N.Y. Brokers Must Reveal More

September 2, 2010  |  

(WSJ) — A new law will require brokers in New York state to disclose to apartment buyers and sellers exactly who they represent in transactions, a long misunderstood issue in residential sales.

Starting in January, real-estate brokers will be required to provide buyers and sellers of co-op and condominiums with written disclosure forms outlining the nature of their relationship—and their fiduciary responsibilities, if any—before any apartments are shown.

Home buyers and sellers have long received similar written disclosure forms, but until now deals involving co-ops and condominiums—the bulk of the market in Manhattan and a growing share of transactions across the city—have been exempt.

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