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What are the disclosure requirements when selling a co-op in new york state

New York |

disclosure requirements when selling a co-op in new york

Attorney Answers 1


  1. Generally, cooperative apartments in the state of New York are not subject to the "Property Condition Disclosure Act" or "PCDA" that applies to most residential property sales. The PCDA only applies to the sale of 1-4 family homes, and disclosure is not mandatory -- a seller can provide a $500 credit in lieu of completing the disclosure questionnaire.

    However, a customary contract for the sale of a cooperative apartment will still require the seller to disclose and represent certain information, such as the amount of the monthly maintenance, any applicable special assessments that are in effect and similar items.

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