Before you enter into a discussion with a real estate agent regarding a real estate transaction, you should understand should understand what type of agency relationship you wish to have with the agent.

New York State law requires real-estate licensees who are acting as agents of buyers or sellers of property to advise the potential buyers or sellers with whom they work of the nature of their agency relationship and the rights and obligations it creates.

SELLER’S OR LANDLORD’S AGENT if you are interested in selling or leasing real property, you can engage a real estate agent as a seller’s agent. A seller’s agent, including a listing agent under a listing agreement with the seller acts solely on behalf of the seller. You can authorize a sellers or landlord’s agent to do other things including hire subagents, broker’s agents or work with other agents such as buyer’s agents on a cooperative basis. A subagent is one who has agreed to work with the seller’s agent, often through a multiple listing service. A may work in a different real estate office.

A seller’s agent has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and a duty to account.

The obligations of a seller’s agent are also subject to any specific provisions set forth in an agreement between the agent and seller.

In dealings with the buyer, a sellers agent should (a) exercise reasonable skill and care in performance of the agents duties; (b) deal honestly, fairly, and in good faith; and (c) disclose any fact known to the agent materially effecting the value or desirability of property, except as otherwise provided by law.

BUYERS OR TENANTS AGENT if you are interested in buying or leasing property, you can engage a real-estate agent as a buyers or tenants agent. A buyer’s agent acts solely on behalf of the buyer. You can authorize a buyer’s agent to do things including hire subagents, broker’s agents or work with other agents such as seller’s agents on a cooperative basis.

A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience, and a duty to account.

The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer.

In dealings with the seller, a buyers agent should (a) exercise reasonable skill and care in performance the agents duties (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyers ability/ willingness to perform a contract to acquire sellers property that are not inconsistent with the agents fiduciary duties to the buyer.

BROKER’S AGENTS As a part of your negotiations with the real estate agent, you may authorize your agent to engage other agent’s weather you are a buyer/tenant seller/landlord. As a general rule, those agents owe fiduciary duties to your agent and to you. You are not vicariously liable for their conduct.

Agent Representing both seller and buyer A real estate agent acting directly or through an associated licensee, can be the agent and both the seller /landlord and the buyer/tenant in a transaction, but only with the knowledge and informed consent, in writing, of both the seller/landlord and the buyer/tenant.

In such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer/tenant and the seller\landlord.

The obligations of an agent are also object to any specific provisions set forth in an agreement between the agent and the buyer/tenant and the seller/landlord.

An agent acting as a dual agent must explain carefully that both buyer/tenant and seller/landlord that the agent is working for the party as well. The agent should also explain the possible affects of dual representation, including that by consenting to a dual agency relationship the buyer/tenant and the seller/landlord are giving up their right to undivided loyalty.

A BUYER/TENANT OR SELLER/LANLORD SHOULD CAREFULLY CONSIDER THE POSSIBLE CONSEQUENCES OF A DUAL AGENCY RELALTIONSHIP BEFORE AGREEING TO SUCH REPRESENATION.

GENERAL CONSIDERATIONS You should carefully read all agreements to ensure that the adequately express your understanding of the transaction. A real estate agent is a person qualified to advise about real estate. If your legal, tax or other advice is desired, consult a competent professional in that field.

Throughout the transaction you may receive more than one disclosure form. The law requires that each agent assisting in the transaction to present you with the disclosure form. You should read its content each time it is presented to you, considering the relationship between you and the real estate agent in your specific transaction.