The Property Condition Disclosure Statement 🤪

ew York amended the Property Condition Disclosure Act.

Now:

• Sellers are required to complete the disclosure form
• The automatic $500 credit option was eliminated
• Sellers can no longer “opt out” by paying $500

The goal was transparency.

Lawmakers felt buyers weren’t getting enough information about property conditions, especially regarding:

• Water damage
• Flooding
• Structural issues
• Environmental concerns