Amendment to the Property Disclosure Act
Amendment to the Property Disclosure Act

Effective as of March 20, 2024, New York’s Property Condition Disclosure Act (the “PCDA”), in effect since 2002, no longer permits a seller of residential real estate to opt out of delivering a Property Condition Disclosure Statement (the “Statement”) by giving the Purchaser a $500 closing credit.

The PCDA requires sellers to deliver the Statement which had included forty-eight questions and now, as amended, contains fifty-six questions about the property, covering items from structural issues and mechanical systems to environmental issues and flood related matters. Accordingly, unless exempt, a seller must provide a purchaser with the Statement prior to signing a contract of sale.

Many aspects of the original PCDA remain the same, such as the exemptions and exceptions to the type of transfer where the Statement is required.  Exempt transactions include:

  • A transfer by a fiduciary such as a trustee or executor
  • The transfer of newly constructed property that has never been inhabited
  • A transfer pursuant to a court order.

Transfers of condominium units, cooperative apartments and vacant land are not subject to the PCDA.

The Transactional Department at Cuddy & Feder is ready to help purchasers and sellers navigate the revisions to the PCDA along with any residential transfer matters.

The following materials, and all other materials on this website, are intended for informational purposes only, are not to be construed as either legal advice or as advertising by Cuddy & Feder LLP or any of its attorneys, and do not create an attorney-client relationship between you and Cuddy & Feder LLP. Please seek the advice of an attorney before relying on any information contained herein.

Westchester

445 Hamilton Avenue
14th Floor
White Plains, NY 10601
T 914.761.1300
F 914.761.5372

New York City

270 Madison Avenue
Suite 1801
New York, NY 10016
T 914.761.1300
F 914.761.5372

Hudson Valley

300 Westage
Business Center
Suite 380

Fishkill, NY 12524
T 845.896.2229
F 845.896.3672