New Property Disclosure Statement Question regarding Mold in the State of New York
As many folks who practice in real estate or are realtors have noticed, the Property Condition Disclosure Statement (“PCDS”) has been amended as of Summer 2023 to add a paragraph 19a, which asks, “Has the property been tested for indoor mold? If yes, attach a copy of the report.” This is a new addition to a PCDS that is required to be completed by the seller or the purchaser will receive a $500.00 credit against them at the time of closing if the property is subject to PCDS requirements. The change has largely been added because of the significance of indoor mold in many properties in Upstate New York and the result issues that can come from same.
A PCDS cuts against the regular “caveat emptor” or “buyer beware” principle that the law has taken on property transactions in New York. The new PCDS (available here: https://dos.ny.gov/system/files/documents/2023/06/property-condition-disclosure-statement.pdf) requires sellers to provide information about their property of which they actually know about unless they choose not to provide said statement and provide the $500.00 credit at closing.
A PCDS is a very powerful document which sellers must take care in completing and purchasers should review carefully when considering buying pieces of property.
If you have any questions regarding the new PCDS or anything else related with purchasing or selling property in New York State, please reach out to our office.
