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Who Do The Agents Work For? Why Sign the Agency Disclosure?

The New York State Division of Licensing Services, as with most states, requires that agents, whether they represent the seller or the buyer, disclose their respective duties with the New York State Disclosure Form for Buyer and Seller and make it a requirement in all transactions. A signature demonstrates your understanding of their role in the process and outlines the specific duties of the agent.

In an excerpt from the form in regard to both the buyer's and seller's agent it states, agent has, without limitation, the following fiduciary duties to the buyer/seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account.

For a seller's agent, this means, (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.

For the buyer's agent, this means, (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.

There is also a Dual Agent designation, where the agent acts on behalf of both the seller and the buyer. This kind of representation hinders an agent's ability to entirely fulfill their duties were they working in only one capacity or the other, so it is important that they explain, and you understand, those ramifications beforehand.

Island Advantage Realty

Island Advantage Realty, LLC has established itself as an innovator and leader in the REO market throughout Metropolitan New York and Long Island. With 20 years of experience handling foreclosed and residential properties, you can rely on our knowledgeable team of agents to assist you with all of your Real Estate needs. Trust the experts. Trust Island Advantage.

Island Advantage Realty knows that your privacy is important to you.  That's why we want you to know that your information will never be sold or dissemination by us to anyone without your permission.

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