On August 31, 2010 Governor Paterson signed the "Advanced Consent to Dual Agency" bill which is New York State Associate of Realtors (NYSAR) supported. This new law will go into effect on January 1, 2011. It will provide consumers with agency relationship choices by allowing buyers/tenants and sellers/landlords the ability to approve dual agency prior to the start of the relationship.
This law will also amend the Real Property Law by requiring Real Estate licensees to disclose their agency relationship with clients in cooperative apartment and condominium transactions. This law should provide members with flexibility and additional protections when working with their clients.
To view this bill in full please click here.
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