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On-Demand/Recorded

PCDA Amended and Flood Disclosure in Co-op Leases

PCDA Amended and Flood Disclosure in Co-op Leases

PCDA Amended and Flood Disclosure in Co-op Leases_675

The amended Property Condition Disclosure Act deleted the $500 seller credit and added 7 questions to the PCDS about flooding., effective March 20, 2024. The original PCDA was enacted in 2002. Its terms are described in detail. Downstate and Upstate practice will be noted. The common law of caveat emptor and cases will be discussed. Many questions remain about how the amended PCDA will be interpreted and enforced.

New RPL 231-b requires disclosure in residential leases whether any of the leased premises are located in a floodplain and any history of flood damage, effective June 21.2023. Each lease must provide a standard notice about flooding. This creates a practical compliance issue for co-ops.

Speakers

William D. McCracken, Moritt Hock & Hamroff LLP

Karl B. Holtzschue, Former Chair, Real Property Law Section

Section Member Price: $40.00 Join (or renew) for special member pricing
Member Price: $50.00 Join (or renew) for special member pricing
Non-Member Price: $100.00
Published Date:
  • March 15, 2024
Format:
  • Online On-Demand
Product Code:
  • VNV41
Areas Of Professional Practice Credit(s):
  • 1.0
Total Credit(s):
  • 1.0