STATE OF NEW YORK ________________________________________________________________________

7876

2021-2022 Regular Sessions

IN ASSEMBLY

May 28, 2021 ___________

Introduced by M. of A. CARROLL -- read once and referred to the Commit- tee on Judiciary

AN ACT to amend the real property law, in relation to requiring disclo- sure of information concerning flood insurance on property condition disclosure statements; and to repeal section 467 of the real property law relating to liability with respect to property disclosures

The People of the State of New York, represented in Senate and Assem- bly, do enact as follows:

1 Section 1. Subdivision 2 of section 462 of the real property law, as 2 added by chapter 456 of the laws of 2001, is amended to read as follows: 3 2. The following shall be the disclosure form:

4 PROPERTY CONDITION DISCLOSURE STATEMENT

5 NAME OF SELLER OR SELLERS:

6 PROPERTY ADDRESS:

7 THE PROPERTY CONDITION DISCLOSURE ACT REQUIRES THE SELLER OF RESIDEN- 8 TIAL REAL PROPERTY TO CAUSE THIS DISCLOSURE STATEMENT OR A COPY THEREOF 9 TO BE DELIVERED TO A BUYER OR BUYER'S AGENT PRIOR TO THE SIGNING BY THE 10 BUYER OF A BINDING CONTRACT OF SALE. 11 PURPOSE OF STATEMENT: THIS IS A STATEMENT OF CERTAIN CONDITIONS AND 12 INFORMATION CONCERNING THE PROPERTY KNOWN TO THE SELLER. THIS DISCLOSURE 13 STATEMENT IS NOT A WARRANTY OF ANY KIND BY THE SELLER OR BY ANY AGENT 14 REPRESENTING THE SELLER IN THIS TRANSACTION. IT IS NOT A SUBSTITUTE FOR 15 ANY INSPECTIONS OR TESTS AND THE BUYER IS ENCOURAGED TO OBTAIN HIS OR 16 HER OWN INDEPENDENT PROFESSIONAL INSPECTIONS AND ENVIRONMENTAL TESTS AND 17 ALSO IS ENCOURAGED TO CHECK PUBLIC RECORDS PERTAINING TO THE PROPERTY. 18 A KNOWINGLY FALSE OR INCOMPLETE STATEMENT BY THE SELLER ON THIS FORM 19 MAY SUBJECT THE SELLER TO CLAIMS BY THE BUYER PRIOR TO OR AFTER THE

EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02362-02-1

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1 TRANSFER OF TITLE. [IN THE EVENT A SELLER FAILS TO PERFORM THE DUTY 2 PRESCRIBED IN THIS ARTICLE TO DELIVER A DISCLOSURE STATEMENT PRIOR TO 3 THE SIGNING BY THE BUYER OF A BINDING CONTRACT OF SALE, THE BUYER SHALL 4 RECEIVE UPON THE TRANSFER OF TITLE A CREDIT OF FIVE HUNDRED DOLLARS 5 AGAINST THE AGREED UPON PURCHASE PRICE OF THE RESIDENTIAL REAL PROPER- 6 TY.] 7 "RESIDENTIAL REAL PROPERTY" MEANS REAL PROPERTY IMPROVED BY A ONE TO 8 FOUR FAMILY DWELLING USED OR OCCUPIED, OR INTENDED TO BE USED OR OCCU- 9 PIED, WHOLLY OR PARTLY, AS THE HOME OR RESIDENCE OF ONE OR MORE PERSONS, 10 BUT SHALL NOT REFER TO (A) UNIMPROVED REAL PROPERTY UPON WHICH SUCH 11 DWELLINGS ARE TO BE CONSTRUCTED OR (B) CONDOMINIUM UNITS OR COOPERATIVE 12 APARTMENTS OR (C) PROPERTY ON A HOMEOWNERS' ASSOCIATION THAT IS NOT 13 OWNED IN FEE SIMPLE BY THE SELLER.

14 INSTRUCTIONS TO THE SELLER: 15 (a) ANSWER ALL QUESTIONS BASED UPON YOUR ACTUAL KNOWLEDGE. 16 (b) ATTACH ADDITIONAL PAGES WITH YOUR SIGNATURE IF ADDITIONAL SPACE IS 17 REQUIRED. 18 (c) COMPLETE THIS FORM YOURSELF. 19 (d) IF SOME ITEMS DO NOT APPLY TO YOUR PROPERTY, CHECK "NA" (NON-AP- 20 PLICABLE). IF YOU DO NOT KNOW THE ANSWER CHECK "UNKN" (UNKNOWN).

21 SELLER'S STATEMENT: THE SELLER MAKES THE FOLLOWING REPRESENTATIONS TO 22 THE BUYER BASED UPON THE SELLER'S ACTUAL KNOWLEDGE AT THE TIME OF SIGN- 23 ING THIS DOCUMENT. THE SELLER AUTHORIZES HIS OR HER AGENT, IF ANY, TO 24 PROVIDE A COPY OF THIS STATEMENT TO A PROSPECTIVE BUYER OF THE RESIDEN- 25 TIAL REAL PROPERTY. THE FOLLOWING ARE REPRESENTATIONS MADE BY THE SELLER 26 AND ARE NOT THE REPRESENTATIONS OF THE SELLER'S AGENT.

27 GENERAL INFORMATION 28 1. HOW LONG HAVE YOU OWNED THE PROPERTY? 29 2. HOW LONG HAVE YOU OCCUPIED THE PROPERTY? 30 3. WHAT IS THE AGE OF THE STRUCTURE OR STRUCTURES? NOTE TO BUYER--IF 31 THE STRUCTURE WAS BUILT BEFORE 1978 YOU ARE ENCOURAGED TO INVESTI- 32 GATE FOR THE PRESENCE OF LEAD BASED PAINT. 33 4. DOES ANYBODY OTHER THAN YOURSELF HAVE A LEASE, EASEMENT OR ANY 34 OTHER RIGHT TO USE OR OCCUPY ANY PART OF YOUR PROPERTY OTHER THAN 35 THOSE STATED IN DOCUMENTS AVAILABLE IN THE PUBLIC RECORD, SUCH AS 36 RIGHTS TO USE A ROAD OR PATH OR CUT TREES OR CROPS[.]? YES NO UNKN 37 NA 38 5. DOES ANYBODY ELSE CLAIM TO OWN ANY PART OF YOUR PROPERTY? YES NO 39 UNKN NA (IF YES, EXPLAIN BELOW) 40 6. HAS ANYONE DENIED YOU ACCESS TO THE PROPERTY OR MADE A FORMAL LEGAL 41 CLAIM CHALLENGING YOUR TITLE TO THE PROPERTY? YES NO UNKN NA (IF 42 YES, EXPLAIN BELOW) 43 7. ARE THERE ANY FEATURES OF THE PROPERTY SHARED IN COMMON WITH 44 ADJOINING LAND OWNERS OR A HOMEOWNERS ASSOCIATION, SUCH AS WALLS, 45 FENCES OR DRIVEWAYS? YES NO UNKN NA (IF YES DESCRIBE BELOW) 46 8. ARE THERE ANY ELECTRIC OR GAS UTILITY SURCHARGES FOR LINE EXTEN- 47 SIONS, SPECIAL ASSESSMENTS OR HOMEOWNER OR OTHER ASSOCIATION FEES 48 THAT APPLY TO THE PROPERTY? YES NO UNKN NA (IF YES, EXPLAIN BELOW) 49 9. ARE THERE CERTIFICATES OF OCCUPANCY RELATED TO THE PROPERTY? YES 50 NO UNKN NA (IF NO, EXPLAIN BELOW)

