Why is Agency Disclosure Important?
In New York State, there are specific laws and regulations regarding real estate transactions that require real estate agents to disclose their agency relationships with their clients. The New York State Agency Disclosure Law requires real estate agents to disclose whether they are representing the seller, the buyer, or both, in a transaction.
This law is important because it ensures that all parties involved in a real estate transaction are aware of who their agent is representing and what their responsibilities are. When you work with a real estate agent, you want to make sure that they are representing your best interests and advocating for your needs.
When a real estate agent represents both the buyer and the seller in a transaction, this is known as dual agency. Dual agency can be a pitfall because the agent may be representing their own client's interests before yours. This can create a conflict of interest and make it difficult for the agent to provide impartial advice and negotiate the best possible deal for you.
Having a real estate agent represent you as a fiduciary means that they have a legal obligation to act in your best interests and put your needs ahead of their own. This can give you peace of mind and ensure that your interests are protected throughout the real estate transaction.
In summary, understanding New York State Agency Disclosure laws is important when buying or selling real estate in New York State. Working with a real estate agent who is representing you as a fiduciary can help ensure that your interests are protected and that you get the best possible outcome in your real estate transaction.