This gives a pretty clear description of Agency Disclosure, especially in New York State. Here in the Rochester NY area, buyers are very leary of this two page document. It is in the buyers best interest to understand the different forms of agency and how it can change when you find a home in the same brokerage or a listing with the same agent.
Buyers needs to make sure you interests are taken care of from the beginning. You will not be saving money as stated below by going directly to the listing agent to buy the home. The money has already been agreed to and you just gave them more incentive to work harder for the seller. Do yourself a favor home buyers in New York State get a buyers agent who works soley for you.
In New York State, real estate agents are required by law to explain to clients and customers who they're working for. At the time of the first meeting an agent must discuss the law of agency and once you understand agency you will be asked to sign a New York State Agency Disclosure.
If you are selling your house the listing agent will explain to you that they will be working as your agent with fiduciary duty to you. The agent will asked your feeling about a dual agency situation. If the listing agent finds a buyer you may give advanced consent to dual agency. This will give the listing agent the authority to negotiate for you and the buyer. Another form of dual agency is designated dual agency. In this situation, the selling broker will designate an agent to represent the buyer. The designated dual agent will be another agent in the broker’s office who will negotiate and provide fiduciary to the buyer.
When you are a buyer, the agent that you call may represent you, if they show you a listing that is listed by another company. If they show you a home listed by their agency but by a different agent the agency becomes a designated dual agent and if it is the agents own listing your agent is a dual agent.
A major misconception by buyers is that they are going to get a better deal if they use the seller’s agent. This is not necessarily true. The commission is agreed upon by the seller and the seller’s agent at the time of listing. So that is set and paid by the seller at closing. The seller’s agent is still must maintain confidentiality.
You are entitled to fiduciary representation. It costs you no more. With online sites such as www.NewPaltzRealEstate.com you can go online and contact an agent to represent you exclusively, negotiate the best deal and get all the information that is available.
Barbara CarterNYS Licensed Associate BrokerJohn J. Lease RealtorsCell: 845 505 3160Office: 845 883 7700 ext 103 Please forward my contact information to anyone you feel could benefit from my services- the best compliment I can receive is your referral