NY State Senate Bill 2019-S8439

Senate Bill S8439

2019-2020 Legislative Session

Requires disclosure of information concerning flood insurance on property condition disclosure statements; repealer

download bill text pdf

Archive: Last Bill Status - In Senate Committee Judiciary Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 01, 2020	referred to judiciary

2019-S8439 (ACTIVE) - Details

Current Committee:: Senate Judiciary
Law Section:: Real Property Law
Laws Affected:: Amd §§462 & 465, rpld §467, add §213-b, RP L
Versions Introduced in Other Legislative Sessions:: 2021-2022: S5472
2023-2024: S5400

2019-S8439 (ACTIVE) - Summary

Requires disclosure of information concerning flood insurance on property condition disclosure statements; relates to liability with respect to property disclosures.

2019-S8439 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S8439

SPONSOR: HOYLMAN
 
TITLE OF BILL:

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

 
SUMMARY OF PROVISIONS:

Section 1 of the bill amends Section 462 of the Real Property Law to add
new questions relating to a property's flood history and flood insurance
requirements to the Property Condition Disclosure Statement set forth by
such section. Property owners would have to disclose whether the proper-
ty is located in a 100-year or 500-year floodplain according to FEMA's
flood insurance rate maps, whether the property is subject to require-
ments under federal law to obtain and maintain flood insurance, and the
property's flood insurance history.

Section 2 of the bill amends Section 465 of the Real Property Law to

strike subdivision 1, which provides that in the event that a seller
fails to provide the Property Condition Disclosure Statement to a buyer
prior to a sale, the buyer receives a $500 credit towards the sale of
the property. It also adds the provisions of Section 467 of the Real
Property Law, which is repealed by the bill, to Section 465 of the Real
Property Law.

Section 3 of the bill repeals Section 467 of the Real Property Law.

Section 4 of the bill creates a new Section 231-b of the Real Property
Law that requires residential leases to provide notice of the flood risk
and flood history of a leased premises, as well as a notice to tenants
of flood insurance available to renters.

Section 5 of the bill provides the effective date.

 
JUSTIFICATION:

New York's current flood risk disclosure laws require sellers of resi-
dential real property to provide buyers with a property condition
disclosure statement prior to the buyer signing a contract of sale.
Among other things, the statement requires the seller to disclose wheth-
er a property is located in a "designated floodplain," and whether there
are any flooding, drainage, or grading problems that have resulted in
standing water on the property.

The Natural Resources Defense Council (NRDC) currently gives New York's
flood risk disclosure law a failing grade, thanks in large part to the
fact that if a seller fails to provide the disclosure statement to the
buyer, the only penalty for doing so is that the seller has to provide
the buyer a $500 credit towards the purchase price of the property. This
negligible penalty leads many sellers to treat the requirement to
provide the disclosure statement as optional, and the $500 credit as
merely a cost of doing business. New York is unique in this regard, as
no other state has this opt-out credit option in law.  The questions
relating to flood history and risk on New York's disclosure statement
are also in need of an update to conform with more comprehensive laws
passed in states such as Texas and Louisiana which provide buyers with
more specific information about the nature of the property's flood risk
and their obligation under federal law to obtain flood insurance for the
property.

Additionally, New York's flood disclosure laws only apply to sales of
residential real property, meaning that renters are not receiving
adequate disclosures about the flood risks and history of the units they
lease.

New Yorkers deserve to be informed about the condition of residential
property they purchase and to be aware of any flood risks they might
face when buying or renting their homes, especially in an era where
so-called "100-year floods" are happening much more frequently due to
climate change.

This bill would update New York's disclosure statement to arm homebuyers
with more information and repeal the $500 credit, requiring sellers to
either provide the disclosure statement or risk being held liable for
failure to do so. It would also create a new section of the Real Proper-
ty Law requiring residential leases to provide notice of the flood risk
and flood history of a leased premises, as well as a notice to tenants
of flood insurance available to renters.

 
PRIOR LEGISLATIVE HISTORY:

New bill

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect on the one hundred eightieth day after it
shall have become a law.

