DISCLAIMER
A Realtor is required to provide you this form when listing your property for sale but CANNOT be present when you fill it out or guide you on how to answer any of the questions. As always, it is recommended that you speak with an attorney should you have any questions regarding this form.
THE NEW - PROPERTY CONDITION DISCLOSURE FORM
Effective March 20, 2024, the amended New York Real Property Law Chapter 50, Article 14 (the “Property Condition Disclosure Act”) will compel all sellers of residential property to complete and deliver a Property Condition Disclosure Statement (“PCDS”) to a buyer prior to signing a contract of sale. This statute does not apply to sellers of non-residential real property or sellers engaged in one of 14 exempt transactions.
The PCDS requires sellers to answer 56 disclosures to the best of their knowledge at the time of completing the form. Such disclosures address several issues relating to whether the property sustained possible structural, floor or mold damage, title claims and environmental issues, such as whether the property is located in a flood hazard area or has had exposure to petroleum products, lead, radon or asbestos.
The Property Condition Disclosure Act requires sellers to write out an answer or respond “yes”, “no”, “UKN” (unknown) or “NA” (non-applicable) to each question on the PCDS. Truthfully completing a PCDS will prevent a seller from being held liable for the actual damages suffered by a purchaser in connection with any disclosed item on a PCDS.
Failure to complete a PCDS or knowingly providing false information will bar a seller from the statutory protections granted by the Property Condition Disclosure Act and make the seller liable for actual damages suffered by a purchaser in connection with damages that were withheld by either failing to deliver or were falsely disclosed on a PCDS.
Key Takeaways:
Exempt Transactions:
Sellers engaged in the following transactions do not need to complete and deliver a PCDS to a Purchaser: It is always advisable that you consult a real estate attorney to confirm the information below as State and local laws are constantly changing.
Transfers pursuant to a partition action.
