The New Enhanced Property Condition Disclosure Law in New York, as of March 20, 2024
As of March 20, 2024, New York's Property Condition Disclosure Statement (PCDS) law has undergone significant changes, impacting both homebuyers and sellers. This update prioritizes transparency, empowering informed decisions throughout the real estate transaction. Enhanced Buyer Protections: This revised law strengthens the position of homebuyers: Mandatory Disclosure: Sellers must now provide a PCDS before a binding contract is signed. This eliminates the previous option of offering a $500 credit in lieu of disclosure. Expanded Information: The PCDS now includes new questions regarding a property's flood history and experience, enabling buyers to assess potential flood risks. Increased Transparency: Real estate agents are obligated to ensure sellers fulfill their PCDS disclosure duty and buyers receive the completed form before contract signing. Benefits for Buyers: Improved Due Diligence: A comprehensive PCDS provides valuable insights into property conditions...