Brokers Becoming More Revealing

A new law signed by Gov. David Patterson requires Real Estate Brokers to disclose to apartment buyers and sellers exactly who they represent in transactions, a long misunderstood issue in residential sales.

Beginning in January, real estate brokers will be required to provide buyers and sellers of co-op and condominiums with written disclosure forms outlining the nature of their relationship-and their fiduciary responsibilities, if any-before any apartments are shown.

In New York, practices can vary from borough to borough, neighborhood to neighborhood, broker to broker and from deal to deal. Brokers legally can represent buyer or sellers and sometimes they represent both.

Even with the wealthy and sophisticated buyers in Manhattan, some apartment hunters are naive about the process, relying on the broker for advice when, in fact, their broker's job is to help the seller get the highest price.

As with everything "Let the Buyer Beware" but at least in Real Estate, they can breath just a bit easier.