Amended PCDS must be used beginning July 1, 2025
On September 27, 2024, Governor Hochul signed into law an amendment to the Property Condition Disclosure Statement (PCDS) which added a new paragraph as part of question 36. The new paragraph states, “More information on “septic system operation and maintenance” can be found on the NYS Department of Health website in the informational health pamphlet made available by the Department of Health pursuant to section 396-s of NYS general business law”. The newly amended PCDS must be used beginning July 1, 2025. A copy of the newly amended PCDS can be found here: https://dos.ny.gov/property-condition-disclosure-statement-eff-7125
Newly Amended PCDS
Section 466 of the Real Property Law (RPL) requires real estate licensees acting as an exclusive or non-exclusive listing agent to timely inform each seller represented by that agent of the seller’s obligations to fill out the PCDS. An agent representing a buyer of residential real property, or, if the buyer is not represented by an agent, the agent representing a seller of residential real property and dealing with a prospective buyer, shall have the duty to timely (in any event, before the buyer signs a binding contract of sale) inform such buyer of the buyer’s rights and obligations under the PCDS law. If an agent performs the aforementioned duties and obligations, the agent shall have no further duties and shall not be liable to any party for a violation of this article.
NYSAR is recommending that licensees provide a copy of the PCDS to the seller and inform the seller to discuss filling out the PCDS with their attorney. Licensees should not be assisting the seller in filling out the PCDS.
The date the listing was taken has no impact on whether the amended PCDS is required. As was true with prior PCDS amendments, the amended form may impact current listings taken prior to July 1, 2025. Below is a summary of such impact.
Section 462(1) of the Real Property Law (RPL) provides, in part, “Except as is provided in section four hundred sixty-three of this article, every seller of residential real property pursuant to a real estate purchase contract shall complete and sign a property condition disclosure statement as prescribed by subdivision two of this section and cause it, or a copy thereof, to be delivered to a buyer or buyer’s agent prior to the signing by the buyer of a binding contract of sale. A copy of the property condition disclosure statement containing the signatures of both seller and buyer shall be attached to the real estate purchase contract.”
If a contract of sale has already been fully executed with the signed PCDS then the seller met their obligation. If the seller provides the PCDS, at listing, but there is no “buyer” yet, such disclosure is not effective since it was not signed by the “buyer” as required under 462(1) and the newly amended form must be used. When the “buyer” signs the disclosure, it should conform to the law at the time it was given. Therefore, if a listing was taken prior to July 1, 2025, and the PCDS was provided by the seller but it was not signed by the buyer prior to July 1, 2025, the newly amended PCDS must be used instead. Likewise, if the listing was taken prior to July 1, 2025, the seller would need to fill out and provide to the buyer or buyer’s agent the newly amended PCDS prior to the signing of a binding contract of sale.
The following should answer any questions as to whether the amended PCDS would be required.
Amended PCDS Required
- If the seller has already provided the PCDS to the buyer and the buyer has not signed the PCDS prior to July 1, 2025, the amended PCDS is required.
- If the seller has not provided the PCDS and a binding contract of sale is entered into on or after July 1, 2025, the amended PCDS is required.
Amended PCDS Not Required
- If the seller has already provided the PCDS to the buyer and the buyer signed prior to July 1, 2025, the amended PCDS is not required.
- If the seller and buyer entered into a binding contract of sale prior to July 1, 2025, the amended form is not required.
For those licensees that want to utilize the newly amended PCDS prior to the July 1, 2025 effective date, such use would be permitted if the licensee discloses to the seller that they are not required to use the newly amended PCDS and by doing so they are providing additional disclosures about septic system operation and maintenance.
For those buyers inquiring about obtaining a copy of the “Septic system operation and maintenance” pamphlet, the Department of Health has provided the following link: https://www.health.ny.gov/publications/3208/.
NYSAR members with legal questions about their licensed activities can contact the NYSAR Legal Hotline Monday-Friday from 9:00am-4:00pm at 518-436-9727 or 518-43-NYSAR.
New York home sales drop, despite inventory growth in May
Albany, NY – June 23, 2025 – Despite housing inventory across New York rising for the third consecutive month, home sales fell over 10 percent in May, according to the housing report released today by the New York State Association of REALTORS®.
Closed home sales in the Empire State dropped 10.9 percent, from 8,807 sales in May 2024 to 7,846 homes just last month. Pending sales were also declining, slipping from 10,421 homes in 2024 to 10,279 units in May 2025. This marks a slight 1.4 percent decline in year-over-year comparisons. New listings were up in May, rising to 15,745 units on the market. This represents a 3.0 percent increase from the 15,279 listings available in May 2024.
