Sell in Buffalo with Meydomo

Property Condition Disclosure Act (PCDA)

New York’s PCDA (N.Y. Real Property Law §462) requires sellers of residential real property (one to four-family) to complete a statutory **Property Condition Disclosure Statement** (PCDS) or else credit the buyer $500 at closing in lieu of the statement. The PCDS is a prescribed 48-question form covering the condition of the property (structure, systems, environmental, etc.). However, New York’s law has a unique provision: if the seller chooses **not** to complete the PCDS, they must give a $500 credit to the buyer at closing, and the seller sells “as is.” In practice, many New York sellers opt to pay the $500 and **not** fill out the form (thus limiting their disclosure liability). Regardless, certain issues must still be disclosed even if no form is given: for example, if a property is in an agricultural district, the seller must give a notice about farming practices; newly as of 2023, sellers must **disclose known flood risks and flood history** even if paying the $500 credit. Also, all sellers must provide the **Megan’s Law** sex offender notice as part of the contract. Sellers (and agents) remain liable for outright fraudulent concealment of issues. The PCDA doesn’t require disclosure of stigmas (like death on property) or occupancy by someone with HIV (expressly not required).

• N.Y. Real Prop. Law §462 & §465:contentReference[oaicite:167]{index=167}:contentReference[oaicite:168]{index=168}

MLS Rules (OneKey MLS, etc.)

New York has several MLSs (OneKey MLS for NYC/Long Island/Hudson Valley, others upstate). A listing agreement is required. The Clear Cooperation policy is now adopted by most NY MLSs (within 1 business day of public marketing). Because many NY sellers opt out of the PCDS and give the $500 credit, MLS remarks often state "Seller will provide $500 credit in lieu of property condition disclosure" to make it clear to buyers. MLS listings also routinely include info like annual property taxes, and in NYC, monthly co-op or condo fees, as these are material for buyers. Agents typically will attach any available disclosures or relevant documents (e.g., oil tank removal certificate) to the MLS. Fair housing: New York has very strict regulations on agent advertising (they must include the "Standardized Operating Procedure" and Fair Housing Notice on their websites), and MLS will not permit any potentially discriminatory language. MLSs in NY will fine for miscategorized status or failing to update price changes promptly. Additionally, given NY’s law on confidential buyer information, agents avoid putting anything in remarks like "desperate seller" or "relocating" without permission. Overall, MLS is used to share whatever information is available since the formal PCDS is often not used.

• OneKey MLS Rules & Regs
• NY Real Estate Regulations 19 NYCRR 175.25

Lead-Based Paint Hazard Disclosure

Federal law (Residential Lead-Based Paint Hazard Reduction Act of 1992) requires sellers of housing built before 1978 to disclose any known lead-based paint or lead hazards and provide buyers with the EPA lead hazard pamphlet, along with a lead disclosure form (HUD-Lead Disclosure) signed by both parties. Buyers must be given 10 days (or a mutually agreed period) to conduct a lead paint risk assessment or waive the opportunity.

• 42 U.S.C. 4852d
• 24 CFR 35
• 40 CFR 745

Fair Housing Act (No Discriminatory Advertising)

Under the federal Fair Housing Act, sellers and agents must not publish any real estate advertisement that indicates a preference, limitation, or discrimination based on protected classes. New York State’s Human Rights Law adds additional protected classes. Therefore, advertising phrasing like 'ideal for single professionals' or 'no kids' is prohibited.

• 42 U.S.C. §3604(c)
• NY Exec. Law §296(5)(a)(1)