Brokers Must Reveal More

This past Monday Governor Patterson signed a law that will require real estate brokers to disclose their agency relationship to all parties on coop and condo transactions effective January 1, 2011. Similar disclosure requirements have been in effect on residential home transactions. The new law also addresses the requirement that brokers at an open house who have face to face contact with buyers must provide written disclosures to the buyers that they represent the sellers. It goes on to state that dual agents have less of an obligation to either a buyer or seller since they cannot possibly provide undivided loyalty to both sides. Read More

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