Home Buyers Guide > New York's Property Condition Disclosure Act
New York's Property Condition Disclosure Act
Sit Down with Harvey is intended to provide you knowledge to be a competent home buyer. My objective for you is to make you aware of and to inform you of; not to advise you. It is up to you to do your own due diligence with your home buying team.New York's Property Condition Disclosure Act, which took effect 2002, requires house sellers to give buyers either (1) a filled out multi- question Property Condition Disclosure Statement* (PCDS) based on the seller's actual knowledge or (2) a credit of $500 at closing for not delivering a PCDS. Even if a seller delivers a PCDS, any buyer of a house should perform his or her own inspections, and consider engaging professional inspectors, before signing a contract. This Disclosure Statement is not a warranty of any kind by the seller or by any agent representing the seller in this transaction. It is not a substitute for any inspections or environmental tests. In the alternative, the buyer's obligations should be conditioned on receiving satisfactory inspection reports. Home Inspectors (other than architects or engineers) are required to be licensed and must provide a written report within five business days after the inspection, clearly identifying the systems and components observed. Also is encouraged to check public records pertaining to the property and make other appropriate inquires such as zoning or other town ordinances. For newly constructed houses, buyers receive of a statutory warranty under General Business Law 777-a. **
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NY State Property Condition Disclosure Statement
**Permission for content which appears in a Legalease Pamplet Buying and Selling Real Estate was given by the New York State Bar Association. As stated in this information guide, I want to reiterate that it is intended to inform, not advise. No one should try to interpret or apply any law without attorney's help.
In doing my research on NY State Property Disclosure, I came across a very informative article for the buyer and I would like to share it with you.
Its title is New York's Property Condition Disclosure Act: : Extensive loopholes leave buyers and sellers of residential real property governed by the common law by Lucrezia, Philip in the St. John's Law Review , Spring 2003.
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