51 ENVIRONMENTAL

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1 NOTE TO SELLER - IN THIS SECTION, YOU WILL BE ASKED QUESTIONS REGARD- 2 ING PETROLEUM PRODUCTS AND HAZARDOUS OR TOXIC SUBSTANCES THAT YOU KNOW 3 TO HAVE BEEN SPILLED, LEAKED OR OTHERWISE BEEN RELEASED ON THE PROPERTY 4 OR FROM THE PROPERTY ONTO ANY OTHER PROPERTY. PETROLEUM PRODUCTS MAY 5 INCLUDE, BUT ARE NOT LIMITED TO, GASOLINE, DIESEL FUEL, HOME HEATING 6 FUEL, AND LUBRICANTS. HAZARDOUS OR TOXIC SUBSTANCES ARE PRODUCTS THAT 7 COULD POSE SHORT- OR LONG-TERM DANGER TO PERSONAL HEALTH OR THE ENVIRON- 8 MENT IF THEY ARE NOT PROPERLY DISPOSED OF, APPLIED OR STORED. THESE 9 INCLUDE, BUT ARE NOT LIMITED TO, FERTILIZERS, PESTICIDES AND INSECTI- 10 CIDES, PAINT INCLUDING PAINT THINNER, VARNISH REMOVER AND WOOD PRESERVA- 11 TIVES, TREATED WOOD, CONSTRUCTION MATERIALS SUCH AS ASPHALT AND ROOFING 12 MATERIALS, ANTIFREEZE AND OTHER AUTOMOTIVE PRODUCTS, BATTERIES, CLEANING 13 SOLVENTS INCLUDING SEPTIC TANK CLEANERS, HOUSEHOLD CLEANERS AND POOL 14 CHEMICALS AND PRODUCTS CONTAINING MERCURY AND LEAD.

15 NOTE TO BUYER - IF CONTAMINATION OF THIS PROPERTY FROM PETROLEUM 16 PRODUCTS AND/OR HAZARDOUS OR TOXIC SUBSTANCES IS A CONCERN TO YOU, YOU 17 ARE URGED TO CONSIDER SOIL AND GROUNDWATER TESTING OF THIS PROPERTY.

18 10. IS ANY OR ALL OF THE PROPERTY LOCATED IN A FEDERAL EMERGENCY 19 MANAGEMENT AGENCY (FEMA) DESIGNATED FLOODPLAIN? YES NO UNKN NA 20 (IF YES, EXPLAIN BELOW) 21 11. IS ANY OR ALL OF THE PROPERTY LOCATED WHOLLY OR PARTIALLY IN THE 22 SPECIAL FLOOD HAZARD AREA ("SFHA"; "100-YEAR FLOODPLAIN") ACCORD- 23 ING TO THE FEDERAL EMERGENCY MANAGEMENT AGENCY'S (FEMA'S) CURRENT 24 FLOOD INSURANCE RATE MAPS FOR YOUR AREA? YES NO UNKN NA (IF YES, 25 EXPLAIN BELOW) 26 12. IS ANY OR ALL OF THE PROPERTY LOCATED WHOLLY OR PARTIALLY IN A 27 MODERATE RISK FLOOD HAZARD AREA ("500-YEAR FLOODPLAIN") ACCORDING 28 TO FEMA'S CURRENT FLOOD INSURANCE RATE MAPS FOR YOUR AREA? YES NO 29 UNKN NA (IF YES, EXPLAIN BELOW) 30 13. IS THE PROPERTY SUBJECT TO ANY REQUIREMENT UNDER FEDERAL LAW TO 31 OBTAIN AND MAINTAIN FLOOD INSURANCE ON THE PROPERTY? YES NO UNKN 32 NA (IF YES, EXPLAIN BELOW) 33 HOMES IN THE SPECIAL FLOOD HAZARD AREA, ALSO KNOWN AS HIGH RISK 34 FLOOD ZONES, ON FEMA'S FLOOD INSURANCE RATE MAPS WITH MORTGAGES 35 FROM FEDERALLY REGULATED OR INSURED LENDERS ARE REQUIRED TO OBTAIN 36 AND MAINTAIN FLOOD INSURANCE. EVEN WHEN NOT REQUIRED, FEMA ENCOUR- 37 AGES HOMEOWNERS IN HIGH RISK, MODERATE RISK, AND LOW RISK FLOOD 38 ZONES TO PURCHASE FLOOD INSURANCE THAT COVERS THE STRUCTURE(S) AND 39 THE PERSONAL PROPERTY WITHIN THE STRUCTURE(S). ALSO NOTE THAT 40 HOMES IN COASTAL AREAS MAY BE SUBJECT TO INCREASED RISK OF FLOOD- 41 ING OVER TIME DUE TO PROJECTED SEA LEVEL RISE AND INCREASED 42 EXTREME STORMS CAUSED BY CLIMATE CHANGE WHICH MAY NOT BE REFLECTED 43 IN CURRENT FLOOD INSURANCE RATE MAPS. 44 14. HAVE YOU EVER RECEIVED ASSISTANCE, OR ARE YOU AWARE OF ANY PREVI- 45 OUS OWNERS RECEIVING ASSISTANCE, FROM THE FEDERAL EMERGENCY 46 MANAGEMENT AGENCY (FEMA), THE U.S. SMALL BUSINESS ADMINISTRATION 47 (SBA), OR ANY OTHER FEDERAL DISASTER FLOOD ASSISTANCE FOR FLOOD 48 DAMAGE TO THE PROPERTY? YES NO UNKN NA (IF YES, EXPLAIN BELOW) 49 FOR PROPERTIES THAT HAVE RECEIVED FEDERAL DISASTER ASSISTANCE, THE 50 REQUIREMENT TO OBTAIN FLOOD INSURANCE PASSES DOWN TO ALL FUTURE 51 OWNERS. FAILURE TO OBTAIN AND MAINTAIN FLOOD INSURANCE CAN RESULT 52 IN AN INDIVIDUAL BEING INELIGIBLE FOR FUTURE ASSISTANCE. 53 15. IS THERE FLOOD INSURANCE ON THE PROPERTY? YES NO UNKN NA (IF YES, 54 ATTACH A COPY OF THE POLICY)

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1 A STANDARD HOMEOWNER'S INSURANCE POLICY TYPICALLY DOES NOT COVER 2 FLOOD DAMAGE. YOU ARE ENCOURAGED TO EXAMINE YOUR POLICY TO DETER- 3 MINE WHETHER YOU ARE COVERED. 4 16. IS THERE A FEMA ELEVATION CERTIFICATE AVAILABLE FOR THE PROPERTY? 5 YES NO UNKN NA (IF YES, ATTACH A COPY OF THE CERTIFICATE) 6 AN ELEVATION CERTIFICATE IS A FEMA FORM, COMPLETED BY A LICENSED 7 SURVEYOR OR ENGINEER. THE FORM PROVIDES CRITICAL INFORMATION ABOUT 8 THE FLOOD RISK OF THE PROPERTY AND IS USED BY FLOOD INSURANCE 9 PROVIDERS UNDER THE NATIONAL FLOOD INSURANCE PROGRAM (NFIP) TO 10 HELP DETERMINE THE APPROPRIATE FLOOD INSURANCE RATING FOR THE 11 PROPERTY. A BUYER MAY BE ABLE TO USE THE ELEVATION CERTIFICATE 12 FROM A PREVIOUS OWNER FOR THEIR FLOOD INSURANCE POLICY. 13 17. HAVE YOU EVER FILED A CLAIM FOR FLOOD DAMAGE TO THE PROPERTY WITH 14 ANY INSURANCE PROVIDER, INCLUDING THE NATIONAL FLOOD INSURANCE 15 PROGRAM (NFIP)? YES NO UNKN NA (IF YES, EXPLAIN BELOW) 16 18. IS ANY OR ALL OF THE PROPERTY LOCATED IN A DESIGNATED WETLAND? 17 YES NO UNKN NA (IF YES, EXPLAIN BELOW) 18 [12.] 19. IS THE PROPERTY LOCATED IN AN AGRICULTURAL DISTRICT? YES 19 NO UNKN NA (IF YES, EXPLAIN BELOW) 20 [13.] 20. WAS THE PROPERTY EVER THE SITE OF A LANDFILL? YES NO UNKN 21 NA (IF YES, EXPLAIN BELOW) 22 [14.] 21. ARE THERE OR HAVE THERE EVER BEEN FUEL STORAGE TANKS ABOVE 23 OR BELOW THE GROUND ON THE PROPERTY? YES NO UNKN NA IF YES, 24 ARE THEY CURRENTLY IN USE? YES NO UNKN NA LOCATION(S) ARE THEY 25 LEAKING OR HAVE THEY EVER LEAKED? YES NO UNKN NA (IF YES, EXPLAIN 26 BELOW) 27 [15.] 22. IS THERE ASBESTOS IN THE STRUCTURE? YES NO UNKN NA (IF YES, 28 STATE LOCATION OR LOCATIONS BELOW) 29 [16.] 23. IS LEAD PLUMBING PRESENT? YES NO UNKN NA (IF YES, STATE 30 LOCATION OR LOCATIONS BELOW) 31 [17.] 24. HAS A RADON TEST BEEN DONE? YES NO UNKN NA (IF YES, ATTACH A 32 COPY OF THE REPORT) 33 [18.] 25. HAS MOTOR FUEL, MOTOR OIL, HOME HEATING FUEL, LUBRICATING 34 OIL OR ANY OTHER PETROLEUM PRODUCT, METHANE GAS, OR ANY HAZARDOUS 35 OR TOXIC SUBSTANCE SPILLED, LEAKED OR OTHERWISE BEEN RELEASED ON 36 THE PROPERTY OR FROM THE PROPERTY ONTO ANY OTHER PROPERTY? YES NO 37 UNKN NA (IF YES, DESCRIBE BELOW) 38 [19.] 26. HAS THE PROPERTY BEEN TESTED FOR THE PRESENCE OF MOTOR FUEL, 39 MOTOR OIL, HOME HEATING FUEL, LUBRICATING OIL, OR ANY OTHER PETRO- 40 LEUM PRODUCT, METHANE GAS, OR ANY HAZARDOUS OR TOXIC SUBSTANCE? 41 YES NO UNKN NA (IF YES, ATTACH REPORT(S))

42 STRUCTURAL 43 [20.] 27. IS THERE ANY ROT OR WATER DAMAGE TO THE STRUCTURE OR STRUC- 44 TURES? YES NO UNKN NA (IF YES, EXPLAIN BELOW) 45 [21.] 28. IS THERE ANY FIRE OR SMOKE DAMAGE TO THE STRUCTURE OR STRUC- 46 TURES? YES NO UNKN NA (IF YES, EXPLAIN BELOW) 47 [22.] 29. IS THERE ANY TERMITE, INSECT, RODENT OR PEST INFESTATION OR 48 DAMAGE? YES NO UNKN NA (IF YES, EXPLAIN BELOW) 49 [23.] 30. HAS THE PROPERTY BEEN TESTED FOR TERMITE, INSECT, RODENT OR 50 PEST INFESTATION OR DAMAGE? YES NO UNKN NA (IF YES, PLEASE ATTACH 51 REPORT(S)) 52 [24.] 31. WHAT IS THE TYPE OF ROOF/ROOF COVERING (SLATE, ASPHALT, 53 OTHER.)? ANY KNOWN MATERIAL DEFECTS? HOW OLD IS THE ROOF? IS THERE 54 A TRANSFERABLE [WARRANTEE] WARRANTY ON THE ROOF IN EFFECT NOW? YES 55 NO UNKN NA (IF YES, EXPLAIN BELOW)

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1 [25.] 32. ARE THERE ANY KNOWN MATERIAL DEFECTS IN ANY OF THE FOLLOWING 2 STRUCTURAL SYSTEMS: FOOTINGS, BEAMS, GIRDERS, LINTELS, COLUMNS OR 3 PARTITIONS[.]? YES NO UNKN NA (IF YES, EXPLAIN BELOW)

4 MECHANICAL SYSTEMS & SERVICES 5 [26.] 33. WHAT IS THE WATER SOURCE (CIRCLE ALL THAT APPLY - WELL, 6 PRIVATE, MUNICIPAL, OTHER)? IF MUNICIPAL, IS IT METERED? YES NO 7 UNKN NA 8 [27.] 34. HAS THE WATER QUALITY AND/OR FLOW RATE BEEN TESTED? YES NO 9 UNKN NA (IF YES, DESCRIBE BELOW) 10 [28.] 35. WHAT IS THE TYPE OF SEWAGE SYSTEM (CIRCLE ALL THAT APPLY - 11 PUBLIC SEWER, PRIVATE SEWER, SEPTIC OR CESSPOOL)? IF SEPTIC OR 12 CESSPOOL, AGE? ________ DATE LAST PUMPED? ________ FREQUENCY OF 13 PUMPING? ________ ANY KNOWN MATERIAL DEFECTS? YES NO UNKN NA (IF 14 YES, EXPLAIN BELOW) 15 [29.] 36. WHO IS YOUR ELECTRIC SERVICE PROVIDER? ________ WHAT IS THE 16 AMPERAGE? ________ DOES IT HAVE CIRCUIT BREAKERS OR FUSES? 17 ________ PRIVATE OR PUBLIC POLES? ________ ANY KNOWN MATERIAL 18 DEFECTS? YES NO UNKN NA (IF YES, EXPLAIN BELOW) 19 [30.] 37. ARE THERE ANY FLOODING, DRAINAGE OR GRADING PROBLEMS THAT 20 RESULTED IN STANDING WATER ON ANY PORTION OF THE PROPERTY? YES NO 21 UNKN NA (IF YES, STATE LOCATIONS AND EXPLAIN BELOW) 22 [31. DOES THE BASEMENT HAVE SEEPAGE THAT RESULTS IN STANDING WATER? 23 YES NO UNKN NA (IF YES, EXPLAIN BELOW)] 38. HAS THE STRUCTURE(S) 24 EXPERIENCED ANY WATER PENETRATION OR DAMAGE DUE TO SEEPAGE OR A 25 NATURAL FLOOD EVENT, SUCH AS FROM HEAVY RAINFALL, COASTAL STORM 26 SURGE, TIDAL INUNDATION OR RIVER OVERFLOW? YES NO UNKN NA (IF 27 YES, EXPLAIN BELOW)

