The Law
Section 462(1) of the Real Property Law (RPL) provides, in part, “Except as is provided in section four hundred sixty-three of this article, every seller of residential real property pursuant to a real estate purchase contract shall complete and sign a property condition disclosure statement as prescribed by subdivision two of this section and cause it, or a copy thereof, to be delivered to a buyer or buyer’s agent prior to the signing by the buyer of a binding contract of sale. A copy of the property condition disclosure statement containing the signatures of both seller and buyer shall be attached to the real estate purchase contract.”

The Interpretation
If the purchase contract has been completed and the Seller signed the disclosure or agreed to provide the $500 credit, then the seller has met their obligation. If the seller provides the disclosure, at listing, but there is no “buyer” yet, such disclosure is likely not effective since it was not signed by the “buyer” as required under 462(1). When the “buyer” signs the disclosure, it should conform to the law at the time it was given.

Therefore, if a listing was taken prior to March 20, 2024, and the PCDS was provided by the seller, but it was not signed by the buyer prior to March 20, 2024, the new amended PCDS must be used instead. Likewise, if the listing was taken prior to March 20, 2024, and the seller was going to opt for the $500 credit, the seller would need to fill out and provide to the buyer or buyer’s agent the amended PCDS prior to the signing of a binding contract of sale.

Cheat Sheet: Which Form and When?

Amended PCDS Required

• If the seller has already provided the PCDS to the buyer and the buyer has not signed the PCDS prior to March 20, 2024, the amended PCDS is required.
• If the seller has not provided the PCDS and a binding contract of sale is entered into on or after March 20, 2024, the amended PCDS is required.

Amended PCDS Not Required

• If the seller has already provided the PCDS to the buyer and the buyer signed prior to March 20, 2024, the amended PCDS is not required.
• If the seller and buyer entered into a binding contract of sale prior to March 20, 2024, the amended form is not required.

Click here For NYSAR FAQs about the amended PCDS

If you have any questions, please call the NYSAR Legal Hotline at 518-436-9727, Monday through Friday, 9:00 a.m. to 4:00 p.m.