Take Judicial Notice: New Property Condition Disclosure Statement

RE: New Property Condition Disclosure Statement

Effective March 20, 2024, the amended New York Real Property Law Chapter 50, Article 14 (the “Property Condition Disclosure Act”) will compel all sellers of residential property to complete and deliver a Property Condition Disclosure Statement to a buyer prior to signing a contract of sale.

Previously, sellers could opt to give buyers a $500 credit at closing and the disclosure requirement would be waived. This legislation eliminates the “credit provision” and requires the disclosure of information concerning flood risk, flood history, and flood insurance on real property transactions.

The exemptions under the original legislation have not changed and the sellers previously exempt will continue to remain exempt under the amended legislation.

Please click the link below for a copy of the new form.

https://dos.ny.gov/system/files/documents/2024/03/dos-1614-f-property-condition-disclosure-statement_01.2024.pdf

If you have any questions feel free to contact our Legal Department at (800) 281-8485 or info@judicialtitle.com