28 ARE THERE ANY KNOWN MATERIAL DEFECTS IN ANY OF THE FOLLOWING (IF YES, 29 EXPLAIN BELOW. USE ADDITIONAL SHEETS IF NECESSARY.):

30 [32.] 39. PLUMBING SYSTEM? YES NO UNKN NA 31 [33.] 40. SECURITY SYSTEM? YES NO UNKN NA 32 [34.] 41. CARBON MONOXIDE DETECTOR? YES NO UNKN NA 33 [35.] 42. SMOKE DETECTOR? YES NO UNKN NA 34 [36.] 43. FIRE SPRINKLER SYSTEM? YES NO UNKN NA 35 [37.] 44. SUMP PUMP? YES NO UNKN NA 36 [38.] 45. FOUNDATION/SLAB? YES NO UNKN NA 37 [39.] 46. INTERIOR WALLS/CEILINGS? YES NO UNKN NA 38 [40.] 47. EXTERIOR WALLS OR SIDING? YES NO UNKN NA 39 [41.] 48. FLOORS? YES NO UNKN NA 40 [42.] 49. CHIMNEY/FIREPLACE OR STOVE? YES NO UNKN NA 41 [43.] 50. PATIO/DECK? YES NO UNKN NA 42 [44.] 51 DRIVEWAY? YES NO UNKN NA 43 [45.] 52. AIR CONDITIONER? YES NO UNKN NA 44 [46.] 53. HEATING SYSTEM? YES NO UNKN NA 45 [47.] 54. HOT WATER HEATER? YES NO UNKN NA 46 [48.] 55. THE PROPERTY IS LOCATED IN THE 47 FOLLOWING SCHOOL DISTRICT UNKN

48 NOTE: BUYER IS ENCOURAGED TO CHECK PUBLIC RECORDS CONCERNING THE PROP- 49 ERTY (E.G. TAX RECORDS AND WETLAND AND [FLOOD PLAIN] FEMA'S CURRENT 50 FLOOD INSURANCE RATE MAPS AND ELEVATION CERTIFICATES)

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1 THE SELLER SHOULD USE THIS AREA TO FURTHER EXPLAIN ANY ITEM ABOVE. IF 2 NECESSARY, ATTACH ADDITIONAL PAGES AND INDICATE HERE THE NUMBER OF ADDI- 3 TIONAL PAGES ATTACHED.

4 ______________________________________________________________________ 5 ______________________________________________________________________ 6 ______________________________________________________________________ 7 ______________________________________________________________________

8 SELLER'S CERTIFICATION: SELLER CERTIFIES THAT THE INFORMATION IN THIS 9 PROPERTY CONDITION DISCLOSURE STATEMENT IS TRUE AND COMPLETE TO THE 10 SELLER'S ACTUAL KNOWLEDGE AS OF THE DATE SIGNED BY THE SELLER. IF A 11 SELLER OF RESIDENTIAL REAL PROPERTY ACQUIRES KNOWLEDGE WHICH RENDERS 12 MATERIALLY INACCURATE A PROPERTY CONDITION DISCLOSURE STATEMENT PROVIDED 13 PREVIOUSLY, THE SELLER SHALL DELIVER A REVISED PROPERTY CONDITION 14 DISCLOSURE STATEMENT TO THE BUYER AS SOON AS PRACTICABLE. IN NO EVENT, 15 HOWEVER, SHALL A SELLER BE REQUIRED TO PROVIDE A REVISED PROPERTY CONDI- 16 TION DISCLOSURE STATEMENT AFTER THE TRANSFER OF TITLE FROM THE SELLER TO 17 THE BUYER OR OCCUPANCY BY THE BUYER, WHICHEVER IS EARLIER.

