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09 1614 DOC Form
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People also ask
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What is a property condition disclosure statement?
In general, a disclosure document is supposed to provide details about a property's condition that might negatively affect its value. Sellers who willfully conceal information can be sued and potentially convicted of a crime. Selling a property "As Is" will usually not exempt a seller from disclosures.
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What is the new property disclosure law in NY?
Effective March 20, 2024, the amended New York Real Property Law Chapter 50, Article 14 (the “Property Condition Disclosure Act”) will compel all sellers of residential property to complete and deliver a Property Condition Disclosure Statement (“PCDS”) to a buyer prior to signing a contract of sale.
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What are the exceptions to the property condition disclosure statement in NY?
Exempt transactions include: A transfer by a fiduciary such as a trustee or executor. The transfer of newly constructed property that has never been inhabited. A transfer pursuant to a court order.
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What is a disclosure statement?
A Disclosure Statement is a written description of a contractor's cost accounting practices and procedures.
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