Episode 10: PCDS - Property Condition Disclosure Statement
In this episode of Rock the Closing, hosts Orsolya and Dalia delve into the new Property Condition Disclosure Statement (PCDS) which took effect on March 20, 2024. This episode provides a comprehensive overview of the PCDS, detailing its requirements, purpose, and implications for both sellers and buyers. The discussion covers who needs to complete the form, what kind of information it should include, and the potential consequences of inaccurate disclosures. This essential guide aims to help real estate professionals, sellers, and buyers navigate the new disclosure requirements effectively.
IN THIS EPISODE, YOU’LL LEARN:
🏡 What the PCDS is: The Property Condition Disclosure Statement is a new requirement for sellers of residential properties to disclose the condition of their property.
📅 Effective Date: The PCDS requirement became effective on March 20, 2024, for contracts signed after this date.
📜 Comparison with Previous Requirements: Learn about the transition from the Property Condition Disclosure Act (PCDA), which used to offer a $500 credit to buyers instead of a disclosure statement.
✍️ Who Completes the Form: The seller is responsible for filling out the PCDS based on their knowledge of the property’s condition.
📝 Key Questions in the Form: The PCDS includes questions about the property’s condition such as water damage, structural issues, and environmental concerns.
🔍 Purpose of the Statement: The PCDS provides the buyer with information about the property but does not replace the need for independent inspections.
⚖️ Liability for Inaccurate Information: Sellers can be held liable for damages if they provide false or incomplete information on the PCDS.
📋 Requirements for Delivery: The PCDS must be provided to the buyer before the contract is signed and attached to the fully executed contract.
🏠 Role of Inspections: Buyers are advised to conduct their own inspections regardless of the information provided in the PCDS.
👩⚖️ Professional Advice: Real estate agents and attorneys should ensure the PCDS is completed and reviewed correctly to avoid conflicts with contract representations and legal issues.
Tune in to get a clear understanding of how the new PCDS impacts your real estate transactions!
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Music Credits
Music by SoundHills, Beautiful Minds. Find more at https://protunes.net/
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Disclaimer:
Thank you for tuning in to RTC! This podcast is hosted by real estate attorneys, who offer valuable insights. Please remember that the content is for educational purposes only and does not constitute legal advice. Always consult a qualified professional before making any decisions. This podcast is copyrighted by Rock the Closing, and any reproduction, syndication, or rebroadcasting of the content requires written permission.
