RE: Property Condition Disclosure Statement
On September 22, 2023 Governor Hochul signed legislation amending the Property Condition Disclosure Act. 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.
The new legislation will take effect on March 20, 2024.
New York now becomes the 30th state in the country to require flood disclosures during home sales.
For a copy of the bill, please click the below link: