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What must a home seller disclose in New York?

Federal & State Law Editorial TeamLast reviewed: 2026-05-17

New York's approach is caveat emptor + a statutory form under RPL Article 14.

1. Property Condition Disclosure Statement (PCDS) — RPL § 462

  • Required for sales of 1-4 unit residential dwellings.
  • 48-question form covers: general info, environmental, structural, mechanical systems.
  • Must be delivered before signing the contract of sale.

    • 2. The $500 Credit Option — ENDED 2024

  • For decades, sellers could decline to complete the form and instead grant a $500 credit to the buyer at closing (RPL § 465(1)).
  • The 2023 amendment (Chapter 595) eliminated the credit option effective March 20, 2024. Sellers must now complete the form.

    • 3. Caveat Emptor Doctrine

  • Outside the PCDS, NY follows caveat emptor: a seller has no general duty to disclose, but cannot actively conceal defects (Stambovsky v. Ackley, 169 A.D.2d 254 — the "Ghostbusters" case).
  • Buyer must prove active concealment to recover for non-PCDS defects.

    • 4. Lead-Based Paint

  • Federal 42 USC § 4852d for pre-1978 dwellings.

    • 5. Exemptions from PCDS (§ 463)

  • New construction, condos, co-ops, and transfers by executor, administrator, conservator, sheriff, or trustee in bankruptcy.

    • 6. Remedies

  • A buyer who closes with a defective PCDS may recover actual damages (§ 465(2)).

    • 7. Statute of Limitations

  • 6 years for fraud (CPLR § 213(8)) or 2 years from discovery, whichever is later.

    • This is legal information, not legal advice.

    When to Talk to a Lawyer
    • You discovered a material defect post-closing the seller actively concealed
    • The seller used the pre-2024 $500 credit but lied about a known defect
    • Lead paint or asbestos was concealed in a pre-1978 home
    Related Statutes & Laws
    • N.Y. Real Prop. Law § 462
    • N.Y. Real Prop. Law § 465
    • N.Y. CPLR § 213(8)
    • Stambovsky v. Ackley, 169 A.D.2d 254
    • 42 U.S.C. § 4852d

    This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.