Governor Hochul Signed Legislation Amending the Property Condition Disclosure Act
As of March 20, 2024, sellers of residential property in New York (excluding cooperative and condominium apartments) will now need to complete the amended Property Condition Disclosure Statement (PCDS). In the past, sellers in New York City and the surrounding counties did not want to take on the responsibility of filling out the 40+ question disclosure form. It was much easier, and less risky, to credit the buyers the $500.00 “penalty” (as stated in the old Property Condition Disclosure Act).
Now, sellers will not have that choice and must fill out the form. Moreover, the PCDS form has been updated and now includes questions about the property’s flood history and whether the property is located within a flood zone.
Willful misstatements, or even incomplete statements, by sellers in the PCDS could result in damages to buyers of the property so it is important for sellers to answer these questions to their knowledge and in good faith or you’ll be paying a lot more later…
For more information, check out this link to the subject legislation for those who are just on the edge of their seats for additional details.
If you have any questions or concerns about this amendment and the new PCDS please reach out to our office. We are happy to help!