18 SELLER _______________________________________ DATE ________________ 19 SELLER _______________________________________ DATE ________________

20 BUYER'S ACKNOWLEDGMENT: BUYER ACKNOWLEDGES RECEIPT OF A COPY OF THIS 21 STATEMENT AND BUYER UNDERSTANDS THAT THIS INFORMATION IS A STATEMENT OF 22 CERTAIN CONDITIONS AND INFORMATION CONCERNING THE PROPERTY KNOWN TO THE 23 SELLER. IT IS NOT A WARRANTY OF ANY KIND BY THE SELLER OR SELLER'S AGENT 24 AND IS NOT A SUBSTITUTE FOR ANY HOME, PEST, RADON OR OTHER INSPECTIONS 25 OR TESTING OF THE PROPERTY OR INSPECTION OF THE PUBLIC RECORDS.

26 BUYER _______________________________________ DATE ________________ 27 BUYER _______________________________________ DATE ________________

28 § 2. Section 465 of the real property law, as added by chapter 456 of 29 the laws of 2001, is amended to read as follows: 30 § 465. [Remedy] Liability. 1. [In the event a seller fails to perform 31 the duty prescribed in this article to deliver a disclosure statement 32 prior to the signing by the buyer of a binding contract of sale, the 33 buyer shall receive upon the transfer of title a credit of five hundred 34 dollars against the agreed upon purchase price of the residential real 35 property.] Nothing contained in this article shall be construed as 36 limiting any existing legal cause of action or remedy at law, in statute 37 or in equity. 38 2. Any seller who provides a property condition disclosure statement 39 or provides or fails to provide a revised property condition disclosure 40 statement shall be liable only for a willful failure to perform the 41 requirements of this article. For such a willful failure, the seller 42 shall be liable for the actual damages suffered by the buyer in addition 43 to any other existing equitable or statutory remedy. 44 § 3. Section 467 of the real property law is REPEALED. 45 § 4. The real property law is amended by adding a new section 231-b to 46 read as follows: 47 § 231-b. Flood history and risk notice in residential leases. 1. Every 48 residential lease shall provide notice of the following information 49 related to the previous flood history and current flood risk of the 50 leased premises, as follows:

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1 (a) whether any or all of the leased premises is located wholly or 2 partially in a Federal Emergency Management Agency ("FEMA") designated 3 floodplain; 4 (b) whether any or all of the leased premises is located wholly or 5 partially in the Special Flood Hazard Area ("SFHA"; "100-year flood- 6 plain") according to FEMA's current Flood Insurance Rate Maps for the 7 leased premises' area; 8 (c) whether any or all of the leased premises is located wholly or 9 partially in a Moderate Risk Flood Hazard Area ("500-year floodplain") 10 according to FEMA's current Flood Insurance Rate Maps for the leased 11 premises' area; and 12 (d) whether the leased premises has experienced any flood damage due 13 to a natural flood event, such as heavy rainfall, coastal storm surge, 14 tidal inundation, or river overflow. 15 2. Every residential lease shall also contain the following notice to 16 tenants: "Flood insurance is available to renters through the Federal 17 Emergency Management Agency's (FEMA's) National Flood Insurance Program 18 (NFIP) to cover your personal property and contents in the event of a 19 flood. A standard renter's insurance policy does not typically cover 20 flood damage. You are encouraged to examine your policy to determine 21 whether you are covered." 22 § 5. This act shall take effect on the one hundred eightieth day after 23 it shall have become a law. Effective immediately the addition, amend- 24 ment and/or repeal of any rule or regulation necessary for the implemen- 25 tation of this act on its effective date are authorized to be made and 26 completed on or before such date.