Governor aims for greater transparency with new real estate laws

TRD New York /
Aug.August 31, 2010 02:30 PM

Gov. David Paterson and Steven Spinola of REBNY

Governor David Paterson signed into law today several amendments to the state’s real estate agency disclosure law that will increase transparency in the real estate process and offer increased protection to consumers and real estate brokers. The amendments, to take effect Jan. 1, 2011, will require that agency disclosure forms be completed for all residential transactions. Previously, verbal consent for agency disclosure was accepted for multi-family buildings with over four units. The new law specifies that a written agency disclosure form must be used for all residential transactions. The amendments have also created a section on the agency disclosure form where consumers can give their advanced consent to be represented by two agents from the same real estate brokerage in the same transaction. “The revised agency disclosure law provides additional safeguards for sellers, buyers, tenants, landlords and brokers to ensure that transactions move forward fairly with all parties understanding who is representing whom,” said Steven Spinola, president of the Real Estate Board of New York. TRD


Related Articles

John Banks

High expectations: A look at John Banks’ 4 years at REBNY

John Banks

John Banks to step down as REBNY president

REBNY Awards

Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi

Real estate brokers are feeling more positive about the business for the first time since dark clouds started appearing a year ago. (Credit: iStock)

Brokers feeling more upbeat for the first time in a year: REBNY

John Catsimatidis

John Catsimatidis on why he should be mayor

Jim Whelan of REBNY

Jim Whelan talks “playing defense”

REBNY's Jim Whelan (standing) and trade group lawyers

REBNY vs. StreetEasy: The fight for listings in Gotham

Clockwise from top left: Jim Whelan, Larry Silverstein, Helena Durst, Teodora Zobel, Jonathan Mechanic and Laurinda Martins, John Catsimatidis, Gary Barnett, Mark Weprin, Donovan Richards, Bruce Mosler, Adelaide Polsinelli and David Schechtman (Photos by Anuja Shakya)

Reflection, resentment and some remorse: Real estate’s mood at the REBNY gala