The Real Property Law has been amended to add a new Article 14 called the "Property Condition Disclosure Act". This amendment creates a new property condition disclosure form to be completed by the SELLER and given to a prospective BUYER. This new form must be used beginning March 1, 2002. Real Estate Brokers will be responsible for providing the form to the SELLER for completion and for providing prospective BUYERS with a copy of the completed form. 

Purpose of the statement is to provide information and conditions concerning the subject property that is known by the SELLER. It is not a warranty of any kind by the SELLER or by any AGENT representing the SELLER. It is not a substitute for any inspections or tests and the BUYER is encouraged to check public records pertaining to the property. 

A knowingly false or incomplete statement by the SELLER on this form may subject the SELLER to claims by the BUYER prior to or after the transfer of Title. In the event a SELLER fails to perform the duty prescribed in this article to deliver a Disclosure Statement prior to the signing by the BUYER of a binding Contact of Sale, the BUYER shall receive upon the transfer of title a credit of $500.00 against the agreed upon purchase price of the residential real property.

"Residential real property" means real property improved by a 1 or 4 family dwelling used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons, but shall not refer to (a) unimproved real property upon which such dwellings are to be constructed or (b) condominium units or co-operative apartments or (c) property on a Homeowners Association that is not owned in Fee Simple by the SELLER. 

SELLER will certify that the information in the Property Condition Disclosure Statement is true and complete to the SELLER'S actual knowledge as of the date signed by the SELLER. IF a SELLER of residential real property acquires knowledge which renders materially inaccurate a Property Condition Disclosure Statement provided previously, the SELLER shall deliver a revised Property Condition Disclosure to the BUYER as soon as practicable. In no event, however, shall a SELLER be required to provide a revised Property Condition Disclosure Statement after the transfer of Title from the SELLER to the BUYER or occupancy by the BUYER, whichever is earlier.