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Board member Application Forms
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Commonly Asked Questions about Real Estate Legislation

NYS Board of Real Estate.
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 (PCDS) to a buyer prior to signing a contract of sale.
The Property Condition Disclosure Act requires the seller of residential real property to cause this disclosure statement or a copy of thereof to be delivered to a buyer or buyers agent prior to the signing by the buyer of a binding contract of sale.
Legislative risk Some examples include: Changes to tenant laws that make it harder to reject applicants or process evictions when necessary. Property tax increases could reduce your profits and negatively impact cash flow. Rent control laws can limit how much landlords can increase rent yearly to cover rising expenses.
Effective as of March 20, 2024, New Yorks Property Condition Disclosure Act (the PCDA), in effect since 2002, no longer permits a seller of residential real estate to opt out of delivering a Property Condition Disclosure Statement (the Statement) by giving the Purchaser a $500 closing credit.
Beyond the condition of the property and environmental hazards, New York law requires sellers to disclose other pertinent information. This includes any zoning violations, restrictions, and whether the property is in a flood zone.
As of the time of this writing, exemptions include: transfer ordered by the court in a lawsuit such as a probate, mortgage foreclosure, bankruptcy, legal partition, or divorce. transfer to your lender to satisfy your mortgage or prevent a foreclosure.

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