Bill > A08910

This bill requires real estate brokers to present and sign a written buyer broker agreement with any buyer they represent, which must include several specific mandatory disclosures and provisions. The agreement must clearly state that "Compensation is not set by law and is fully negotiable" and include detailed information such as the names and contact information of all parties, the length of the agreement, the type of agency relationship, and comprehensive terms of compensation. These terms must specify how much the buyer will pay the broker, when and how compensation is earned and due, and require the buyer's consent for any compensation sharing with other brokers or from other parties. The bill also defines a "buyer broker agreement" as a contract authorizing an agent to locate property, find a buyer, present purchase offers, and negotiate on the buyer's behalf, which can be either exclusive or non-exclusive. Additionally, the bill mandates that real estate brokers retain a signed copy of the buyer broker agreement for at least three years. These requirements aim to increase transparency in real estate transactions by ensuring buyers fully understand the financial and professional relationship with their broker before entering into an agreement. The act will take effect 90 days after becoming law.

Justice

https://www.nysenate.gov/legislation/bills/2025/A8910