Ny vendor disclosure form 2025

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What disclosures are required in New York? Property Condition Disclosure Statement. Environmental Disclosure Statement. Lead-Based Paint Disclosure Statement. Flood Hazard Disclosure Statement. Smoke Detector Disclosure Statement. General info. Environmental.
To augment the courts guidance, the New York legislature created the Property Condition Disclosure Act (the PCDA) (N.Y. Real Prop. Law 460-467). It requires home sellers to make certain disclosures about material defects in the property or pay a credit of $500 to the home buyer at closing.
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.
In New York, real estate sales are governed by specific laws that require sellers to provide potential buyers with detailed disclosures about any particular property. These requirements are designed to ensure transparency, allowing buyers to understand a propertys condition before making a purchase.
In most states, by law, you have to disclose any issues with the property. By not disclosing, you open yourself up to lawsuit.
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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.
Vendor Disclosure Statement means the disclosure statement delivered by the Vendor to the Purchaser on the date of this Agreement setting forth certain additional disclosures to the Vendors representations and warranties.

nyc vendor disclosure form