Dun Rite
Home Inspections
If It Ain´t Us It,
Ain´t Dun Rite!
Up and Coming News:
P R E I N S P E C T E D
Effective March 20, 2024, sellers are required to provide the PCDS; they can no longer give buyers a $500 credit in lieu of providing a PCDS.
Sellers Must Give Buyers a PCDS and Cannot Opt Out By Giving $500 Credit
Under current law, sellers have two choices:
(1)
They can complete a PCDS and give it to a buyer, or
(2)
they can give a $500 credit against the purchase price. The choice is typically dictated by local custom.
Effective March 20, 2024,
sellers have only one option: They must give buyers a PCDS.
In a significant shift in real estate regulations, Governor Hochul signed A1967/S5400 into law on September 22, 2023, bringing about a crucial change that will impact the buying and selling dynamics in the state of New York. Effective March 20, 2024, sellers will be required to provide buyers with a Property Condition Disclosure Statement (PCDS), eliminating the option of offering a $500 credit against the purchase price.
Under the revised Real Property Law (RPL) § 465, the longstanding practice of sellers in downstate New York opting for a $500 credit rather than a PCDS is no longer permissible. This legislative amendment aims to enhance transparency in real estate transactions, ensuring that buyers have access to crucial information about the condition of a property before making one of the most significant investments of their lives.
J Philip Faranda, a notable figure in the real estate arena, emphasizes the local nature of real estate practices. Traditionally, sellers in the Metropolitan Area of New York City rarely provided the PCDS, favoring the $500 credit. However, this practice differed upstate, where the PCDS was more common. With the recent legal changes, this disparity is now resolved, and a standardized approach is mandated across the state.
The revision to RPL §§ 465 and 462(2) signifies a crucial step towards ensuring that buyers are equipped with essential information about the property they intend to purchase. The PCDS, a statutory disclosure statement outlined in RPL § 462(2), becomes the sole avenue for sellers to fulfill their disclosure obligations.
RPL § 465 was revised to remove a seller's option to give a buyer $500 credit against the agreed upon purchase price in lieu of delivering a PCDS:
The statutory Property Condition Disclosure Statement set forth in RPL § 462(2) no longer allows a $500 credit. This screenshot of the legislation shows how the statute has been revised:
The changes to RPL §§ 465 and 462(2) are effective 180 days from September 22, 2023, which is March 20, 2024.
P R E I N S P E C T E D
Home Inspections equals Powerful well-informed decisions.
While some concerns have been raised about the removal of the $500 credit option, particularly in situations involving inherited properties or those with limited seller history, the overall impact is aimed at fostering a more informed and fair real estate market.
This change underscores the importance of thorough home inspections, urging buyers to take an active role in understanding the condition of the properties they are interested in. Home inspections are a crucial step in the home-buying process, providing buyers with a comprehensive overview of a property's structural and functional aspects.
In conclusion,
the new legislation represents a
positive step towards ensuring transparency and fairness in real estate
transactions across
New York.
As a potential buyer, it is now more crucial than ever to advocate for a thorough home inspection and embrace the opportunity to receive a Property Condition Disclosure Statement. These measures empower buyers to make well-informed decisions, ultimately contributing to a more robust and trustworthy real estate market.
Effective March 20, 2024, sellers are required to provide the PCDS; they can no longer give buyers a $500 credit in lieu of providing a PCDS.
Sellers Must Give Buyers a PCDS and Cannot Opt Out By Giving $500 Credit
Under current law, sellers have two choices:
(1) They can complete a PCDS and give it to a buyer, or
(2) they can give a $500 credit against the purchase price. The choice is typically dictated by local custom.
Effective March 20, 2024, sellers have only one option: They must give buyers a PCDS.
In a significant shift in real estate regulations, Governor Hochul signed A1967/S5400 into law on September 22, 2023, bringing about a crucial change that will impact the buying and selling dynamics in the state of New York. Effective March 20, 2024, sellers will be required to provide buyers with a Property Condition Disclosure Statement (PCDS), eliminating the option of offering a $500 credit against the purchase price.
Under the revised Real Property Law (RPL) § 465, the longstanding practice of sellers in downstate New York opting for a $500 credit rather than a PCDS is no longer permissible. This legislative amendment aims to enhance transparency in real estate transactions, ensuring that buyers have access to crucial information about the condition of a property before making one of the most significant investments of their lives.
J Philip Faranda, a notable figure in the real estate arena, emphasizes the local nature of real estate practices. Traditionally, sellers in the Metropolitan Area of New York City rarely provided the PCDS, favoring the $500 credit. However, this practice differed upstate, where the PCDS was more common. With the recent legal changes, this disparity is now resolved, and a standardized approach is mandated across the state.
The revision to RPL §§ 465 and 462(2) signifies a crucial step towards ensuring that buyers are equipped with essential information about the property they intend to purchase. The PCDS, a statutory disclosure statement outlined in RPL § 462(2), becomes the sole avenue for sellers to fulfill their disclosure obligations.
RPL § 465 was revised to remove a seller's option to give a buyer $500 credit against the agreed upon purchase price in lieu of delivering a PCDS:
The statutory Property Condition Disclosure Statement set forth in RPL § 462(2) no longer allows a $500 credit. This screenshot of the legislation shows how the statute has been revised:
The changes to RPL §§ 465 and 462(2) are effective 180 days from September 22, 2023, which is March 20, 2024.
Home Inspections
Equals
Powerful
Well-Informed Decisions.
While some concerns have been raised about the removal of the $500 credit option, particularly in situations involving inherited properties or those with limited seller history, the overall impact is aimed at fostering a more informed and fair real estate market.
This change underscores the importance of thorough home inspections, urging buyers to take an active role in understanding the condition of the properties they are interested in. Home inspections are a crucial step in the home-buying process, providing buyers with a comprehensive overview of a property's structural and functional aspects.
In conclusion, the new legislation represents a positive step towards ensuring transparency and fairness in real estate transactions across New York. As a potential buyer, it is now more crucial than ever to advocate for a thorough home inspection and embrace the opportunity to receive a Property Condition Disclosure Statement. These measures empower buyers to make well-informed decisions, ultimately contributing to a more robust and trustworthy real estate market.
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"Our success stems from the dedication and integrity we bring to serving you, our valued customer. We take pride in being respectful, thoughtful, and meticulous during our inspections. It's all about ensuring the best for you and your family. Our commitment is to provide a service that's not just thorough but also infused with care and consideration, because your trust and satisfaction are what drive us forward."
Anthony Ottombrino
Owner & Operator
"Our success stems from the dedication and integrity we bring to serving you, our valued customer. We take pride in being respectful, thoughtful, and meticulous during our inspections. It's all about ensuring the best for you and your family. Our commitment is to provide a service that's not just thorough but also infused with care and consideration, because your trust and satisfaction are what drive us forward."
Anthony Ottombrino
Owner & Operator
Call 917-751-6405
Email:
dunritehomeinspection@gmail.com
Site:
www.dunritehomeinspection.com
Call 917-751-6405
Email:
dunritehomeinspection@gmail.com
Site: www.dunritehomeinspection.com