This is the first in a series about real estate forms and contracts
In New York State- If you ask a real estate agent to help you look at real estate or to provide you with a estimate for what your house is worth- you will be asked to sign a New York State Agency Disclosure.
The first time you meet the agent the first thing that should take place is a conversation about various types of agency. Every agent in New York is required by law to explain the different types of agency at the "first substantive contact" with prospective buyers or sellers. The Agency Disclosure Form will help you to understand the relationship of the agents involved in a real estate transaction and the rights and obligations the relationship creates.
The fiduciary duties that the agent owes to the principal (the person he is working for) are: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and accountability.
The agent will explain that there are different types of agency.
The Sellers Agent- Is hired by the seller, and works in the best interest of the seller.
The Buyers Agent- Is working for and in the best interest of the buyer.
A Brokers Agent- Is works for a different agency but works in cooperation with the broker. This agent will have direct relationship with the buyer or seller- but has a relationship with the Broker and helps the broker in the transaction.
Dual Agents- work for both the buyer and seller. In the case where there is a dual agency both buyer and seller must agree to the dual agency in writing.
Dual Agents With Designated Agents- The Broker will assign designated agents within the firm to represent the buyer and seller. This dual agency will need to be agreed to in writing by both the buyer and seller.
When your agent presents the agency disclosure to you- Understand that this is required by the State of New York. If you do not understand, ask questions. The agent is qualified to answer questions you may have.
Barbara Carter and Becky Cook
Mother/Daughter Team Real Estate Two Together For You
ExiT Realty Services 10 Main Street Suite 424 New Paltz, NY 12561
Barbara (845) 505-3160 Becky (845) 853-4210 Office (845) 255-HOME
On the web: www.
UlsterNYHomes.com e-mail: UlsterHomes@yahoo.com
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Barbara CarterNYS Licensed Associate Broker
John J. Lease Realtors
550 Route 299 Highland NY 12528
Cell: 845 505 3160
Office: 845 883 7700 ext 103
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Barbara, providing this disclosure is so important for both buyers/sellers. Thanks for promoting disclosure, and reminding all that it isn't negotiable.