The Brooklyn Bar Association is set to host a Continuing Legal Education (CLE) seminar on March 5 that will address the amendments to the New York State Property Condition Disclosure law that will go into effect on March 20. The session, scheduled from 5 to 7 p.m., will be available both in person and via Zoom, offering 2 Professional Practice Credits to participants.
This CLE will feature a distinguished panel comprising Mark Caruso and Lawrence DiGiovanna of Abrams Fensterman along with the Hon. Philip Stranieri, former supervising judge of the Civil Court, Richmond County.
The focus of the event will be the recent overhaul of the Property Condition Disclosure law, a statute that has governed residential real estate transactions in New York since its inception in 2002. The amendment includes the removal of the $500 opt-out fee for sellers and the inclusion of detailed questions concerning the property’s flood history and flood insurance details.
The discussion aims to dissect the practical implications of these changes, including the potential for buyers to waive the disclosure requirement, the impact of the disclosure statement’s delivery (or lack thereof) on both sellers and buyers, and how these changes could influence the drafting of real estate contracts.
The amendment is meant to improve the transparency of residential property transactions by expanding the disclosure requirements to include flood risks, mold history and the condition of structural and mechanical systems. It mandates that sellers provide a Property Condition Disclosure Statement (PCDS), eliminating the previous option to bypass this requirement with a $500 credit to the buyer.
The upcoming CLE event seeks to equip local attorneys with the knowledge and tools to navigate these changes effectively, ensuring compliance and informed decision-making in real estate transactions.
