Manhattan Housing Legal Question of the Week #1- What is the ...

Manhattan Housing Legal Question of the Week 1- What is the Property Condition Disclosure & When Does It Apply?

If you have ever purchased a house, chances are you are very familiar with this specific form?The Property Condition Disclosure Form, that requires sellers of residential real property to make a statement about certain conditions and information concerning the property that are known to the seller. ?And a copy of this form is to be delivered to the buyer or buyer?s agent BEFORE the signing of a binding contract of sale.

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So, the question is what is the Property Condition Disclosure and when does it apply?

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Article 14 of the Real Property Law obligates the sellers of certain types of properties to complete a specific form known as the Property Condition Disclosure Form (PCD), which discloses information relating to the property.? This requirement only applies to one- to four-family dwellings and does not apply to co-ops or condominiums.? Furthermore, certain types of transfers, such as those pursuant to a court order or sales by a decedent?s estate are exempt from the requirement.? As an alternative to completing the 48 questions on the PCD, sellers may credit the purchaser $500 against the purchase price at the closing.

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Keep in mind, Manhattan is mainly a vertical subdivision wherein 95% of our inventory is made up of co-ops and condos, so this form more than likely will never even make an appearance in your purchase. ?Although, purchasing an entire brownstone in NYC?or New York townhouse as a single family residence will require this form.

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Broker?s Tip: The law obligates the seller to complete the PCD.? A real estate broker should never complete the form for the seller.

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Search for a NYC brownstone?now!

Further Reading: ?How to Buy an Apartment in Manhattan and Get the Best Interest Rate

?The Importance of Finding the Best Representation When Buying Real Estate for Sale in Manhattan

What Home Buyers Should Consider When Deciding What Type of Manhattan Housing to Buy

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Work with a trusted,?Luxury Manhattan real estate broker?specializing in?Manhattan apts,?NYC brownstones, and?dog friendly apartments?for?rent & sale:

Soho Lofts-?Tribeca Condos?-?WestVillage Apartments?-?Upper East Side NYC Apartments-Upper West Side Apartments?-?Battery Park City Apartments?-Chelsea Apartments-?Gramercy Apts?-?Midtown East NYC?-?Midtown West NYC?-?Murray Hill in NYC?-?Lower East Side NYC-?East Village Apartments

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Disclaimer: This web site (the ?Site?) is a general service that provides legal information over the Internet. ?We are not a law firm and our employees are not acting as your attorney. The information contained on this Site is general legal information and should not be construed as legal advice to be applied to any specific factual situation. ?If you are unsure whether your particular situation requires that a document be changed, you should consult a lawyer. ?The information on the Site is not a substitute for the advice of a lawyer. Jennifer Chiongbian Real Estate or Rutenberg Realty DOES NOT provide any legal advice and users of this web site should consult with their own lawyer for legal advice.

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