2019-S8439 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8439
 
                             I N  S E N A T E
 
                               June 1, 2020
                                ___________
 
 Introduced  by  Sen. HOYLMAN -- read twice and ordered printed, and when
   printed to be committed to the Committee 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:
 
   Section 1. Subdivision 2 of section 462 of the real property  law,  as
 added by chapter 456 of the laws of 2001, is amended to read as follows:
   2. The following shall be the disclosure form:
 
                  PROPERTY CONDITION DISCLOSURE STATEMENT
 
 NAME OF SELLER OR SELLERS:
 
 PROPERTY ADDRESS:
 
   THE  PROPERTY CONDITION DISCLOSURE ACT REQUIRES THE SELLER OF RESIDEN-
 TIAL 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.
   A KNOWINGLY FALSE OR INCOMPLETE STATEMENT BY THE SELLER ON  THIS  FORM
 MAY  SUBJECT  THE  SELLER  TO  CLAIMS BY THE BUYER PRIOR TO OR AFTER THE
 TRANSFER OF TITLE. [IN THE EVENT A SELLER  FAILS  TO  PERFORM  THE  DUTY
 PRESCRIBED  IN  THIS  ARTICLE TO DELIVER A DISCLOSURE STATEMENT PRIOR TO
 THE SIGNING BY THE BUYER OF A BINDING CONTRACT OF SALE, THE BUYER  SHALL

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD14518-05-0

 S. 8439                             2

 RECEIVE  UPON  THE  TRANSFER  OF  TITLE A CREDIT OF FIVE HUNDRED DOLLARS
 AGAINST THE AGREED UPON PURCHASE PRICE OF THE RESIDENTIAL  REAL  PROPER-
 TY.]
   "RESIDENTIAL  REAL  PROPERTY" MEANS REAL PROPERTY IMPROVED BY A ONE TO
 FOUR FAMILY DWELLING USED OR OCCUPIED, OR INTENDED TO BE USED  OR  OCCU-
 PIED, WHOLLY OR PARTLY, AS THE HOME OR RESIDENCE OF ONE OR MORE PERSONS,
 BUT  SHALL  NOT  REFER  TO  (A) UNIMPROVED REAL PROPERTY UPON WHICH SUCH
 DWELLINGS ARE TO BE CONSTRUCTED OR (B) CONDOMINIUM UNITS OR  COOPERATIVE
 APARTMENTS  OR  (C)  PROPERTY  ON  A HOMEOWNERS' ASSOCIATION THAT IS NOT
 OWNED IN FEE SIMPLE BY THE SELLER.
 
 INSTRUCTIONS TO THE SELLER:
   (a) ANSWER ALL QUESTIONS BASED UPON YOUR ACTUAL KNOWLEDGE.
   (b) ATTACH ADDITIONAL PAGES WITH YOUR SIGNATURE IF ADDITIONAL SPACE IS
 REQUIRED.
   (c) COMPLETE THIS FORM YOURSELF.
   (d) IF SOME ITEMS DO NOT APPLY TO YOUR PROPERTY, CHECK  "NA"  (NON-AP-
 PLICABLE). IF YOU DO NOT KNOW THE ANSWER CHECK "UNKN" (UNKNOWN).
 
   SELLER'S  STATEMENT: THE SELLER MAKES THE FOLLOWING REPRESENTATIONS TO
 THE BUYER BASED UPON THE SELLER'S ACTUAL KNOWLEDGE AT THE TIME OF  SIGN-
 ING  THIS  DOCUMENT.  THE SELLER AUTHORIZES HIS OR HER AGENT, IF ANY, TO
 PROVIDE A COPY OF THIS STATEMENT TO A PROSPECTIVE BUYER OF THE  RESIDEN-
 TIAL REAL PROPERTY. THE FOLLOWING ARE REPRESENTATIONS MADE BY THE SELLER
 AND ARE NOT THE REPRESENTATIONS OF THE SELLER'S AGENT.
 
