New Law Requires New York Real Estate Sellers to Disclose Flood Risk
When real estate agents show a property to a prospective buyer, they point out all the features that have been newly replaced, and the old ones that are built to last. When young couples look at properties, eager to fall in love with their dream home, their Baby Boomer dads accompany them, knocking on furnaces and fixating on tiny gaps behind the baseboards. The Baby Boomer dads might be trying to show their sons or sons-in-law who is boss by derailing their plans for homeownership, or they might just be trying to shave a few dollars off of the sale price; after all, only the wealthiest young people these days can afford to buy real estate without help from their parents. What everyone misses, from the newlyweds with their starry-eyed hopes to the real estate agents with their rapid-fire talking points to the Baby Boomer dads insistent on holding the purse strings and having the last word, is a look into the distant past and the distant future of the property, and a law recently enacted in New York now requires them to do that. For help thinking critically about the long-term consequences of buying a real estate property in New York, contact a Bronx real estate attorney.
The Property Condition Disclosure Act
New York law has long required real estate sellers to provide a Property Condition Disclosure Statement (PCDS) to prospective buyers or their agents before signing a legally binding contract of sale. This itemized list of hazards, defects, and risk of natural disasters and legal disputes is often a source of worry for buyers and sellers alike, and in some cases, it can make or break a real estate sale.
Climate change is here, and floods in New York state have become more common. Therefore, lawmakers amended the Property Condition Disclosure Act in 2024 to include more provisions about the long-term risk of flood damage to a property. For example, the new PCDS form includes questions about whether the property is located within a 100-year or 500-year floodplain as assessed by FEMA. Likewise, sellers no longer have the option of offering buyers a $500 credit on the purchase instead of presenting them a completed PCDS.
This means more transparency for buyers. It also means that there are more details to think about when deciding whether to buy a real estate property and for how much. Real estate agents are concerned ultimately with closing the deal and getting a commission. To make thoughtful decisions about selling or buying a real estate property, it is best to work with a real estate lawyer.
Schedule a Confidential Consultation With a Bronx Real Estate Attorney
Flood plains or not, New York is still one of the most desirable and most expensive places to buy real estate. A real estate lawyer can help you find out the truth about the property you are buying and make informed decisions about buying it. Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.
Source:
chronogram.com/home/new-york-real-estate-law-update-provides-improved-flood-history-transparency-for-buyers-21136649