Inventory of homes rose 3.6 percent statewide in May, from 27,806 houses in May 2024 to 28,810 available last month.
Mortgage rates remained relatively unchanged throughout May, settling in at an average monthly rate on a 30-year fixed-rate mortgage of 6.82 percent, according to Freddie Mac. For comparison, last May interest rates were higher, averaging out to 7.06 percent.
Median sales prices in New York rose 3.8 percent in May, from $420,000 in May 2024 to $436,000 in 2025. This marks 22 consecutive months median sales prices have risen month-over-month.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
NYSAR to submit testimony before NYC Council against proposal delaying sales
NYSAR is preparing to submit formal testimony before the New York City Council in opposition to Int. 902, which would establish a right of first opportunity to purchase for qualified entities, prior to a building with 3 or more units being listed for sale. If enacted, the bill would, severely impair the ability of REALTORS® and other licensed real estate professionals to effectively and efficiently serve consumers looking to buy and sell multifamily properties in New York City. Property owners of these buildings would be required to notify HPD at least 180 days prior to actions taken to sell the building. Once the notice of sale is provided, the bill would establish a 120-day waiting period in which qualified entities may submit offers to purchase the building, during which time, the property owner may not accept any other offers. Read more here.
New York home sales slide in April amid higher inventory and steady mortgage rates
Albany, NY – May 22, 2025 – Despite a slight uptick in housing inventory and continued mortgage rates below seven percent, existing home sales in New York State declined in April, according to the housing report released today by the New York State Association of REALTORS® (NYSAR).
Closed sales of homes fell 6.2 percent in April, from 7,428 homes in 2024 to just 6,968 units last month. Pending sales inched up to 9,565 sales in April 2025 from 9,471 during April 2024, representing a slight 1.0 percent increase. New listings of homes in the Empire State rose 5.6 percent, from 13,246 listings in April 2024 to 13,989 listings in 2025.
Statewide housing inventory was up 3.1 percent in year-over-year comparisons, from 25,379 homes on the market last April to 26,165 units available in April 2025.
Mortgage rates remained under seven percent for the 14th consecutive month during April according to Freddie Mac. The average rate on a 30-year fixed rate mortgage during April closed at 6.73 percent. By comparison in April 2024, the rate sat at 6.99 percent.
The median price of homes in New York rose again, marking 21 consecutive months of gains. In April 2024, the median home price was $410,000, which is 3.7 percent below the $425,000 price in April 2025.
NYSAR opposes new real estate transfer tax proposal
This week, NYSAR staff met with State Senator Sean Ryan and Assemblymember Didi Barrett to discuss their legislation that would give localities across the state the authority to establish a new real estate transfer tax to support a local community housing fund (A.331/S.572). While NYSAR appreciates the intent of the bill, we oppose the increase in taxation on the transfer of real property which only makes home buying less affordable. NYSAR will continue to monitor this bill. Read NYSAR’s memo in opposition here.
NYSAR Lobby Day sees immediate results
In the days immediately following NYSAR Lobby Day, one legislative priority bill passed, and two legislative priority bills were introduced. NYSAR-supported legislation expanding tax incentives statewide for the development of vacant properties into housing (A.787/S.7285) has now passed both houses of the Legislature and awaits Governor Hochul’s consideration. Additionally, Assemblymember Jo Anne Simon introduced an Assembly companion bill that would require sexual harassment prevention training for all real estate licensees in the state (A.8092/S.5780); and Assemblymember Grace Lee introduced an Assembly companion bill that would prohibit long-term residential listing agreements (A.8120/S.7499). Both bills had sponsors in the Senate but were not yet introduced in the Assembly.
Spring New York housing market showing signs of bloom in March
Albany, NY – April 24, 2025 – Housing inventory rose slightly across New York for the first time in more than a year, while new listings grew nearly 10 percent in March, fueling optimism for a more active spring housing market, according to the housing report released today by the New York State Association of REALTORS® (NYSAR).
Statewide housing inventory inched up 1.0 percent year-over-year, from 23,828 homes available in March 2024 to 24,067 homes on the market last month.
New listing of homes jumped from 11,377 homes in March 2024 to 12,380 units in March 2025, representing an 8.8 percent increase in year-over-year comparisons. Closed sales were relatively static last month, decreasing 0.6 percent from 6,876 sales last year to 6,838 in March 2025. Pending sales dipped 3.5 percent from 9,043 units last March to 8,726 homes last month.
