New Agency Disclosure Policy…Kind Of?

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.


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