 GENERAL INFORMATION
   1. HOW LONG HAVE YOU OWNED THE PROPERTY?
   2. HOW LONG HAVE YOU OCCUPIED THE PROPERTY?
   3. WHAT  IS  THE AGE OF THE STRUCTURE OR STRUCTURES? NOTE TO BUYER--IF
      THE STRUCTURE WAS BUILT BEFORE 1978 YOU ARE ENCOURAGED TO  INVESTI-
      GATE FOR THE PRESENCE OF LEAD BASED PAINT.
   4. DOES  ANYBODY  OTHER  THAN  YOURSELF  HAVE A LEASE, EASEMENT OR ANY
      OTHER RIGHT TO USE OR OCCUPY ANY PART OF YOUR PROPERTY  OTHER  THAN
      THOSE  STATED  IN DOCUMENTS AVAILABLE IN THE PUBLIC RECORD, SUCH AS
      RIGHTS TO USE A ROAD OR PATH OR CUT TREES OR CROPS[.]? YES NO  UNKN
      NA
   5. DOES  ANYBODY  ELSE CLAIM TO OWN ANY PART OF YOUR PROPERTY?  YES NO
      UNKN NA (IF YES, EXPLAIN BELOW)
   6. HAS ANYONE DENIED YOU ACCESS TO THE PROPERTY OR MADE A FORMAL LEGAL
      CLAIM CHALLENGING YOUR TITLE TO THE PROPERTY? YES NO  UNKN  NA  (IF
      YES, EXPLAIN BELOW)
   7. ARE  THERE  ANY  FEATURES  OF  THE  PROPERTY  SHARED IN COMMON WITH
      ADJOINING LAND OWNERS OR A HOMEOWNERS ASSOCIATION, SUCH  AS  WALLS,
      FENCES OR DRIVEWAYS? YES NO UNKN NA (IF YES DESCRIBE BELOW)
   8. ARE  THERE  ANY  ELECTRIC OR GAS UTILITY SURCHARGES FOR LINE EXTEN-
      SIONS, SPECIAL ASSESSMENTS OR HOMEOWNER OR OTHER  ASSOCIATION  FEES
      THAT APPLY TO THE PROPERTY? YES NO UNKN NA (IF YES, EXPLAIN BELOW)
   9. ARE  THERE  CERTIFICATES OF OCCUPANCY RELATED TO THE PROPERTY?  YES
      NO UNKN NA (IF NO, EXPLAIN BELOW)
 
 ENVIRONMENTAL
   NOTE TO SELLER - IN THIS SECTION, YOU WILL BE ASKED QUESTIONS  REGARD-
 ING  PETROLEUM  PRODUCTS AND HAZARDOUS OR TOXIC SUBSTANCES THAT YOU KNOW
 TO HAVE BEEN SPILLED, LEAKED OR OTHERWISE BEEN RELEASED ON THE  PROPERTY
 OR  FROM  THE  PROPERTY  ONTO ANY OTHER PROPERTY. PETROLEUM PRODUCTS MAY

 S. 8439                             3
 
 INCLUDE, BUT ARE NOT LIMITED TO, GASOLINE,  DIESEL  FUEL,  HOME  HEATING
 FUEL,  AND  LUBRICANTS.  HAZARDOUS OR TOXIC SUBSTANCES ARE PRODUCTS THAT
 COULD POSE SHORT- OR LONG-TERM DANGER TO PERSONAL HEALTH OR THE ENVIRON-
 MENT  IF  THEY  ARE  NOT PROPERLY DISPOSED OF, APPLIED OR STORED.  THESE
 INCLUDE, BUT ARE NOT LIMITED TO, FERTILIZERS,  PESTICIDES  AND  INSECTI-
 CIDES, PAINT INCLUDING PAINT THINNER, VARNISH REMOVER AND WOOD PRESERVA-
 TIVES,  TREATED WOOD, CONSTRUCTION MATERIALS SUCH AS ASPHALT AND ROOFING
 MATERIALS, ANTIFREEZE AND OTHER AUTOMOTIVE PRODUCTS, BATTERIES, CLEANING
 SOLVENTS INCLUDING SEPTIC TANK CLEANERS,  HOUSEHOLD  CLEANERS  AND  POOL
 CHEMICALS AND PRODUCTS CONTAINING MERCURY AND LEAD.
 
