Legislation Adds Questions to PCDS Form

On Friday, September 22, Governor Kathy Hochul signed into law a bill that will help consumers make informed choices when purchasing a home in New York. Chapter 484 of the Laws of 2023, adds seven questions to the Property Condition Disclosure Statement (PCDS) related to the property's flood status and experience.  The legislation removes the option in current law for the buyer of residential real property to receive a $500 credit in lieu of receiving the completed PCDS.  The new law will go into effect on March 20, 2024.

The new law, Chapter 484 of the Laws of 2023, does not change the role or responsibility of the real estate licensees regarding the PCDS. NYSAR will provide further guidance for its members prior to the law taking effect.