Agency Disclosure

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New York and Florida state laws require real estate licensees who are acting as agents of buyers or sellers of property to advise potential buyers and sellers with whom they work of the nature of their agency relationship and the rights and obligations it creates. In New York, as of January 1, 2011, the law requires the buyer and seller to sign a disclosure stating that they are aware of which party the real estate agent is representing.

Buyer’s Agent

As an Exclusive Buyer’s Agent, we solely represent the interests of the buyer.

Under New York law (and similar to Florida law), a Buyer’s Agent is clearly defined as the following:

A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s interests. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyer’s agent does not represent the interests of the seller. The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire the seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer.

Seller’s Agent

In Manhattan, we also provide Selling services for customers who are seeking to sell their property. Under New York law (similar to Florida law), a Seller’s Agent is clearly defined as the following:

A seller’s agent is an agent who is engaged by a seller to represent the seller’s interests. The seller’s agent does this by securing a buyer for the seller’s home at a price and on terms acceptable to the seller. A seller’s agent has, with-out limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A seller’s agent does not represent the interests of the buyer. The obligations of a seller’s agent are also subject to any specific provisions set forth in an agreement between the agent and the seller. In dealings with the buyer, a seller’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.

For more information about agency disclosure, including Tenant Agency Relationships and Dual Agency Relationships, see the New York Agency Disclosure Form.