   NOTE  TO  BUYER  -  IF  CONTAMINATION  OF THIS PROPERTY FROM PETROLEUM
 PRODUCTS AND/OR HAZARDOUS OR TOXIC SUBSTANCES IS A CONCERN TO  YOU,  YOU
 ARE URGED TO CONSIDER SOIL AND GROUNDWATER TESTING OF THIS PROPERTY.
 
   10. [IS ANY OR ALL OF THE PROPERTY LOCATED IN A DESIGNATED FLOODPLAIN?
       YES   NO   UNKN   NA (IF YES, EXPLAIN BELOW)] IS ANY OR ALL OF THE
       PROPERTY LOCATED WHOLLY OR PARTIALLY IN THE SPECIAL  FLOOD  HAZARD
       AREA  ("SFHA";  "100-YEAR FLOODPLAIN") ACCORDING TO FEMA'S CURRENT
       FLOOD INSURANCE RATE MAPS FOR YOUR AREA? YES NO UNKN NA  (IF  YES,
       EXPLAIN BELOW)
   11.  IS  ANY  OR  ALL OF THE PROPERTY LOCATED WHOLLY OR PARTIALLY IN A
       MODERATE RISK FLOOD HAZARD AREA ("500-YEAR FLOODPLAIN")  ACCORDING
       TO  FEMA'S CURRENT FLOOD INSURANCE RATE MAPS FOR YOUR AREA? YES NO
       UNKN NA (IF YES, EXPLAIN BELOW)
   12. IS THE PROPERTY SUBJECT TO ANY REQUIREMENT UNDER  FEDERAL  LAW  TO
       OBTAIN  AND  MAINTAIN FLOOD INSURANCE ON THE PROPERTY? YES NO UNKN
       NA (IF YES, EXPLAIN BELOW)
       HOMES IN THE SPECIAL FLOOD HAZARD AREA, ALSO KNOWN  AS  HIGH  RISK
       FLOOD  ZONES,  ON  FEMA'S FLOOD INSURANCE RATE MAPS WITH MORTGAGES
       FROM FEDERALLY REGULATED OR INSURED LENDERS ARE REQUIRED TO OBTAIN
       AND MAINTAIN FLOOD INSURANCE. EVEN WHEN NOT REQUIRED, THE  FEDERAL
       EMERGENCY  MANAGEMENT  AGENCY (FEMA) ENCOURAGES HOMEOWNERS IN HIGH
       RISK, MODERATE RISK, AND LOW RISK FLOOD ZONES  TO  PURCHASE  FLOOD
       INSURANCE  THAT  COVERS THE STRUCTURE(S) AND THE PERSONAL PROPERTY
       WITHIN THE STRUCTURE(S).
   13. HAVE YOU EVER RECEIVED ASSISTANCE, OR ARE YOU AWARE OF ANY  PREVI-
       OUS  OWNERS  RECEIVING  ASSISTANCE,  FROM  THE  FEDERAL  EMERGENCY
       MANAGEMENT ASSOCIATION (FEMA), THE U.S.  SMALL  BUSINESS  ADMINIS-
       TRATION  (SBA), OR ANY OTHER FEDERAL DISASTER FLOOD ASSISTANCE FOR
       FLOOD DAMAGE TO THE PROPERTY?   YES NO UNKN NA  (IF  YES,  EXPLAIN
       BELOW)
   FOR  PROPERTIES  THAT  HAVE  RECEIVED FEDERAL DISASTER ASSISTANCE, THE
       REQUIREMENT TO OBTAIN FLOOD INSURANCE PASSES DOWN  TO  ALL  FUTURE
       OWNERS.  FAILURE TO OBTAIN AND MAINTAIN FLOOD INSURANCE CAN RESULT
       IN AN INDIVIDUAL BEING INELIGIBLE FOR FUTURE ASSISTANCE.
   14. IS  THERE FLOOD INSURANCE ON THE PROPERTY? YES NO UNKN NA (IF YES,
       ATTACH A COPY OF THE POLICY)
   15. HAVE YOU EVER FILED A CLAIM FOR FLOOD DAMAGE TO THE PROPERTY  WITH
       ANY  INSURANCE  PROVIDER,  INCLUDING  THE NATIONAL FLOOD INSURANCE
       PROGRAM (NFIP)? YES NO UNKN NA (IF YES, EXPLAIN BELOW)
   [11.] 16. IS ANY OR ALL  OF  THE  PROPERTY  LOCATED  IN  A  DESIGNATED
       WETLAND?  YES  NO  UNKN  NA (IF YES, EXPLAIN BELOW)
   [12.]  17. IS  THE  PROPERTY LOCATED IN AN AGRICULTURAL DISTRICT?  YES
       NO  UNKN  NA (IF YES, EXPLAIN BELOW)

