Sounds like what happened is the neighbor decided to list the apt. The agent is not sharing details yet because as he said, he didn't have all the details yet. The reason that he is asking you to sign a dual agency agreement is because a new law went into effect Jan. 1 in New York that agents must disclose in writing who they represent. This was always the case on 1-4 family homes, and still had to be verbal on co-ops and condos, but now has to be in writing on co-ops and condos. There seems to be a lot of confusion on this and particularly on the meaning of dual agency. I can tell you that this agent does not understand the law. I went to training on this with the legal counsel for the Real Estate Board of NY. The agent for the seller always represents the seller. If you were to come to an open house, or ask for an appointment, that seller's agent still represents only the seller. It is not dual agency. If you were working with your own buyer's agent and they brought you to either their own listing or that of their company (any agent in their company, as the listings belong ultimately to the brokerage, not the agent) that is dual agency. Dual agency is not what this listing agent seems to think - that because you came direct, without an agent, both you and the seller are represented by him. Wrong. You are not represented by him, you are agent-less because he is the seller's agent.
You can proceed on your own, or as a much better alternative, get your own buyer's agent. You have the right to representation. You had hoped your neighbor would come to you directly rather than hire an agent. Your neighbor hired an agent so he can get broad exposure and therefore a better price. The listing agent is there for seller's interests. You need an experienced, skilled agent to negotiate on your behalf, level the playing field and take you through all the steps of buying. He has a pro on his side and so should you. I would suggest you click "Find a Pro" above and get yourself some good representation.
Halstead Property, LLC
In New York State buyers have the right to their own representation. The choice of broker is up to the cosumer. Dual agency in NY is when two agents associated with the same brokerage firm represent a buyer and seller in a transaction. The broker has the dual agency relationship with designated agents representing the seller and buyer.
While all buyers in NY State are entitled to their own representation, it is not a requirement. This broker is supposed to disclose to you that he represents the seller. Although his fiduciary and loyalty is to the seller, In dealings with the buyer a seller's agent should exercize reasonable skill of his duties and deal honestly, fairly and in good faith, and disclose all known facts about the property.
Both a buyer and seller must agree tro dual agency. While two agents of the same brokerage can represent to different interests of a buyer and seller and individual broke can not. The state disclosure law is so consumers can make informed choices about thir realationship with a broker.
You didn't mention if you just live in the building or are the next door neighbor. If you are the next door neighbor and are considering combining apartments than the apartment may be worth more to you than any other buyer since larger combined apartments are worth more than two smaller apartments. One of the first things I do when I get a new listing is notify the neighbors. Good Luck!
Mitchell Hall, Associate Broker
The Corcoran Group
Okay, I'm probably getting too technical here. The short answer is, if the other agent hasn't shown you the property, generally you can engage another agent to introduce you to the property and help you through the process. If they have, you can generally still do it, but there will likely be a dispute over compensation.
Now, going back to what started this whole thing... It sounds like the listing agent may be confused about real estate 101. Normally, if the listing agent is working with a buyer directly, the seller is the CLIENT and the buyer is the CUSTOMER. DUAL AGENCY is only an issue when the both the buyer and seller are CLIENTS of the same broker (seller listed property with broker, and buyer hired broker as a buyer's broker). Any agent is required to disclose agency (in writing for residential transactions) at the first substantive contact with a consumer (in NY). There is a state-mandated form to do that. If you feel comfortable negotiating the deal on your own, then you can work directly with the listing agent. Of course, you can always call me:-)
On a side note, Corsair. While buyers and sellers sometimes think not hiring a broker will result in savings (of the commission), the truth is it really doesn't. Both parties want to "save the commission." Sellers want to net more and buyers want to pay less. So who will end in saving the commission? Also, sellers lose marketing and competition that drive price up (or prove that the price is too high). Buyers lose the benefit of the reality checks that unrepresented sellers get, and don't have a professional that wants the deal to succeed in position to further that goal. Also, in NYS there is only one person involved in a real estate transaction that can legally and ethically speak to everyone else involved in the transaction - That's the real estate broker.
Anyway, good luck!
That is a NYS 2011 Buyer/Seller Disclosure statement. NY State requires RE professionals to disclose who we represent. The agent who you contacted is representing the seller, but he/she will become a dual agent in order to share listing details and show the unit to you and must ask you to sign the disclosure form.
Yes, you can bring in your agent as long as you did not get any information and did not signed the disclosure statement.
You are absolutely right to want a broker on your side. Most real estate transactions in New York are co-broke. That means that the sellers broker and the buyers broker split the commission 50/50. As a buyer this is a great deal for you, as you don't have to pay anything to get a professional to work with you and look after your best interest. A buyer's broker has fiduciary duties to the buyer, among others undivided loyalty, confidentiality and full disclosure.
If you are working without a buyer's broker on your side, the sellers broker will just receive 100% of the total commission and the broker on the other side of the transaction will only be looking out for their client's best interest, not yours.
The buyerâ€™s broker is working with and for you, at no charge for you- the Buyer. Your brokerâ€™s job is to inform you and help you analyze the ever-changing New York real estate market, so that your decisions are the right ones. Your broker will help you find recent and relevant comps, help you navigate through the buying process and help you prepare an offer that feels right for you based on the current market and this specific apartment.
January 1, 2011 the Department of State released the new Agency Disclosure Forms, which all brokers will be required to use in connection with all residential real estate transactions (including co-ops and condominiums). This Disclosure Form makes sure you know who the broker is working for, whether it is the Seller, the Buyer, or both (Dual-Agency).
To find the latest updated New York State Disclosure Form you can go to http://www.dos.state.ny.us
My advice to you, or anyone else who is looking to buy real estate in Manhattan, is to meet and interview a couple of brokers (preferably brokers that work in the neighborhood you are interested in) and see who you feel will best represent you.
I am working primarily on the West side of Manhattan: West Village, Soho, the High Line Area, Chelsea, Flatiron, but I am always happy to meet with you and explain more in detail how I work as a buyer's broker.
BOND NEW YORK
You are definitely within your rights to hire whichever broker you need to hire to represent you.
The law is on your side. In fact having a broker involved in the transaction may be more beneficial for you, since you will have someone on your side letting you know if you are buying the unit at a fair price etc...
NOt having a broker involved does not necessarily mean that you will save money on the purchase.
It might cost you money. Buying direct from a seller can be very costly, since the seller may not disclose
Good luck!! and if you need any representation, please feel free to contact me.
I am a Top producer here at Citi-Habitats. I treat all my clients fairly and do my best to get them the be
The Listing Agent is retained by the Seller to represent their interests and by signing their disclosure of Dual Agency you would be giving up your rights to fair and impartial representation unless they provide you with one in the company which is Dual Agency by Designated Agents so you have your interests safeguarded by another Agent within the same brokerage.
If you dont want that you are a free man to get your own!
Good Luck and if you need any other help feel free to email me at firstname.lastname@example.org or call me at 917.969.2017
Since you have not seen the property and have not had "substantive contact" as is stated in NYS real estate law, there is no barrier to you having a broker of your choice represent you.
Please feel free to contact me with any additional questions via Trulia, email or phone.
Prudential Douglas Elliman
NY, NY, 10023
I am on a team of 8 seasoned professionals who are top 50 in the WSJ country wide rankings. We'd be happy to help you if you would like. Please call 202-841-2370.
The Blumstein Team