What Conditions of my Property do I have to Disclose at Closing?
The New York Property Conditions Disclosure Act (PCDA) is a law that requires landlords and sellers of residential properties to disclose certain information about the condition of the property to potential buyers or tenants. The law was enacted to ensure that buyers and tenants are fully informed about the condition of a property before purchasing or renting it, and to protect them from any potential surprises or hidden problems.
What the PCDA Requires
The PCDA requires landlords and sellers to provide a written disclosure statement that includes information about the condition of the property, including any known defects or issues. This information must be provided to potential buyers or tenants before they sign a contract or lease agreement. The disclosure statement must include information about the condition of the property's roof, walls, floors, ceilings, windows, doors, foundation, electrical and plumbing systems, heating and cooling systems, and any other major systems or appliances.
The PCDA also requires landlords and sellers to disclose any known environmental hazards on the property, such as lead paint or asbestos.
Additionally, the law requires landlords and sellers to disclose any known building code violations, as well as any outstanding permits or approvals that are necessary for the property.
Who the PCDA Applies to
The PCDA applies to all residential properties in New York state, including single-family homes, multi-family homes, and co-ops and condos. Failure to comply with the law can result in fines and penalties, as well as potential legal action from buyers or tenants.
Importance of Compliance
It's important for landlords and sellers to be aware of their obligations under the PCDA, and to take the necessary steps to provide accurate and complete disclosure information to potential buyers or tenants. By providing full and accurate information, landlords and sellers can ensure that buyers and tenants are fully informed about the condition of the property, and can protect themselves from any potential legal issues.
Conclusion
In conclusion, the New York Property Conditions Disclosure Act is a law that requires landlords and sellers of residential properties to disclose certain information about the condition of the property to potential buyers or tenants. The law aims to ensure that buyers and tenants are fully informed about the condition of a property before purchasing or renting it, and to protect them from any potential surprises or hidden problems. It's important for landlords and sellers to be aware of their obligations under the PCDA, and to take the necessary steps to provide accurate and complete disclosure information to potential buyers or tenants, in order to avoid any penalties, fines, or legal action.