 S. 8439                             4
 
   [13.] 18. WAS THE PROPERTY EVER THE SITE OF A LANDFILL?  YES  NO  UNKN
       NA (IF YES, EXPLAIN BELOW)
   [14.]  19. ARE  THERE OR HAVE THERE EVER BEEN FUEL STORAGE TANKS ABOVE
       OR BELOW THE GROUND ON THE PROPERTY?  YES  NO  UNKN  NA   IF  YES,
       ARE  THEY  CURRENTLY  IN  USE? YES NO UNKN NA LOCATION(S) ARE THEY
       LEAKING OR HAVE THEY EVER LEAKED? YES NO UNKN NA (IF YES,  EXPLAIN
       BELOW)
   [15.]  20. IS THERE ASBESTOS IN THE STRUCTURE? YES NO UNKN NA (IF YES,
       STATE LOCATION OR LOCATIONS BELOW)
   [16.] 21. IS LEAD PLUMBING PRESENT? YES NO  UNKN  NA  (IF  YES,  STATE
       LOCATION OR LOCATIONS BELOW)
   [17.] 22. HAS A RADON TEST BEEN DONE? YES NO UNKN NA (IF YES, ATTACH A
       COPY OF THE REPORT)
   [18.]  23. HAS  MOTOR  FUEL, MOTOR OIL, HOME HEATING FUEL, LUBRICATING
       OIL OR ANY OTHER PETROLEUM PRODUCT, METHANE GAS, OR ANY  HAZARDOUS
       OR  TOXIC  SUBSTANCE SPILLED, LEAKED OR OTHERWISE BEEN RELEASED ON
       THE PROPERTY OR FROM THE PROPERTY ONTO ANY OTHER PROPERTY?  YES NO
       UNKN NA (IF YES, DESCRIBE BELOW)
   [19.] 24. HAS THE PROPERTY BEEN TESTED FOR THE PRESENCE OF MOTOR FUEL,
       MOTOR OIL, HOME HEATING FUEL, LUBRICATING OIL, OR ANY OTHER PETRO-
       LEUM PRODUCT, METHANE GAS, OR ANY HAZARDOUS  OR  TOXIC  SUBSTANCE?
       YES NO UNKN NA (IF YES, ATTACH REPORT(S))
 
