New Law Demands More Transparency from NY Brokers

By GlobeSt News Hub

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NEW YORK-New legislations instituted in New York will require realty brokers to disclose information to sellers and buyers of condos and co-ops in written form describing the relationship between the brokers and their clients and the responsibilities of the brokers.

The new rule will provide higher transparency in "dual agent" situations, where a single broker or brokerage house represent both the seller and the buyer in the transaction. The law will take effect from January 2011. For the full story, go to The Wall Street Journal.

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Categories: Northeast, Residential, Acquisitions/Dispositions, Legal, New York