Home Buying in Yonkers>Question Details

EmmaMio, Both Buyer and Seller in Yonkers, NY

How does dual-agency work in NY real estate? I read on here somewhere that the agent should be giving some sort of notice about this.

Asked by EmmaMio, Yonkers, NY Sat Apr 21, 2012

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7
Any agent you work with should absolutely provide you with a form explaining who they represent.
1 vote Thank Flag Link Sun Jul 8, 2012
There are two types of Dual agency . .one in which the individual agent acts for both the buyer and the seller owes fiduciary responsibility to both the buyer and the seller. This is untenable and can leave the agent open to charges of acting in his/her own best interest rather than eith the buyer or the seller

The other type is Dual agency with desiginate agents. This happens when a buyer agent sell the buyer (His client) a property listed by his agency, but not this agent. In that case, the buyer's agent works for the buyer and the listing agent works for the seller.

(It not as simple as this sounds, but it is a common practice in large agencies and is both legal and ethical)


If you wouldlike to call, I will gladly explain in detail without obligation.

Bob Granata 914 668-9514
1 vote Thank Flag Link Sat Apr 21, 2012
The agent(s) should be providing the NYS Agency Disclosure form which explains relationships before viewing properties; see link http://www.dos.ny.gov/forms/licensing/1736-a.pdf
1 vote Thank Flag Link Sat Apr 21, 2012
Absolutely. you should be informed. Glad to see the question, and would expect lots of agents weighing in on it.
0 votes Thank Flag Link Sun Apr 22, 2012
An Agency Disclosure form must be provided at first substantive contact ; when discussing real estate needs or financial situation. Disclosure should be made prior to entering the property being shown. In a dual agency, the broker represents both buyer and seller in the same transaction. Dual agency requires full disclosure by the agent to all interested parties to the transaction, and the receipt by the agent of the informed consent of all interested parties to the transaction
0 votes Thank Flag Link Sat Apr 21, 2012
No matter what type of agency you opt for, the Realtor MUST provide an explanation of all choices and have you sign off on documents AT THE FIRST MEETING.

If this is not happening, this agent is in danger of losing their license and if you have not been provided with what we call Agency Disclosure, find a new agent!
0 votes Thank Flag Link Sat Apr 21, 2012
Hi, an agent is required to disclose all agency relationships with a prospective buyer or seller. There is a disclosure form that describes the different types of representation and your agent is to explain the various types. Then they discuss how you will be represented, by you signing the form you are acknowledging you understand how you are being represented. Dual agency is an option on this form but keep in mind an agent cannot properly represent a buyer and seller properly at the same time. Its best to get your own representation.

Chris
0 votes Thank Flag Link Sat Apr 21, 2012
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