This is not a contract. NY law requires real estate licensees to disclose who they represent and what duties arise from that relationship.
Real estate licensees must advise buyers and sellers of the nature of their agency relationship and the rights and obligations it creates. You may receive more than one disclosure if multiple agents assist you.
Engaged by and owes fiduciary duties to the seller (reasonable care, undivided loyalty, confidentiality, full disclosure, obedience, and accounting). Must deal honestly, fairly, and in good faith with buyers and disclose known material facts about the property, as permitted by law.
Engaged by and owes fiduciary duties to the buyer (reasonable care, undivided loyalty, confidentiality, full disclosure, obedience, and accounting). Must deal honestly, fairly, and in good faith with sellers.
Assists the listing agent or buyer's agent but works for a different firm. Has no direct relationship with the seller or buyer; instructions flow through the engaging agent.
One broker represents both buyer and seller with informed consent in writing from both parties. Because the broker owes duties to both sides, the full range of fiduciary duties cannot be provided.
With written informed consent, the broker may designate one sales agent to represent the seller and another to represent the buyer. Each designated agent advocates for their assigned principal but cannot provide undivided loyalty.
By signing the official NYS disclosure form, you confirm you received the disclosure. The form also allows you to give advance informed consent to dual agency or dual agency with designated sales agents.
For questions about this disclosure or your agency relationship, you can: