NYSAR supported legislation signed into law

NYSAR received word today that Gov. David Paterson has signed the NYSAR supported "Advanced Consent to Dual Agency" bill into law. This measure, which goes into effect on January 1, 2011, will provide consumers further agency relationship choices by allowing sellers/landlords and buyers/tenants to approve dual agency prior to the start of the relationship. The legislation also amends the Real Property Law by requiring real estate licensees to disclose their agency relationship with the clients in cooperative apartment and condominium transactions. NYSAR believes this law will provide members with additional protections and flexibility when working with clients. To view the text of the new law, click here.