NYS real estate agency law: Have you heard about the changes?
December 19th, 2011
Beginning January 1, 2011, New York State Real Property Law will bring changes that increase the transparency of the real estate process and offer increased protections for consumers and real estate brokers.
These amendments will impact real estate brokers by requiring that agency disclosure forms be completed for all residential transactions and permitting consumers to give their advance consent to dual agency representation.
Prior to the amendment, verbal consent for agency disclosure was accepted for multifamily buildings over four units. The new law specifies that a written agency disclosure form must be used for all residential transactions. In addition, the amendments have created a section on the agency disclosure form where consumers can give their advanced consent to being represented by two agents from the same real estate broker in the same transaction.
By law all parties must sign these forms. For more information please visit http://www.dos.state.ny.us for the revised forms, the text of the revised statute and the Frequently Asked Questions section.