Delphi Real Estate Scarsdale Globe Logo Delphi Real Estate
delphirealty.com
delphirealty.org
Delphi Real Estate sells homes everywhere in Westchester
Home Property Search Community Buying Selling Agents Careers Contact Us

Financing
One America
Environment
Delphi Latino



Delphi Real Estates supports equal housing and financing for all people



Terms of use
Privacy
Disclaimer
Copyright






Disclosure regarding real estate
agency relationship

443. Disclosure regarding real estate agency relationship; form
1. Definitions. As used in this section, the following terms shall have the following meanings:
a. "Agent" means a person who is licensed as a real estate broker or real estate sales associate under 440-a of this article and is acting in a fiduciary capacity.
b. "Buyer" means a transferee or lessee in a residential real property transaction and includes a person who executes an offer to purchase or to lease residential real property from a seller through an agent, or who has engaged the services of an agent with the object of entering into a residential real property transaction as a transferee or lessee.
c. "Buyer's agent" means an agent who contracts to locate residential real property for a buyer or who finds a buyer for a property and presents an offer to purchase to the seller or seller's agent and negotiates on behalf of the buyer.
d. "Listing agent" means a person who has entered into a listing agreement to act as an agent of the seller for compensation.
e. "Listing agreement" means a contract between an owner or owners of residential real property and an agent, by which the agent has been authorized to sell or lease the residential real property or to find or obtain a buyer or lessee therefor.
f. "Residential real property" means real property improved by a one-to-four family dwelling used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons, but shall not refer to (i) unimproved real property upon which such dwellings are to be constructed or (ii) condominium or cooperative apartments in a building containing more than four units.
g. "Seller" means the transferor or lessor in a residential real property transaction, and includes an owner who lists residential real property for sale or lease with an agent, whether or not a transfer or lease results, or who receives an offer to purchase or lease residential real property.
h. "Seller's agent" means a listing agent who acts alone, or an agent who acts in cooperation with a listing agent, acts as a seller's subagent or acts as a broker's agent to find or obtain a buyer for residential real property.
i. "Dual agent" means an agent who is acting as a buyer's agent and a seller's agent in the same transaction.
j. "Designated sales associate" means a licensed real estate salesman or associate broker, working under the supervision of a real estate broker, who has been assigned to represent a client when a different client is also represented by such real estate broker in the same transaction.
2. This section shall apply only to transactions involving residential real property.
3. a. A listing agent shall provide the disclosure form set forth in subdivision four of this section to a seller prior to entering into a listing agreement with the seller and shall obtain a signed acknowledgment from the seller, except as provided in paragraph f of this subdivision.
b. A seller's agent shall provide the disclosure form set forth in subdivision four of this section to a buyer or buyer's agent at the time of the first substantive contact with the buyer and shall obtain a signed acknowledgment from the buyer, except as provided in paragraph f of this subdivision.
c. A buyer's agent shall provide the disclosure form to the buyer prior to entering into an agreement to act as the buyer's agent and shall obtain a signed acknowledgment from the buyer, except as provided in paragraph f of this subdivision. A buyer's agent shall provide the form to the seller or seller's agent at the time of the first substantive contact with the seller and shall obtain a signed acknowledgment from the seller or the seller's listing agent, except as provided in paragraph f of this subdivision.
d. The parties to a contract of purchase and sale shall sign the acknowledgment of the parties to the contract. If attorneys for the buyer and seller arrange for the preparation and execution of a contract, the real estate licensees are not responsible for obtaining the acknowledgment of the parties as required by this paragraph.
e. The agent shall provide to the buyer or seller a copy of the signed acknowledgment and shall maintain a copy of the signed acknowledgment for not less than three years.
f. If the seller or buyer refuses to sign an acknowledgment of receipt pursuant to this subdivision, the agent shall set forth under oath or affirmation a written declaration of the facts of the refusal and shall maintain a copy of the declaration for not less than three years.
4. a. For buyer-seller transactions, the following shall be the disclosure form:

NEW YORK STATE DISCLOSURE FORM
FOR BUYER AND SELLER
THIS IS NOT A CONTRACT

New York state law requires real estate licensees who are acting as agents of buyers or sellers of property to advise the potential buyers or sellers with whom they work of the nature of their agency relationship and the rights and obligations it creates. This disclosure will help you to make informed choices about your relationship with the real estate broker and its sales associates.
Throughout the transaction you may receive more than one disclosure form. The law requires each agent assisting in the transaction to present you with this disclosure form. A real estate agent is a person qualified to advise about real estate.
If you need legal, tax or other advice, consult with a professional in that field.


