Governor aims for greater transparency with new real estate laws

Gov. David Paterson and Steven Spinola of REBNY

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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