Mortgage rates remained relatively unchanged week-to-week in March, with the average 30-year fixed rate mortgage settling in at 6.65 percent, according to Freddie Mac. By comparison, rates stood at 6.82 percent a year ago.
Home prices continue to surge, rising 11.8 percent from $380,000 in March 2024 to $425,000 in March 2025. This marks 20 consecutive months of year-over-year price increases.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
NYSAR Pre-Lobby Day Live Webinar on Thursday, April 24
Tune in to NYSAR’s “Pre-Lobby Day Live Webinar” via Zoom – **UPDATED** to Thursday, April 24 at 10:00 a.m. The webinar will cover Lobby Day issues and talking points, as well as provide a schedule for the day. Questions may be asked using the chat function during the webinar. A link to the webinar can be found here.
NYSAR offering Free Mediation/Ombudsman Training in April
NYSAR is hosting FREE mediation and Ombudsman training in April for members who would like to become locally and state certified. Training will be held at the Crowne Plaza Albany – Desmond Hotel. Training is April 24 & 25 from 9 a.m.-5 p.m. both days.
To book at room at the Crowne Plaza Albany – The Desmond Hotel, click here. Deadline for hotel reservations is Wednesday, April 9, 2025. For call-in reservations, please call 518-869-8100 and use the Group Res Id RZQ
NYSAR will reimburse one night stay. You must submit for reimbursement. Two nights will be reimbursed for those over a 2-hour drive (proof must be submitted). No other expenses will be reimbursed.
Register for this FREE class here.
Record-low inventory and rising prices slow New York home sales
Albany, NY – March 20, 2025 – New York home prices climbed for the 19th consecutive month, while inventory hit another record low, further slowing buyer activity, according to the housing report released today by the New York State Association of REALTORS® (NYSAR).
Housing inventory in New York dropped to 22,518 units in February 2025, a 5.3 percent decline from the 23,777 homes available in February 2024. This marks the lowest number of homes for sale since NYSAR began tracking data in 1997.
Meanwhile, home prices surged 15.4 percent year-over-year, from a median of $378,000 in February 2024 to $436,125 last month. The last time median sales prices declined in year-over-year comparisons was July 2023.
Closed sales fell 7.3 percent, from 6,380 homes in February 2024 to 5,915 units last month. Pending sales also dropped 6.6 percent, from 7,397 in February 2024 to 6,909 in February 2025. New listings declined 11.8 percent, with just 8,609 homes hitting the market last month, compared to 9,756 in February 2024.
Mortgage rates continue to hover near 7 percent, with the average 30-year fixed rate mortgage at 6.84 percent in February 2025, according to Freddie Mac. By comparison, rates were slightly lower at 6.78 percent a year ago.
Last Chance for NYSAR’s FREE Professional Standards Training
NYSAR is offering FREE Professional Standards training across New York and virtually through March.
This Professional Standards training, taught by NYSAR past-president Linda Page, is designed for real estate professionals interested in upholding the high standards of integrity and professionalism in their industry while providing fellow members and the consumer with a positive real estate experience. In this training you will explore the value and importance of adhering to the Code of Ethics of the National Association of REALTORS® (NAR), learn about the enforcement mechanisms established by NAR for the filing of complaints, and the role of the Professional Standards Committee.
This course will not only meet your regulatory and membership requirements but also elevate your professional conduct, future transactions and commitment to ethical practices in real estate. Each in-person class will be from 9:30 a.m. to 4:30 p.m. with the virtual dates running two half days, 9 a.m. – 1 p.m. There is no cost for the training, but pre-registration is required.
March 18/19 – Virtual (1/2 day each)
Big win for NY REALTORS® and Homebuyers
NYSAR members can claim victory in an important fight to increase housing inventory in New York State. Today a state advisory committee chose not to approve mandatory fire sprinklers in all new single family homes less than three stories. NYSAR and NYSAR members have rallied for months to oppose the plan which would have increased the cost of new residential housing construction by as much as $30,000.
Upon learning about the sprinkler mandate proposal by the New York State Fire Prevention and Building Code Council, NYSAR began a comprehensive effort to educate lawmakers and regulators that consumer education and choice is a better option. Thousands of REALTORS® across the state participated in NYSAR’s “Call for Action” by reaching out to Governor Kathy Hochul and other state officials.
NYSAR argued that a major contributor to housing inventory shortage is government overregulation leading to higher construction costs. Lawmakers and consumer all agree that we need more housing choices, and this victory is a huge step in the right direction.