DISCLOSURE REGARDING
REAL ESTATE AGENCY
RELATIONSHIPS SELLER'S AGENT

A seller's agent is an agent who is engaged by a seller to represent the seller's interests. The seller's agent does this by securing a buyer for the seller's home at a price and on terms acceptable to the seller. A seller's agent has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A seller's agent does not represent the interests of the buyer. The obligations of a seller's agent are also subject to any specific provisions set forth in an agreement between the agent and the seller. In dealings with the buyer, a seller's agent should (a) exercise reasonable skill and care in performance of the agent's duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.
BUYER'S AGENT
A buyer's agent is an agent who is engaged by a buyer to represent the buyer's interests. The buyer's agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer's agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyer's agent does not represent the interests of the seller. The obligations of a buyer's agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer's agent should (a) exercise reasonable skill and care in performance of the agent's duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyer's ability and/or willingness to perform a contract to acquire seller's property that are not inconsistent with the agent's fiduciary duties to the buyer.

BROKER'S AGENTS
As part of your negotiations with a real estate agent, you may authorize your agent to engage other agents whether you are a buyer or seller. As a general rule, those agents owe fiduciary duties to your agent and to you. You are not vicariously liable for their conduct.
DUAL AGENT
A real estate broker may represent both the buyer and the seller if both the buyer and seller give their informed consent in writing. In such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller. An agent acting as a dual agent must explain carefully to both the buyer and seller that the agent is acting for the other party as well. The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and seller are giving up their right to undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship before agreeing to such representation.
DUAL AGENCY WITH
DESIGNATED SALES ASSOCIATES
If the buyer and the seller provide their informed consent in writing, the principals or the real estate broker who represents both parties as a dual agent may designate a sales associate to represent the buyer and another sales associate to represent the seller to negotiate the purchase and sale of real estate. A sales associate works under the supervision of the real estate broker. With the informed consent of the buyer and the seller in writing, the designated sales associate for the buyer will function as the buyer's agent representing the interests of the buyer and the designated sales associate for the seller will function as the seller's agent representing the interests of the seller in the negotiations between the buyer and seller. A designated sales associate cannot provide the full range of fiduciary duties to the buyer or seller. The designated sales associate must explain that like the dual agent under whose supervision they function, they cannot provide undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship with designated sales associates before agreeing to such representation.
This form was provided to me by the company named below:
Licensee or Associate of Licensee: ____________________
(signature) of Company: ____________________________
The above-named company, which is licensed as a real estate broker, is (check one)
[ ] the seller's agent
[ ] a dual agent
[ ] the buyer's agent
[ ] a dual agent with designated sales associates
[ ] the broker's agent
If dual agent with designated sales associates is checked:
__________________________ is appointed to represent the buyer; and
__________________________ is appointed to represent the seller in this transaction.
(I)(We) acknowledge receipt of a copy of this disclosure form:
Signature of [ ] Buyer(s) and/or [ ] Seller(s):
__________________________ __________________________
__________________________ __________________________
Date: ______________________ Date: _________________________
b. For landlord-tenant transactions, the following shall be the disclosure form:
NEW YORK STATE DISCLOSURE FORM
FOR LANDLORD AND TENANT
THIS IS NOT A CONTRACT
New York state law requires real estate licensees who are acting as agents of landlords and tenants of real property to advise the potential landlords and tenants with whom they work of the nature of their agency relationship and the rights and obligations it creates. This disclosure will help you to make informed choices about your relationship with the real estate broker and its sales associates. Throughout the transaction you may receive more than one disclosure form. The law requires each agent assisting in the transaction to present you with this disclosure form. A real estate agent is a person qualified to advise about real estate. If you need legal, tax or other advice, consult with a professional in that field.


