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Seal of the New York Department of StateNew York State
DEPARTMENT OF STATE
Division of Licensing Services
84 Holland Avenue
Albany, NY 12208-3490
Customer Service: (518) 474-4429
Fax: (518) 473-6648
Web site: www.dos.state.ny.us

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 and sellers of property to advise the potential buyers and 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

Sellerís Agent

A sellerís agent is an agent who is engaged by a seller to represent the sellerís interest. The sellerís agent does this by securing a buyer for the sellerís home at a price and on terms acceptable to the seller. A sellerís agent has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A sellerís agent does not represent the interests of the buyer. The obligations of a sellerís 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 sellerís agent should (a) exercise reasonable skill and care in performance of the agentís 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.

Buyerís Agent

A buyerís agent is an agent who is engaged by a buyer to represent the buyerís interest. The buyerís agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyerís agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyerís agent does not represent the interest of the seller. The obligations of a buyerís 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 buyerís agent should (a) exercise reasonable skill and care in performance of the agentís duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyerís ability and/or willingness to perform a contract to acquire sellerís property that are not inconsistent with the agentís fiduciary duties to the buyer.

Brokerís Agents

A brokerís agent is an agent that cooperates or is engaged by a listing agent or a buyerís agent (but does not work for the same firm as the listing agent or buyerís agent) to assist the listing agent or buyerís agent in locating a property to sell or buy, respectively, for the listing agentís seller or the buyer agentís buyer. The brokerís agent does not have a direct relationship with the buyer or seller and the buyer or seller can not provide instructions or direction directly to the brokerís agent. The buyer and the seller therefore do not have vicarious liability for the acts of the brokerís agent. The listing agent or buyerís agent do provide direction and instruction to the brokerís agent and therefore the listing agent or buyerís agent will have liability for the acts of the brokerís agent.

Dual Agent

A real estate broker may represent both the buyer and 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 DOS 1736 (Rev. 12/07) 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 Agent with Designated Sales Agents

If the buyer and seller provide their informed consent in writing, the principals and the real estate broker who represents both parties as a dual agent may designate a sales agent to represent the buyer and another sales agent to represent the seller to negotiate the purchase and sale of real estate. A sales agent works under the supervision of the real estate broker. With the informed consent of the buyer and the seller in writing, the designated sales agent for the buyer will function as the buyerís agent representing the interests of and advocating on behalf of the buyer and the designated sales agent for the seller will function as the sellerís agent representing the interests of and advocating on behalf of the seller in the negotiations between the buyer and seller. A designated sales agent cannot provide the full range of fiduciary duties to the buyer or seller. The designated sales agent 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 agents before agreeing to such representation.

This form was provided to me by _______________________________________(print name of licensee) of __________________________________(print name of company, firm or brokerage), a licensed real estate broker acting in the interest of the: (___) Seller as a (check relationship below) (___) Buyer as a (check relationship below)

(___) SELLERíS AGENT
(___) BUYERíS AGENT
(___) BROKERíS AGENT
(___) BROKERíS AGENT
(___) DUAL AGENT
(___) DUAL AGENT WITH DESIGNATED SALES AGENTS

If dual agent with designated sales agents 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:_______________________
  ___________________________________________


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Date:_______________________
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