 STRUCTURAL
   [20.]  25. IS THERE ANY ROT OR WATER DAMAGE TO THE STRUCTURE OR STRUC-
       TURES?  YES NO UNKN NA (IF YES, EXPLAIN BELOW)
   [21.] 26. IS THERE ANY FIRE OR SMOKE DAMAGE TO THE STRUCTURE OR STRUC-
       TURES?  YES NO UNKN NA (IF YES, EXPLAIN BELOW)
   [22.] 27. IS THERE ANY TERMITE, INSECT, RODENT OR PEST INFESTATION  OR
       DAMAGE?  YES NO UNKN NA (IF YES, EXPLAIN BELOW)
   [23.]  28. HAS THE PROPERTY BEEN TESTED FOR TERMITE, INSECT, RODENT OR
       PEST INFESTATION OR DAMAGE? YES NO UNKN NA (IF YES, PLEASE  ATTACH
       REPORT(S))
   [24.]  29. WHAT  IS  THE  TYPE  OF ROOF/ROOF COVERING (SLATE, ASPHALT,
       OTHER.)? ANY KNOWN MATERIAL DEFECTS? HOW OLD IS THE ROOF? IS THERE
       A TRANSFERABLE [WARRANTEE] WARRANTY ON THE ROOF IN EFFECT NOW? YES
       NO UNKN NA (IF YES, EXPLAIN BELOW)
   [25.] 30. ARE THERE ANY KNOWN MATERIAL DEFECTS IN ANY OF THE FOLLOWING
       STRUCTURAL SYSTEMS: FOOTINGS, BEAMS, GIRDERS, LINTELS, COLUMNS  OR
       PARTITIONS[.]? YES NO UNKN NA (IF YES, EXPLAIN BELOW)
 
 MECHANICAL SYSTEMS & SERVICES
   [26.]  31. WHAT  IS  THE  WATER  SOURCE (CIRCLE ALL THAT APPLY - WELL,
       PRIVATE, MUNICIPAL, OTHER)? IF MUNICIPAL, IS IT  METERED?  YES  NO
       UNKN NA
   [27.]  32. HAS  THE WATER QUALITY AND/OR FLOW RATE BEEN TESTED? YES NO
       UNKN NA (IF YES, DESCRIBE BELOW)
   [28.] 33. WHAT IS THE TYPE OF SEWAGE SYSTEM (CIRCLE ALL THAT  APPLY  -
       PUBLIC  SEWER,  PRIVATE  SEWER, SEPTIC OR CESSPOOL)?  IF SEPTIC OR
       CESSPOOL, AGE? ________ DATE LAST PUMPED?  ________  FREQUENCY  OF
       PUMPING?  ________ ANY KNOWN MATERIAL DEFECTS?  YES NO UNKN NA (IF
       YES, EXPLAIN BELOW)
   [29.] 34. WHO IS YOUR ELECTRIC SERVICE PROVIDER? ________ WHAT IS  THE
       AMPERAGE?  ________  DOES  IT  HAVE  CIRCUIT  BREAKERS  OR  FUSES?
       ________ PRIVATE OR PUBLIC  POLES?  ________  ANY  KNOWN  MATERIAL
       DEFECTS? YES NO UNKN NA (IF YES, EXPLAIN BELOW)

 S. 8439                             5
 
   [30.]  35. ARE  THERE  ANY FLOODING, DRAINAGE OR GRADING PROBLEMS THAT
       RESULTED IN STANDING WATER ON ANY PORTION OF THE PROPERTY? YES  NO
       UNKN NA (IF YES, STATE LOCATIONS AND EXPLAIN BELOW)
   [31. DOES  THE  BASEMENT  HAVE SEEPAGE THAT RESULTS IN STANDING WATER?
       YES NO UNKN NA (IF YES, EXPLAIN BELOW)] 36. HAS  THE  STRUCTURE(S)
       EXPERIENCED  ANY  WATER  PENETRATION OR DAMAGE DUE TO SEEPAGE OR A
       NATURAL FLOOD EVENT, SUCH AS FROM HEAVY  RAINFALL,  COASTAL  STORM
       SURGE,  TIDAL  INUNDATION  OR RIVER OVERFLOW?   YES NO UNKN NA (IF
       YES, EXPLAIN BELOW)
 
 ARE THERE ANY KNOWN MATERIAL DEFECTS IN ANY OF THE  FOLLOWING  (IF  YES,
 EXPLAIN BELOW. USE ADDITIONAL SHEETS IF NECESSARY.):
 
