Property Condition Disclosure Statement (PCDS): sellers of 1–4 unit residential must complete OR give $500 credit at closing in lieu of form; provided before buyer makes offer; $500 credit does NOT protect against fraud; agent's independent disclosure duty; stigmatized property (death/AIDS/paranormal — no duty to disclose but cannot lie); lead paint (federal, pre-1978, 10-day inspection); radon (no statewide statute; disclose if known as material fact); asbestos, mold, USTs; flood zone (post-Sandy importance in coastal NY); CO disclosure (illegal conversions = material defect); Martin Act (offering plans for new condo/co-op; AG filing; right of rescission).
---