Property Condition Disclosure Statement
Governor Hochul ‘s amendment to the Property Condition Disclosure Act (PCDA), eliminating the $500 credit option for sellers in lieu of providing a disclosure statement, goes into effect on March 20, 2024. This amendment enhances transparency in residential property transactions by requiring full disclosure of the condition of the structures on the property, and adds flood history and flood zone designation. The exemptions outlined in the original legislation remain unchanged. Absent an exemption, sellers on all contracts for the sale of real property (one to four family dwellings) entered into on or after March 20, 2024, must provide the disclosure statement in order to be in compliance with New York State Law.
Real estate professionals must adapt to these changes by partnering with reliable title insurance agencies to navigate the evolving regulatory landscape effectively. If you have any questions, please contact us. Our team is prepared to assist you with their expertise and support.
For access to the new form, please click here to download.
