Dissecting the New York Agency Disclosure Form - Seller's Agent
There are five different types of agency disclosure in New York. I'm going to go over what Seller's Agent means. But first, at the very top it says, This Is Not A Contract which is correct. As a New York real estate agent, I have to give seller's and buyer's this form for us to sign. It is to your benefit because consumers need to know who their agent is working for, you or the seller?
Seller's Agent - A seller's agent works for the seller, period. The seller's agent has their client's best interests at heart at all times also known as fiduciary duty. We negotiate on behalf of the seller as well as having undivided loyalty, provide reasonable care, confidentiality, obedience, duty to account and full disclosure. But, we have to treat buyers fairly and honestly and in good faith.
When buyers go to an open house, the agent holding that open house works for the seller. If you start asking the agent questions about price and how flexible the seller is, that agent should give you the agency disclosure form to sign. That is the law.
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Below is the New York Agency Disclosure Form. I will go over Buyer Agency tomorrow.
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