When does a broker in NY become your broker? Does there need to be a signed agreement?

Asked by Liz, New York, NY Tue Jan 15, 2008

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Don Cummins,…, , Katonah, NY
Sat Mar 29, 2008
Just a reminder to all those realtors out there. Not having a signed broker agency agreement and only a disclosure naming you as a buyer broker is a huge liability to the broker which most offices should not take on. Thanks Gail for reminding everyone of that.
1 vote
Joseph Ferra…, , New York County, NY
Sun Jan 20, 2008
No, a written contract is not legally necessary--- contracts may be verbal and implied by the actions of the parties. But I strongly suggest getting any broker agreement in writing to avoid ANY misunderstanding.
1 vote
;, , Riverhead, NY
Sun Mar 30, 2008
It would probably be beneficial to consumers to understand how acknowledging agency as required by the NYDOS would impact a decision based on "a contract", vs. dislosure on the required form- good info for buyers (or should "liability to the broker" matter to them?).
Web Reference:  http://OPTIONSREALTY.COM
0 votes
;, , Riverhead, NY
Tue Feb 19, 2008
The broker only becomes "your" representative when it is agreed upon in the agency disclosure form that you will be required to sign. This is not a contract- this is a disclosure from the agent to you. There is a sample agency disclosure form on our website, if you need more details. When you're looking, ask what the percentage of agents offering buyer agency is- a low number indicates a company that doesn't quite "get it" yet (opinion- all brokers should represent either the buyer or seller- never both).
Web Reference:  http://optionsrealty.com
0 votes
Gail Gladsto…, Agent, 11743, NY
Tue Jan 15, 2008
A NY Realtor can represent you or not represent you. This can be done by contract (which is the only way I will represent a buyer) or by agreement with agency disclosure. By contract, the broker becomes your representative for a certain amount of time to cover certain properties...details to be decided between the two of you.

If it is by agency disclosure, you have no contractual agreement with the broker and are not bound on future properties.
Web Reference:  http://Gailgladstone.com
0 votes
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