Buyers and sellers: Did you know?
A new Property Condition Disclosure Statement (PCDS), signed into law by Governor Hochul, went into effect in New York State on Wednesday, March 20th, 2024.
Anyone who has purchased a home in New York before might remember receiving a $500 credit/waiver at closing, which would have been provided by the seller in lieu of a completed PCDS, if he/she failed to provide one. The new law eliminates the $500 credit/waiver option and requires completion of the disclosure prior to contract signing.
Sellers/properties exempt from the new PCDS include condos, co-ops, new construction, unimproved land, estates, trusts, foreclosures, and transfers by court order or bankruptcy.
Check it out HERE.
“This is a statement of certain conditions and information concerning the property known to the seller. This Disclosure Statement is not a warranty of any kind by the seller or by any agent representing the seller in this transaction. It is not a substitute for any inspections or tests and the buyer is encouraged to obtain his or her own independent professional inspections and environmental tests and also is encouraged to check public records pertaining to the property.”
