What Is the New York State Disclosure Form for Buyer and Seller?

This article explains New York State's Agency disclosure forms used in sales transactions between buyers and sellers. Understanding these forms is crucial for anyone involved in a New York real estate transaction.

The Five Agency Relationships

1. Buyer's Agent

A Buyer's Agent represents buyer interests exclusively, providing fiduciary duties including reasonable care, undivided loyalty, confidentiality, full disclosure, obedience, and duty to account. This agent works solely for your benefit as the buyer.

2. Seller's Agent

A Seller's Agent similarly serves the seller with identical fiduciary responsibilities in securing appropriate buyers. Their duty is to represent the seller's best interests throughout the transaction.

3. Broker's Agent

A Broker's Agent assists but maintains no direct buyer/seller relationship, limiting liability exposure. This role is less common but provides a middle-ground representation option.

4. Dual Agent

A Dual Agent may represent both parties with their informed consent, though this requires waiving undivided loyalty rights. This arrangement can create conflicts of interest and should be carefully considered.

5. Dual Agent with Designated Sales Agent

This arrangement allows additional agents to represent each party under dual agency arrangements, though full fiduciary duties remain limited. Different agents within the same brokerage represent buyer and seller separately.

Important Considerations

These disclosure forms aren't binding contracts—parties can refuse signature—but acknowledging receipt helps clarify the agent's representation during negotiations. Understanding which type of representation you have is crucial for protecting your interests.

What Should You Do?

Always read and understand the disclosure form before signing. Ask questions if you're unclear about your agent's role. Consider whether the representation type aligns with your needs, especially in dual agency situations.