Urban Digs has a couple of interesting posts regarding Agency Disclosure and the "buyer beware" policy that New Yorkers are all too tired of hearing about. It’s often difficult to determine exactly for whom a real estate agent is working. Disclosing their fiduciary responsibility prior to working with a prospective customer should be a legal requirement in my opinion and not such a gray area. A few observations:
- Agency Disclosure only applies in New York to 1-4 family residences thereby omitting the majority of NYC housing stock. So forget about any agency disclosure if you’re buying a condo or co-op.
- In theory this "disclosure" is supposed to protect buyers but since it doesn’t apply to most New York City buyers, where is the protection?
- Why can’t the Department of State make this disclosure applicable to all property that changes hands? Doesn’t seem that difficult to me.