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My previous Title Topic discussed revisions to N.Y. Real Prop. Law § 462 which requires that the seller of a one-to-four family dwelling complete and sign a Property Condition Disclosure Statement and deliver it to the buyer prior to the buyer signing a binding contract of sale. Under existing law, the seller can give the buyer a credit at closing of $500 in lieu of providing the Disclosure Statement. Effective March 20, 2024, the credit provision has been eliminated, and the seller of a one-to-four family dwelling must complete and sign a Property Condition Disclosure Statement and deliver it to the buyer prior to the buyer signing a binding contract of sale.
The real estate agents representing the seller and the buyer each have a statutory duty to timely inform their clients of the requirement to provide a Property Condition Disclosure Statement before the buyer signs a binding contract of sale. (N.Y. Real Prop. Law § 466.)
Also, effective March 20, 2024, the Disclosure Statement has been amended to include disclosures regarding whether the property is located in a flood hazard area and whether flood insurance is required.
The amended Property Condition Disclosure Statement has now been published by the New York Department of State. Click here for a copy.
Click here to read the revisions to N.Y. Real Prop. Law § 462 effective March 20, 2024.
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