New York State Law requires that prior to the time your agent shows you properties, you must decide the services you would like the agent to provide and who they will be representing in the transaction, by selecting the option you prefer and signing the required New York State Disclosure form.
SELLER'S AGENT
If you decide to work with the agent as a customer, the following services will be provided:
Screen and show properties
Provide property & community information
Present offers
Explain real estate terms & practices
The agent must be fair and honest, using reasonable skill and care, and disclose material facts about the properties and neighborhoods that are known to them that affect the value of the property, except as otherwise provided by law. The agent will be representing the Seller in all transactions, and cannot advise you on negotiating strategy or price and terms.
BUYER'S AGENT
If you decide to work with the agent as a Buyer's agent the described above as well as: When you express interest in purchasing a listing you will be provided the fiduciary duty of undivided loyalty, confidentiality, obedience, reasonable care, skill and a duty to account. The agent can advise you on negotiating strategy, price/terms and seller motivation.
DUAL AGENCY
If the listing is represented by the same agency it is called a Consensual Dual Agency and the Listing Agent and your agent remain neutral. The agent will not be able to provide you with full fiduciary duties.
DUAL AND DESIGNATED AGENT
If the listing is represented by the same agency it is called a Consensual Dual Agency with Designated Agents and the agency remains neutral however, the agent will continue to provide you with full fiduciary duties. The Listing Agent will provide the same to the Seller.
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