Originally the dual agency with advvanced consent had to be signed by both parties before even showing the property, not sure if they changed it recently. These forms don't have to be confusing but NY state is notorious for ridiculous procedures and paperwork. All the parties are really doing by signing is acknowledging they understand the types of representation and how they are being represented.
Brokers agency is the most ridiculous section and I've never known anyone to use it.
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
Disclosure forms do not obligate the buyer or seller to stay with the agent. It says on the form "this is not a contract.
No need for a buyers broker to "...submit a form to the seller's agent etc..." It is enough for the brokers to fax or attach in e-mail a copy of their Agency Disclosure to each other. There is no other standard form required by NY state for what you refer to in your last few sentences.
NYS requires that ALL agents disclose to you, the buyer, who they are representing in a real estate transaction. There are THREE ways in which that can be done as shown on the agency disclosure form which you SHOULD be asked to sign at the BEGINNING of your relationship with your agent.
The agent can represent you as a BUYERS ACCOUNT, therefore working in your best interest during your real estate experience. True buyer agents will usually take the time to elaborate either in writing and/ or in person as to the services they are going to provide and specify limitations, and there is no additional fee for this service but require an exclusive working relationship where you sign a Broker Exclusive Agreement. Any liability will remain with that of your agent and the agent's broker.
The agent can work for the buyer as a SELLERS ACCOUNT, that is, working in the best interest of the seller even if the agents does not personally know the seller. There is no special service provided by the agent other than treating you honestly and fairly. There is no exclusive working relationship with this representation, you are free to work with multiple agents. The seller is the principle and liable for the agent's conduct even if they don't know that agent. This sounds silly but that's exactly why option number three was introduced about 6 or 7 years ago.
The agent can work for you as a BROKERS AGENT, working again for the seller but eliminating the seller from any potential liability as mentioned in option 2 and leaving that liability just with your agent and your agent's brokers. This is extremely important and misunderstood or not understood at all by many agents. Really option two, should be done away with and I'm surprise it's still around.
DUAL AGENCY is a little bit more complicated and another another option, so really there's four but basically that's when your agent is representing you as a buyer's agent and also the listing agent for the home you want to sell and of course the listing agent must represent the seller. A little more variation on this option on the rules of dual agency but that's basically what you need to understand as a buyer. The agents will be representing both parties without disclosing confidential information of either the buyer or seller.
In a nut shell, agency boils down to representation and more importantly liability.
Hope that helps.
Buyers Agent form also can acknowledge advanced consent of dual agency with designated sales associates
Buyers Agent form for Dual Agency(if representing both sides)
Very few Sellers agents request my Buyers Agency form(company policy of some)
In my area of Rockland County as well as Orange, Sullivan & Ulster) that is the the basics.
Best of Luck, Allan
Ask your broker to clarify for you the disclosure form. That form is only between you and the seller if you are representing the seller or between you and the buyer if you are representing the buyer.
When you make an offer in your buyer's name you are clearly representing the buyer. The listing agent is the agent who is representing the seller.
In case that both of you are from the same brokerage firm the is a situation of a duel agency and you are representing both the seller and the buyer. In that case the buyer and the seller need to be inform of a duel agency and sign the disclosure form.
If you go to an open house, you don't need to sign it (in fact shouldn't if there isn't any substantive conversation as there is still some mis-use of the form for agents to claim you as their client...particularly in the boroughs). At an open house, the agent is representing the seller, unless you agree to dual agency.
Importantly, this is not a contract and even if you sign the form it does not mean that you are bound to the agent. Only if the agent has done work for you (made appointments, shown you property, taken you to open houses, provded a great deal of advice and/or in Manhattan put you on an open house schedule where you see apartments with out them). Agents who you met once at an open house in Manhattan cannot claim you as their client. You have the right to choose your agent at any time in the process.
Not all agencies require that they have the documentation from both sides, but the State does require that the person representing you has a signed copy, otherwise they can temporarily or permanently loose their license. For all closed deals, the agent must have copies. In fact, once substantive conversation occurs even for a rental, the form is required.
When the document first came out and there was a great deal of confusion about it (it is not a contract, it does not bind you to anything), I wrote a more detailed explanation here on Trulia on my section of the site. Feel free to look up the discussion or give me a call.
Vice President - Bond New York
We don't have a lot of information on the actual buyer's process/disclosure forms, is there any additional information you are able to provide? Looking forward to helping you!
Alternatively, you can always reach out to our Customer Service department, email@example.com or call 888-466-3501.
Ali, Community Manager