On August 31, 2010, Governor David Paterson signed into law multiple amendments to the state's real estate agency disclosure law. The amendments will take effect January 1, 2011 and will affect both sales and rentals in the residential sector, inclusive of coops and condos.
The key effect of the law is the requirement of a written agency disclosure form as opposed to verbal consent from clients. Additionally, the law will streamline the Dual Agency situation, where the same brokerage office represents the buyer and seller in a transaction, by permitting an advanced general consent to Dual Agency as opposed to requiring consent at a specific showing.
In reviewing the Bill's justification section it becomes clear that the purpose of this legislation is to protect consumers in a Dual Agency Relationship where the same brokerage office represents both the buyer and seller in the same transaction and to streamline the process.
The new law can be found by clicking here.
Stay tuned to this blog for more information about these amendments and sample forms as they become available.