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Property Condition Disclosure Statement – Legislative Change Affecting Sellers
Effective March 20, 2024, New York State will enact substantial changes to the Property Condition Disclosure Statement “PCDS” related to Contracts of Sale for Residential Real Property. The amended legislation now requires sellers to complete and provide “PCDS” to potential home buyers prior to signing a contract. Fortunately, exemptions are in place for certain property types, including condominium units, cooperative apartments, and undeveloped land. This legislation also will not impact properties obtained through a foreclosure sale or Deed in Lieu.
Our legal team at Friedman Vartolo understands the importance of staying informed. For additional information, please contact Michael DeRosa and Katherine Kokkosis.
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This publication may constitute attorney advertising under the laws and rules of professional conduct of one or more states. The information provided in this publication is for general informational purposes only and does not constitute legal advice. The contents are not intended to be a substitute for professional legal advice, consultation, or representation. No attorney-client relationship is formed by reading or relying on this publication. Prior results do not guarantee a similar outcome. Readers should consult a qualified attorney for advice regarding their individual circumstances or any specific legal questions they may have.
If you have questions about this publication, please contact Adam Friedman, Ralph Vartolo or Michael DeRosa,
Friedman Vartolo LLP, 1325 Franklin Avenue, Suite 160, Garden City, NY 11530, Phone: (212) 471-5100 | Fax: (212) 471-5150.
