Bill > A05499

This bill prohibits single-agent dual agency in residential real estate transactions and introduces several key changes to how real estate agents can represent buyers, sellers, tenants, and landlords. The legislation requires real estate professionals to enter into written representation agreements with their clients before showing properties or negotiating transactions, which must clearly outline the terms of compensation and have a specific duration. Individual real estate agents are no longer allowed to represent both parties in the same transaction, though a real estate broker can assign different agents within their firm to represent each side. The bill also prevents landlords and property owners from requiring tenants to pay broker fees as a condition of entering a lease, and it mandates that brokers obtain written permission from property owners before advertising or offering a property for sale or lease. Additionally, the legislation prohibits discrimination against potential tenants or buyers based on their representation status and ensures that agents must disclose their agency relationship and fiduciary duties to their clients through standardized disclosure forms. These changes aim to increase transparency, reduce conflicts of interest, and provide more clarity in residential real estate transactions.

Justice

https://www.nysenate.gov/legislation/bills/2025/A5499