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Senate Bill S7023

2019-2020 Legislative Session

Relates to requiring buyer's agents to be compensated by the buyer

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Sponsored By

Archive: Last Bill Status - In Senate Committee Judiciary Committee

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2019-S7023 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
Real Property Law
Laws Affected:
Add §442-m, RP L

2019-S7023 (ACTIVE) - Summary

Requires all fees, commissions or other compensation for any service, help or aid rendered by a buyer's agent in a real estate transaction to be paid by the buyer.

2019-S7023 (ACTIVE) - Sponsor Memo

2019-S7023 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7023
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2020
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Judiciary
 
 AN ACT to amend the real property law, in  relation  to  compensating  a
   buyer's agent in a real estate transaction
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The real property law is amended by adding  a  new  section
 442-m to read as follows:
   §  442-M.  COMPENSATION  OF BUYER'S AGENT. 1. AS USED IN THIS SECTION,
 THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   A. "AGENT" MEANS A PERSON WHO IS LICENSED AS  A  REAL  ESTATE  BROKER,
 ASSOCIATE  REAL  ESTATE  BROKER OR REAL ESTATE SALESPERSON UNDER SECTION
 FOUR HUNDRED FORTY-A OF THIS ARTICLE AND IS ACTING IN A FIDUCIARY CAPAC-
 ITY.
   B. "BUYER" MEANS A TRANSFEREE IN A RESIDENTIAL  REAL  PROPERTY  TRANS-
 ACTION  AND INCLUDES A PERSON WHO EXECUTES AN OFFER TO PURCHASE RESIDEN-
 TIAL REAL PROPERTY FROM A SELLER THROUGH AN AGENT, OR  WHO  HAS  ENGAGED
 THE  SERVICES OF AN AGENT WITH THE OBJECT OF ENTERING INTO A RESIDENTIAL
 REAL PROPERTY TRANSACTION AS A TRANSFEREE.
   C. "BUYER'S AGENT" MEANS AN AGENT WHO CONTRACTS TO LOCATE  RESIDENTIAL
 REAL  PROPERTY  FOR  A  BUYER  OR  WHO  FINDS A BUYER FOR A PROPERTY AND
 PRESENTS AN OFFER TO PURCHASE TO THE SELLER OR SELLER'S AGENT AND  NEGO-
 TIATES ON BEHALF OF THE BUYER.
   D. "SELLER" MEANS THE TRANSFEROR IN A RESIDENTIAL REAL PROPERTY TRANS-
 ACTION,  AND  INCLUDES  AN OWNER WHO LISTS RESIDENTIAL REAL PROPERTY FOR
 SALE WITH AN AGENT, WHETHER OR NOT A TRANSFER RESULTS, OR  WHO  RECEIVES
 AN OFFER TO PURCHASE RESIDENTIAL REAL PROPERTY.
   E.  "SELLER'S AGENT" MEANS A LISTING AGENT WHO ACTS ALONE, OR AN AGENT
 WHO ACTS IN COOPERATION WITH A LISTING AGENT, ACTS AS A  SELLER'S  SUBA-
 GENT  OR ACTS AS A BROKER'S AGENT TO FIND OR OBTAIN A BUYER FOR RESIDEN-
 TIAL REAL PROPERTY.
   2. ALL FEES, COMMISSIONS OR OTHER COMPENSATION FOR ANY  SERVICE,  HELP
 OR  AID  RENDERED  BY  A  BUYER'S  AGENT IN A REAL ESTATE TRANSACTION ON

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