What is the change in executing the Property Disclosure form? How does it affect you as seller?
New changes are coming starting March 20th, 2024. NYS is eliminating an opt-out provision in the Property Condition Disclosure Act (PCDA). It will require every 1 - 4-family home seller to comply. The PCDA replaces the "let the buyer beware" status [seller choice to use an "opt-out" option, which credits $500 to a buyer in place of submitting the disclosure form].
The existing ‘caveat emptor’ model, without specific timelines or end dates, allows buyers to potentially file lawsuits years after closing on a home. The new law mandates sellers to complete a document disclosing all aspects of their home to the best of their knowledge. The new law makes it a condition of sales contract execution for every seller to provide a signed PCDA form to the buyer. The new law will affect all future and existing listings that will close after March 20, 2024.
This change may lead to increased attorney costs and potential challenges for sellers. Sellers should keep records of work performed since they bought the house and consult with their real estate attorney when completing the form. To request more information, you have questions, send an email to info@westchesterhomesbyinga.com