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Property Disclosure Documents: Property Condition Disclosure Statement and Lead Paint Disclosure - New York Forms (10 Pages)

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Description

Property Condition Disclosure Statement 

The Property Condition Disclosure Act of 2002 codified in NYRPL 14 requires sellers of residential real property of 4 or fewer family units to complete and attach this disclosure form to Contract of Sale. Sellers will be held liable under the act if they fail to disclose a defect of which they had actual knowledge.

If statement has not been executed (usually realtors push for it) by the time of consulting with an attorney, it is recommended that sellers consider the option of providing a $500 credit at closing in lieu of attaching form if they prefer not call attention to conditions which may be within their knowledge.

Exempt from the PCDS requirement are condos, co-ops , property in a home owners’ association not owned in fee simple or unimproved property.

Lead Paint Disclosure(required for real property built pre-1978)

 Attached to contract to sell or rent real property built prior to 1978 must be (pursuant to the Lead Based Paint Hazard Reduction Act, Title X) a  form disclosing presence of existence of lead based paint within the knowledge of seller/lessor.  Also transmitted with the proposed contract must be the Housing and Urban Development agency  booklet  entitled “Protect Your Family from Lead Paint in your Home” obtainable at their web site or by calling 1 800-424-LEAD.  A contingency clause in contract must  enable buyer/lessor the opportunity if desired, to assess condition.  If established contract may be cancelled or parties may negotiate for remediation of or removal of the condition.

Author:

CLAIRE SAMUELSON MEADOW, Esq. is in the private practice of law, concentrating in real property transactions. In addition, she works on title matters as a consultant, attorney and representative for a New York based title agency. She is the author of numerous real estate articles distributed to lawyers, and she has appeared on the General Practice “Hot Tips” panel at the New York State Bar Association’s Annual Meeting. Recently, she has been presenting Continuing Legal Education-credit programs on real estate and title matters to the Westchester County Bar Association, the New York County Bar Association and the National Law Foundation. Mrs. Meadow authored the residential real property chapters of the New York Lawyer’s Deskbook and Formbook for more than 12 years.

Before entering private practice, Mrs. Meadow was a staff attorney in the Enforcement Division of the Securities and Exchange Commission’s New York regional office. She is a Phi Beta Kappa, cum laude graduate of Hunter College, Class of 1959, and a graduate of Columbia Law School, Class of 1962, where she was a recipient of a Moot Court Scholarship.

Mrs. Meadow is listed in Who’s Who in American Women and Who’s Who in American Law. She is a recipient of a Westchester County Woman of Achievement Award and a Certificate of Special Congressional Recognition from Congresswoman Nita M. Lowey for “outstanding and invaluable service to the community.

Mrs. Meadow was a founding member of the New York State Women’s Bar Association, Westchester County, and its first recording secretary. She is also a member of the New York State Bar Association, Real Property Committee; the Westchester County Bar Association; and the New Rochelle Bar Association.

Don’t think this attorney has a narrow horizon. She chaired the Westchester Women’s Bar Association Annual Golf Outing for six years causing it to become such a popular community event that, in some years players had to be turned away.

Mrs. Meadow welcomes inquiries by new lawyers and general practitioners concerning basic real estate or title matters. She may be contacted at 914-834-6472.





 

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