RE: Amendment to NYS Property Disclosure Law to take effect in March of 2024
On September 22, 2023 Governor Hochul signed legislation amending the Property Condition Disclosure Act. The new legislation will take effect on March 20, 2024.
The amendment repeals the ability of a Seller of residential property to provide a $500.00 credit to a Purchaser in lieu of completing the Property Condition Disclosure Statement (“PCDS”) and further amends the PCDS to include questions regarding the property’s flood history and whether it is in a designated flood zone.
This means that all sellers of residential properties will be required to provide the disclosure statement and may now be subject to legal action if any willful misstatements that result in damages to the purchaser of the property are made.
A copy of the Assembly bill text can be found here.
If you have any questions feel free to contact our Legal Department at (800) 281-8485 or email@example.com