New York State has a new law that will change your apartment search here in Manhattan and possibly make it a little more complicated. But the more you are informed, the better the experience, the easier it is to find your dream home.

The New York Times recently wrote an article describing the law and it’s effect on buyers, renters and realtors alike. The Broker Disclosure Law will have the real estate agent make their client’s sign a form “stating that they understand whom the agent represents and to whom the agent will give ‘undivided loyalty,’ as soon as they enter into a relationship.”

The document signed is there to inform the renters and buyers of the role of the agent and their associates. It is there to bring everything out in the open right from the beginning of the relationship. This consumer protection law was sponsored by Assemblyman Jonathan L. Bing.

The form is there to also protect the brokers as well as the buyers and sellers. It will be an actual record for them, when in the past it was a verbal agreement. The brokers need this form for protection against any possible filed complaints from a client. Filed complaints are no fun for any broker because  they can be fined a good amount of money.

I would suggest for everyone to read this New York Times article in order to stay informed and be aware what you will be dealing with.

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