contracts
Property Condition Disclosure Statement (New York PCDA)
Under the Property Condition Disclosure Act (RPL §§460-466), a seller of covered residential property must deliver a signed Property Condition Disclosure Statement to the buyer or buyer's agent before the buyer signs a binding contract, and a copy signed by both is attached to the contract. Effective March 20, 2024, the former option of giving a $500 credit at closing instead was eliminated, and flood-related questions were added. Co-ops and condos are not covered by the PCDA.
- Exam tip
- The $500 credit option is gone; any answer letting the seller substitute a credit for the form is outdated.
- Example
- A Queens seller's lawyer suggests giving a $500 credit; the agent explains the seller must deliver a completed statement, including flood questions, before the buyer signs.
Related terms & state variants
Sources
Source verification pending. Confirm current requirements with your state regulator.
Last verified: 2026-10-23