Governor aims for greater transparency with new real estate laws

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

arrow_forward_ios
John Banks
High expectations: A look at John Banks’ 4 years at REBNY
High expectations: A look at John Banks’ 4 years at REBNY
John Banks
John Banks to step down as REBNY president
John Banks to step down as REBNY president
REBNY Awards
Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
CoStar CEO Andy Florance
CoStar comes home to play
CoStar comes home to play
Small developments dominate as new building filings return to pre-pandemic levels
Small developments dominate as new building filings return to pre-pandemic levels
Small developments dominate as new building filings return to pre-pandemic levels
Commercial brokers’ confidence at all-time high: REBNY survey
Commercial brokers’ confidence at all-time high: REBNY survey
Commercial brokers’ confidence at all-time high: REBNY survey
CoStar CEO Andy Florance and REBNY president James Whelan (Getty, iStock, REBNY)
Brokerage execs gush over REBNY, CoStar listing portal. Agents aren’t sold
Brokerage execs gush over REBNY, CoStar listing portal. Agents aren’t sold
Lost without office workers, Midtown storefronts struggle to find tenants
Lost without office workers, Midtown storefronts struggle to find tenants
Lost without office workers, Midtown storefronts struggle to find tenants
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...