Property Condition Disclosure

This week we wanted to update you on new legislation that was signed into law last week by Governor Hochul which will significantly impact how Sellers can comply with the requirements of RPP Article 14 (Property Condition Disclosure in the Sale of Residential Real Property (“RPDA”).

In an effort to provide prospective purchasers with more transparency related to flood risks and potential property damage caused by increasing flooding, A.1967/S.5400 Bill was signed into law by Governor Hochul as Chapter 484 on Friday, September 22, 2023. The new Legislation, as written, specifically removes the option for the Seller to give a $500.00 credit to the Purchaser in lieu of delivering a completed Property Condition Disclosure Statement (PCDS) and adds additional disclosure requirements related to flood risks for covered real estate transactions. The effective date of the bill is March 20, 2024. Therefore, after that date, the $500.00 credit will no longer be available to Sellers to avoid the obligation to deliver a completed PCDS and will have to provide the additional disclosures to prospective purchasers.

Below is a link to Senate Bill 5400 showing the revisions made to the RPDA:
https://legislation.nysenate.gov/pdf/bills/2023/s5400

We will continue to monitor this new legislation and provide you with detailed updates as they become available.

×
Stay Informed

When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.

Time of the Essence
Building Parapet Inspections

Home Abstract Corp.

8225 3rd Ave, Brooklyn, NY 11209
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: (718) 680-4663
Fax: (718) 680-4668

8225 3rd Ave, Brooklyn, NY 11209
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: (718) 680-4663
Fax: (718) 680-4668

Join Our Newsletter


Home Abstract Corp. has placed the information on this website as a service to the general public. Use of this website and the information contained thereon does not in any manner constitute legal advice from Home Abstract Corp. to the user.  Nothing herein shall serve to create an attorney/client relationship between Home Abstract Corp. and the user.   While the information on this site may concern legal issues, it is not intended as legal advice or as a substitute for the particularized advice of your own legal counsel.  Anyone seeking specific legal advice or assistance concerning the information available on this website should retain their own attorney for such legal counsel.

This website could include inaccuracies or typographical errors. The materials on this website are not guaranteed to be correct, complete, or up‐to‐date after the date of posting.  The articles and information on this website are provided AS-IS; without warranty of any kind, either express or implied.

Each individual document published by Home Abstract Corp. on this website may contain other proprietary notices and copyright information relating to that specific document.  Home Abstract Corp. hereby authorizes you to view, store, print and copy any pages within this website solely for your personal information and use and not for resale, re-publication, or further on-line or mass distribution.   In consideration of this authorization, you agree that (a) any copy of the information or documents which you make shall retain all copyright and other proprietary notices contained herein and (b) nothing on this website shall be reproduced, sold, or distributed to third parties on-line or by mass mailing without the express written consent of Home Abstract Corp.

Some links within the Home Abstract Corp. website may lead to other sites that we believe may be useful or informative.  The Home Abstract Corp. website does not incorporate any materials appearing in such linked sites by reference. These links to third party sites or information are not intended as, and should not be interpreted by you as, constituting or implying our endorsement, sponsorship, or recommendation of the third-party information, products, or services found there. We do not maintain or control these sites and accordingly make no guarantee concerning the accuracy, reliability, or currency of the information found thereon.

© Home Abstract Corp. All rights reserved. Powered by