   [32.] 37. PLUMBING SYSTEM?            YES      NO      UNKN        NA
   [33.] 38. SECURITY SYSTEM?            YES      NO      UNKN        NA
   [34.] 39. CARBON MONOXIDE DETECTOR?   YES      NO      UNKN        NA
   [35.] 40. SMOKE DETECTOR?             YES      NO      UNKN        NA
   [36.] 41. FIRE SPRINKLER SYSTEM?      YES      NO      UNKN        NA
   [37.] 42. SUMP PUMP?                  YES      NO      UNKN        NA
   [38.] 43. FOUNDATION/SLAB?            YES      NO      UNKN        NA
   [39.] 44. INTERIOR WALLS/CEILINGS?    YES      NO      UNKN        NA
   [40.] 45. EXTERIOR WALLS OR SIDING?   YES      NO      UNKN        NA
   [41.] 46. FLOORS?                     YES      NO      UNKN        NA
   [42.] 47. CHIMNEY/FIREPLACE OR STOVE? YES      NO      UNKN        NA
   [43.] 48. PATIO/DECK?                 YES      NO      UNKN        NA
   [44.] 49. DRIVEWAY?                   YES      NO      UNKN        NA
   [45.] 50. AIR CONDITIONER?            YES      NO      UNKN        NA
   [46.] 51. HEATING SYSTEM?             YES      NO      UNKN        NA
   [47.] 52. HOT WATER HEATER?           YES      NO      UNKN        NA
   [48.] 53. THE PROPERTY IS LOCATED IN THE
             FOLLOWING SCHOOL DISTRICT                    UNKN
 
   NOTE: BUYER IS ENCOURAGED TO CHECK PUBLIC RECORDS CONCERNING THE PROP-
 ERTY  (E.G.  TAX  RECORDS  AND  WETLAND AND [FLOOD PLAIN] FEMA'S CURRENT
 FLOOD INSURANCE RATE MAPS)
   THE SELLER SHOULD USE THIS AREA TO FURTHER EXPLAIN ANY ITEM ABOVE.  IF
 NECESSARY, ATTACH ADDITIONAL PAGES AND INDICATE HERE THE NUMBER OF ADDI-
 TIONAL PAGES ATTACHED.
 
   ______________________________________________________________________
   ______________________________________________________________________
   ______________________________________________________________________
   ______________________________________________________________________
 
   SELLER'S  CERTIFICATION: SELLER CERTIFIES THAT THE INFORMATION IN THIS
 PROPERTY CONDITION DISCLOSURE STATEMENT IS  TRUE  AND  COMPLETE  TO  THE
 SELLER'S  ACTUAL  KNOWLEDGE  AS  OF  THE DATE SIGNED BY THE SELLER. IF A
 SELLER OF RESIDENTIAL REAL PROPERTY  ACQUIRES  KNOWLEDGE  WHICH  RENDERS
 MATERIALLY INACCURATE A PROPERTY CONDITION DISCLOSURE STATEMENT PROVIDED
 PREVIOUSLY,  THE  SELLER  SHALL  DELIVER  A  REVISED  PROPERTY CONDITION
 DISCLOSURE STATEMENT TO THE BUYER AS SOON AS PRACTICABLE. IN  NO  EVENT,
 HOWEVER, SHALL A SELLER BE REQUIRED TO PROVIDE A REVISED PROPERTY CONDI-
 TION DISCLOSURE STATEMENT AFTER THE TRANSFER OF TITLE FROM THE SELLER TO
 THE BUYER OR OCCUPANCY BY THE BUYER, WHICHEVER IS EARLIER.
 
   SELLER _______________________________________  DATE ________________

 S. 8439                             6
 
   SELLER _______________________________________  DATE ________________
 
   BUYER'S  ACKNOWLEDGMENT:  BUYER ACKNOWLEDGES RECEIPT OF A COPY OF THIS
 STATEMENT AND BUYER UNDERSTANDS THAT THIS INFORMATION IS A STATEMENT  OF
 CERTAIN  CONDITIONS AND INFORMATION CONCERNING THE PROPERTY KNOWN TO THE
 SELLER. IT IS NOT A WARRANTY OF ANY KIND BY THE SELLER OR SELLER'S AGENT
 AND IS NOT A SUBSTITUTE FOR ANY HOME, PEST, RADON OR  OTHER  INSPECTIONS
 OR TESTING OF THE PROPERTY OR INSPECTION OF THE PUBLIC RECORDS.
 
