Much has recently been written about the Property Condition Disclosure Act (PCDA),[1]� particularly involving the principle of caveat emptor.
PCDA has generated significant attention by the bar on the shifting responsibilities of buyers and sellers of residential real property. Prior to this statute, New York’s adherence to caveat emptor placed the responsibility of due diligence almost completely on the buyer. PCDA has since shifted a considerable burden to the seller, requiring completion and delivery of a comprehensive disclosure statement to prospective buyers setting forth the nature and extent of a seller’s actual knowledge of the property’s condition.[2]�
