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Real Estate News – NYS Property Condition Disclosure Changes


Effective March 20th 2024 Sellers will no longer be able to offer $500 to the Purchaser to waive the Property Condition Disclosure. New York law now requires most property sellers to disclose known home defects to buyers, covering structural, environmental, and other physical and legal issues.
SELLERS: Every seller with a residential 1 to 4 family home must complete the Property Condition Disclosure Form. There are some exceptions:
New Construction
There are other exemptions: estates, trusts, and foreclosures, these exemptions should be verified and discussed with your real estate attorney.     The seller will receive this from their real estate professional and be answered honestly & independently, their realtor cannot assist. Once your home is listed this form can be provided to the buyer at any time, yet no later than when the contract of sale gets sent over to the buyer’s attorney. In the event the seller acquires additional knowledge about their property, a new PCDS will need to be completed.

BUYERS: Buyers may request the seller’s Property Condition Disclosure at any time. This does not replace a home inspection; the competed disclosure will give the condition of the home to the best of the seller’s knowledge. There are 56 questions, and the Seller will likely not know the history of the home, but will give you they’re own account of the property.
Buyers, take note, the seller does not have to provide the PCDS until the contract is sent to your attorney, however the seller can provide it at any time before contract is sent to buyer attorney. Keep in mind, this report does not replace a home inspection.   You are also entitled to receive a revised PCDS as soon as practicable in the event the seller acquires new knowledge which renders materially inaccurate the PCDS previously provided to you.
The disclosure is signed by both parties at contract signing and is added to the purchase contract.  

Feel free to reach out with questions to me or your real estate attorney.

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