   BUYER _______________________________________   DATE ________________
   BUYER _______________________________________   DATE ________________
 
   §  2. Section 465 of the real property law, as added by chapter 456 of
 the laws of 2001, is amended to read as follows:
   § 465. [Remedy] LIABILITY.  1. [In the event a seller fails to perform
 the duty prescribed in this article to deliver  a  disclosure  statement
 prior  to  the  signing  by the buyer of a binding contract of sale, the
 buyer shall receive upon the transfer of title a credit of five  hundred
 dollars  against  the agreed upon purchase price of the residential real
 property.] NOTHING CONTAINED IN  THIS  ARTICLE  SHALL  BE  CONSTRUED  AS
 LIMITING ANY EXISTING LEGAL CAUSE OF ACTION OR REMEDY AT LAW, IN STATUTE
 OR IN EQUITY.
   2.  Any  seller who provides a property condition disclosure statement
 or provides or fails to provide a revised property condition  disclosure
 statement  shall  be  liable  only  for a willful failure to perform the
 requirements of this article. For such a  willful  failure,  the  seller
 shall be liable for the actual damages suffered by the buyer in addition
 to any other existing equitable or statutory remedy.
   § 3. Section 467 of the real property law is REPEALED.
   § 4. The real property law is amended by adding a new section 231-b to
 read as follows:
   § 231-B. FLOOD HISTORY AND RISK NOTICE IN RESIDENTIAL LEASES. 1. EVERY
 RESIDENTIAL  LEASE  SHALL  PROVIDE  NOTICE  OF THE FOLLOWING INFORMATION
 RELATED TO THE PREVIOUS FLOOD HISTORY AND  CURRENT  FLOOD  RISK  OF  THE
 LEASED PREMISES, AS FOLLOWS:
   (A)  WHETHER  ANY  OR  ALL OF THE LEASED PREMISES IS LOCATED WHOLLY OR
 PARTIALLY IN THE SPECIAL FLOOD HAZARD  AREA  ("SFHA";  "100-YEAR  FLOOD-
 PLAIN")  ACCORDING  TO  FEMA'S CURRENT FLOOD INSURANCE RATE MAPS FOR THE
 LEASED PREMISES' AREA;
   (B) WHETHER ANY OR ALL OF THE LEASED PREMISES  IS  LOCATED  WHOLLY  OR
 PARTIALLY  IN  A MODERATE RISK FLOOD HAZARD AREA ("500-YEAR FLOODPLAIN")
 ACCORDING TO FEMA'S CURRENT FLOOD INSURANCE RATE  MAPS  FOR  THE  LEASED
 PREMISES' AREA; AND
   (C)  WHETHER  THE LEASED PREMISES HAS EXPERIENCED ANY FLOOD DAMAGE DUE
 TO A NATURAL FLOOD EVENT, SUCH AS HEAVY RAINFALL, COASTAL  STORM  SURGE,
 TIDAL INUNDATION, OR RIVER OVERFLOW.
   2.  EVERY RESIDENTIAL LEASE SHALL ALSO CONTAIN THE FOLLOWING NOTICE TO
 TENANTS: "FLOOD INSURANCE IS AVAILABLE TO RENTERS  THROUGH  THE  FEDERAL
 EMERGENCY  MANAGEMENT  ASSOCIATION  (FEMA'S)  NATIONAL  FLOOD  INSURANCE
 PROGRAM (NFIP) TO COVER YOUR PERSONAL PROPERTY AND CONTENTS IN THE EVENT
 OF A FLOOD."
   § 5. This act shall take effect on the one hundred eightieth day after
 it shall have become a law. Effective immediately the  addition,  amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation  of  this act on its effective date are authorized to be made and
 completed on or before such date.

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