Property Condition Disclosure Act

The recent amendment to the Property Condition Disclosure Act took effect Wednesday, March 20, 2024.  Sellers must be provided the updated 7-page/56-question Property Condition Disclosure Statement (PCDS), available on Instanet. Licensees with active listings not already under contract as of March 20, 2024, should also give the new PCDS form to the seller.

The OneKey Exclusive Right to Sell Agreement and Property Condition Buyer’s Rights & Seller’s Obligations forms have also been updated to include language documenting sellers’ and buyers’ rights and obligations under the amended law and are available on Instanet.  For more information about the amendment to the Property Condition Disclosure Act, LIBOR has prepared a  Webinar and FAQ for its members.