Mandatory seller's property condition disclosure was signed into law in 2001 after more than a decade of development by the New York State Association of Realtors. The new law will require sellers of one-to-four unit residential housing to disclose environmental, structural, mechanical and other information that would be useful to consumers when selecting a new home. The new law will go into effect on March 1, 2002.

Buyers will receive a $500 credit at closing if the seller fails to provide a property condition disclosure.