New law best thing for buyers since open houses

Gov. David Paterson

Gov. David Paterson signed into law yesterday measures that will increase consumer protection by adding more transparency to the real estate process.

I’ve been ranting about agency disclosure–who’s representing whom–in New York forever, so I welcome the law, which goes into effect on Jan. 1

The law mandates that that agency disclosure forms be completed for all residential transactions. It permits consumers to give their advance consent to dual agency representation–that is, explicitly allowing consumers to demonstrate their understanding of a situation in which a broker must represent the best interests of both buyer and seller. Continue reading