DISCLOSURE REGARDING
REAL ESTATE AGENCY
RELATIONSHIPS LANDLORD'S AGENT
A landlord's agent is an agent who is engaged by a landlord to represent the landlord's interest. The landlord's agent does this by securing a tenant for the landlord's apartment or house at a rent and on terms acceptable to the landlord. A landlord's agent has, without limitation, the following fiduciary duties to the landlord: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A landlord's agent does not represent the interests of the tenant. The obligations of a landlord's agent are also subject to any specific provisions set forth in an agreement between the agent and the landlord. In dealings with the tenant, a landlord's agent should (a) exercise reasonable skill and care in performance of the agent's duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.
TENANT'S AGENT
A tenant's agent is an agent who is engaged by a tenant to represent the tenant's interest. The tenant's agent does this by negotiating the rental or lease of an apartment or house at a rent and on terms acceptable to the tenant. A tenant's agent has, without limitation, the following fiduciary duties to the tenant: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A tenant's agent does not represent the interest of the landlord. The obligations of a tenant's agent are also subject to any specific provisions set forth in an agreement between the agent and the tenant. In dealings with the landlord, a tenant's agent should (a) exercise reasonable skill and care in performance of the agent's duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.
BROKER'S AGENTS
As part of your negotiations with a real estate agent, you may authorize your agent to engage other agents whether you are a landlord or tenant. As a general rule, those agents owe fiduciary duties to your agent and to you. You are not vicariously liable for their conduct.
DUAL AGENT
A real estate broker may represent both the tenant and the landlord if both the tenant and landlord give their informed consent in writing. In such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the landlord and the tenant. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the tenant and landlord. An agent acting as a dual agent must explain carefully to both the landlord and tenant that the agent is acting for the other party as well. The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the landlord and tenant are giving up their right to undivided loyalty. A landlord and tenant should carefully consider the possible consequences of a dual agency relationship before agreeing to such representation.
DUAL AGENT WITH
DESIGNATED SALES ASSOCIATES
If the tenant and the landlord provide their informed consent in writing, the principals or the real estate broker who represents both parties as a dual agent may designate a sales associate to represent the tenant and another sales associate to represent the landlord. A sales associate works under the supervision of the real estate broker. With the informed consent in writing of the tenant and the landlord, the designated sales associate for the tenant will function as the tenant's agent representing the interests of the tenant and the designated sales associate for the landlord will function as the landlord's agent representing the interests of the landlord in the negotiations between the tenant and the landlord. A designated sales associate cannot provide the full range of fiduciary duties to the landlord or tenant. The designated sales associate must explain that like the dual agent under whose supervision they function, they cannot provide undivided loyalty. A landlord or tenant should carefully consider the possible consequences of a dual agency relationship with designated sales associates before agreeing to such representation.
This form was provided to me by the company named below:
Licensee or Associate of Licensee: ________________________
(signature) of Company: ________________________________
The above-named company, which is licensed as a real estate broker, is (check one)
[ ] the landlord's agent
[ ] a dual agent
[ ] the tenant's agent
[ ] a dual agent with designated sales associates
[ ] the broker's agent
If dual agent with designated sales associates is checked:
__________________________ is appointed to represent the tenant; and
__________________________ is appointed to represent the landlord in this transaction.
(I)(We) acknowledge receipt of a copy of this disclosure form:
Signature of [ ] Landlord(s) and/or [ ] Tenant(s):
__________________________ __________________________
__________________________ __________________________
Date: ______________________ Date: _________________________
c. The buyer-seller form and the landlord-tenant form shall each be a one page, two-sided form, printed front and back.
5. This section shall not apply to a real estate licensee who works with a buyer or a seller in accordance with terms agreed to by the licensee and buyer or seller and in a capacity other than as an agent, as such term is defined in paragraph a of subdivision one of this section.
6. Nothing in this section shall be construed to limit or alter the application of the common law of agency with respect to residential real estate transactions.

443-a. Disclosure obligations
1. Notwithstanding any other provision of law, it is not a material defect or fact relating to property offered for sale or lease, including residential property regardless of the number of units contained therein, that:
(a) an owner or occupant of the property is, or was at any time suspected to be, infected with human immunodeficiency virus or diagnosed with acquired immune deficiency syndrome or any other disease which has been determined by medical evidence to be highly unlikely to be transmitted through occupancy of a dwelling place; or
(b) the property is, or is suspected to have been, the site of a homicide, suicide or other death by accidental or natural causes, or any crime punishable as a felony.
2. (a) No cause of action shall arise against an owner or occupant of real property, or the agent of such owner or occupant, or the agent of a seller or buyer of real property, for failure to disclose in any real estate transaction a fact or suspicion contained in subdivision one of this section.
(b) Failure to disclose a fact contained in subdivision one of this section to a transferee shall not be grounds for a disciplinary action against a real estate agent or broker licensed pursuant to this article.
(c) As used in this section, the terms "agent," "buyer" and "seller" shall have the same meanings as such terms are defined in 443 of this article.
3. Notwithstanding the fact that this information is not a material defect or fact, if such information is important to the decision of the buyer to purchase or lease the property, the buyer may, when negotiating or making a bona fide offer, submit a written inquiry for such information. The buyer or the agent of the buyer shall provide the written request to the seller's agent or to the seller if there is no seller's agent. The seller may choose whether or not to respond to the inquiry. The seller's agent, with the consent of the seller and subject to applicable laws regarding privacy, shall report any response and information to the buyer's agent or to the buyer if there is no buyer's agent. If there is no seller's agent, the seller shall inform the buyer's agent, or the buyer if there is no buyer's agent, whether or not the seller chooses to provide a response.
4. This section shall preempt any local law inconsistent with the provisions of this section.



Principles
One America
Conduct
Ethics
Equal Housing
Agency

Terminology