NYS Requires Seller Disclosure & Makes Changes

For those licensed in New York, an amended Property Condition Disclosure Statement (PCDS) went into effect Wednesday, March 20, 2024.  The language requires the disclosure of issues related to flooding.  Also, sellers will no longer have the option of providing the $500 credit in lieu of the PCDS. The DOS had published the amended form here: https://dos.ny.gov/property-condition-disclosure-statement-1

The law requires real estate licensees to timely inform both sellers and buyers of the obligations to fill out and rights to receive the PCDS. Timely means before the buyer signs a binding contract of sale.  If an agent performs the aforementioned duties and obligations, the agent shall have no further duties and shall not be liable to any party for a violation of this article.

Section 462(1) of the Real Property Law (RPL) provides, in part, “Except as is provided in section four hundred sixty-three of this article, every seller of residential real property pursuant to a real estate purchase contract shall complete and sign a property condition disclosure statement as prescribed by subdivision two of this section and cause it, or a copy thereof, to be delivered to a buyer or buyer’s agent prior to the signing by the buyer of a binding contract of sale. A copy of the property condition disclosure statement containing the signatures of both seller and buyer shall be attached to the real estate purchase contract.”