A seller in Utica is selling residential real property to a buyer. The seller does not wish to complete the New York Property Condition Disclosure Statement (PCDS) and asks the listing agent how the seller's obligations changed after the March 20, 2024 amendments to NY Real Property Law §§ 462 and 465. Which of the following best describes current New York law?
Correct Answer
B) The $500 credit option has been eliminated; the seller must deliver a completed PCDS to the buyer before the buyer signs the contract (subject to statutory exemptions)
Effective March 20, 2024, New York amended RPL §§ 462 and 465 to eliminate the $500 credit in lieu of disclosure. Sellers of one-to-four-family residential property must now deliver a completed PCDS to the buyer before the buyer signs a binding contract of sale, subject to the statutory exemptions in § 463.
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