Seller Property Disclosure Exemptions
The Property Condition Disclosure Act requires the seller of residential real property to cause this disclosure statement 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. Purpose of Statement: This is a statement of certain conditions and information concerning the property known to the seller. This Disclosure Statement is not a warranty of any kind by the seller or by any agent representing the seller in this transaction. It is not a substitute for any inspections or tests and the buyer is encouraged to obtain his or her own independent professional inspections and environmental tests and also is encouraged to check public records pertaining to the property. Section 463 of article 14 sets forth the exemptions wherein a Property Condition Disclosure Act is NOT required. There are fourteen (14) transfers, which qualify under the exemptions including the following:
1. The transfer pursuant to a Court Order, including transfer by order of Probate Court, transfer in a bankruptcy or debtor-in-possession; transfer that results from an exercise of eminent domain, specific performance, or other agreeement between 2 or more parties
2. A transfer to a mortgagee or an agent thereof by deed in lieu of foreclosure or in satisfaction of a mortgage debt
3.Transfer to a beneficiary of trust
4. A transfer pursuant to a to a foreclosure sale following a default
5. Transfer by sale of power of sale following a default
6. Transfer by a mortgagee beneficiary under a mortgage who has acquired the residential property at a sale under a mortgage or required by deed in lieu of a foreclosure
7. Transfer by a fiduciary in the course of administration of a decendent's estate, guardianship, conservatorship, or trust
8. Transfer from one co-owner to one or more other co-owners
9. Transfer to the transferor's spouse or to one or more persons in lineal consanguinity
10. A transfer between spouses or former spouses as a result of divorce, dissolution of marriage; annulment or legal separation, etc
11. A transfer to or from the state or other government entity
12. A transfer involving newly constructed residential real property not previously inhabited
13. A transfer by sheriff
14. A transfer pursuant to a partition action.
Click here to view / print the NY State Seller Property Disclosure form: selldisc.pdf
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