Overview of Important Changes to New York’s Property Condition Disclosure Law – On March 20, 2024, important changes to New York’s Property Condition Disclosure Act (“PCDA”) go into effect. The changes will effectively eliminate a seller’s option to provide a residential homebuyer with a $500 credit at closing in lieu of a completed Property Condition Disclosure Statement (“PCDS”). The changes also require sellers to disclose property information regarding flood risk, flood history and flood insurance in the PCDS. LIBOR’s General Counsel Patrick Fife will explain the upcoming changes, and he will also provide a general overview of the PCDA and a real estate licensee’s responsibilities and obligations under the law.

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