the seller paid doesn't affect how much he's asking. If he paid $1.00 and wants $1m what's the difference to you?

Because if his little daughter needs a $500K operation in the next 2 days maybe he'd take $500K instead of $1 million.

The previous purchase price & year is information any intelligent buyer would like to know. The only reason one could have for hiding that info is because they don't want potential buyers to realize the asking price is too high.

The real issue is HOW MUCH DOES THE SELLER OWE ON THE PROPERTY. It does not matter how much someone paid because they may have cashed out equity in the up market. If they owe too much, they will likely have to ask the bank to do a short sale. NYC sellers do not sem reasy to strt coming out of pocket to pay off loan YET.

If I paid $100k and my neighbor recently got $1m I don't care about my daughter needing an operation no way will that person sell at a lower price...this is what happened in florida..I sold a home there in '05 and my neighbors starting putting up their homes for sale because of the price I got. The refused to budge...just last month a neighbor had his home on the market (on and off) since '05 and finally sold it at the same price he paid for it complete loss. BUT it took three years.

adamstokes - good point about what the seller owes. ACRIS should give you a view into refinancing, which may affect the seller's perspective. Do your research, find out everything you can. So many factors impact the final sale price - purchase price, amount owed, daughter's operation, relocation, arguments among heirs, crazy seller, greedy seller, seller will only sell if he/she gets $X, etc...

But brokers are NOT permitted to relate this information to potential buyers. It's against the law, much like issues of attorney-client privilege. A buyer's broker (one paid by the buyer) can share this information, but any agent of the seller is not permitted to do so if the seller does not wish to have it disclosed.

The best way to find out what a seller's break point is is to make an offer. But without an offer it's just academic.

"Because if his little daughter needs a $500K operation in the next 2 days maybe he'd take $500K instead of $1 million."

oh my.

"oh my."

yeah, the humanity

Short answer: Absolutely not. Seller need not disclose very much of anything. If you ask specifically about a type of flaw, they must answer truthfully (e.g., has there been a fire or water damage in the apartment in the past x years). But you better be specific. Most of what you ask, you will rightfully be referred to the board minutes or other due diligence process your attorney will engage in. If you are dying to know what they paid, search it in ACRIS or go to city records and look it up. It can be relevant to negotiations, but they do not have to disclose much more than you do if they were to ask you what you were selling you current place for or what you paid for it.

So what you are looking for is a directional answer -- not the specifics? If it has closed since 2004 -- it is likely on streeteasy. If they acquired before 2004 -- they are probably asking for an amount above where they bought it. If they have lived in the apartment for 30 years -- you have your general answer, too.

More than likely the seller is under no obligation to reveal the purchase price.
But how amazingly useful that information can be to research and find out when trying to asses whether the seller would even consider what the buyer believes is a reasonable offer.
It is infinitely easier for the seller to come to the closing table when the seller is not obliged to bring along funds to pay off his/her obligations to the mortgage holder because now the property is selling for less than what the buyer bought it for and probably more than he owes.
If the property was bought way before the last few year's bubble or even way before that then the seller may be more likely to not feel completely cheated that he did not sell during the peak and accept an offer where he is either not losing too much if he bought it 5-6 years ago OR make money on the sale which albeit will be smaller than during peak but still making a sizable profit.

The previous purchase price & year is information any intelligent buyer would like to know. The only reason one could have for hiding that info is because they don't want potential buyers to realize the asking price is too high.

Yes, perhaps a buyer would like to know. So? I'd like to know a lot of things, doesn't mean I am entitled to know.

Also, it is useful but hardly very relevant. The assumption shouldn't be cost-plus pricing, but rather demand based pricing. I know that is a hard concept for the average bumble to understand.

I agree that the seller is under no obligation to tell the buyer or their attorney the purchase price.

But urnfna, where is this demand of which you write? Because all the facts and general consensus are that demand is not even close to what it was.

moronic question