Property Condition Disclosure Statement (PCDS) — New York Property Condition Disclosure Act (Real Property Law § 462)
New York's disclosure law changed fundamentally in 2024: sellers used to be able to skip the 56-question disclosure form entirely by paying the buyer a flat $500 credit at closing. That option is gone — real disclosure is now mandatory.
Beginning March 20, 2024, the long-standing $500 buyer credit option in lieu of completing the disclosure form was eliminated — sellers of 1-4 family homes must now complete the actual PCDS, a major shift from the prior caveat-emptor-leaning norm.
Facts on this page reflect research current as of 2026-07-05. Programs, rates, and laws change — confirm current figures with the relevant state agency before relying on them.