Assembly Bill A8910

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8910
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               July 16, 2025
                                ___________
 
 Introduced  by  M. of A. CRUZ -- read once and referred to the Committee
   on Judiciary
 
 AN ACT to amend the real property law, in relation  to  requiring  buyer
   broker agreements for certain real estate services
 
   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. WRITTEN BUYER AGREEMENTS. 1. A REAL ESTATE BROKER MUST PRES-
 ENT A WRITTEN BUYER BROKER AGREEMENT TO A BUYER, AS DEFINED  IN  SECTION
 FOUR  HUNDRED  FORTY-THREE  OF  THIS  ARTICLE.  A  REAL ESTATE BROKER IS
 PROHIBITED FROM PROVIDING SERVICES TO A BUYER AS A BUYER'S AGENT  UNLESS
 A  WRITTEN  BUYER  BROKER  AGREEMENT  HAS BEEN SIGNED BY SUCH BROKER AND
 BUYER. A BUYER BROKER AGREEMENT MUST CONTAIN THE FOLLOWING:
   (A)  CLEARLY  AND  CONSPICUOUSLY  CONTAIN  THE  FOLLOWING  DISCLOSURE:
 "COMPENSATION IS NOT SET BY LAW AND IS FULLY NEGOTIABLE.";
   (B)  THE  NAME, ADDRESS AND CONTACT INFORMATION FOR ALL PARTIES TO THE
 AGREEMENT;
   (C) THE LENGTH OF THE AGREEMENT INCLUDING THE LENGTH OF ANY  CONDITION
 UNDER  WHICH  THE  REAL ESTATE BROKER MAY STILL HAVE A CLAIM FOR COMPEN-
 SATION AFTER THE AGREEMENT EXPIRES;
   (D) THE TYPE OF AGENCY RELATIONSHIP BETWEEN THE  BUYER  AND  THE  REAL
 ESTATE BROKER; AND
   (E) THE TERMS OF COMPENSATION, INCLUDING:
   (I) THE AMOUNT THE BUYER AGREES TO COMPENSATE THE REAL ESTATE BROKER;
   (II) HOW THE AMOUNT OF COMPENSATION WILL BE DETERMINED;
   (III) WHEN COMPENSATION IS EARNED BY THE REAL ESTATE BROKER;
   (IV) WHEN COMPENSATION IS DUE TO THE REAL ESTATE BROKER;
   (V)  THE CONSENT OF THE BUYER IF THE REAL ESTATE BROKER WILL SHARE ANY
 COMPENSATION WITH ANOTHER BROKER;

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13404-02-5
 A. 8910                             2
              

 
   (VI) THE CONSENT OF THE BUYER IF THE BROKER  WILL  BE  REQUESTING  ANY
 COMPENSATION FROM ANOTHER PARTY; AND
   (VII)  THE  CONSENT  OF THE BUYER IF THE BROKER WILL BE COMPENSATED BY
 MORE THAN ONE PARTY.
   2. A REAL ESTATE BROKER SHALL RETAIN A COPY OF A SIGNED  BUYER  BROKER
 AGREEMENT FOR NOT LESS THAN THREE YEARS.
   §  2. Paragraph c of subdivision 1 of section 443 of the real property
 law, as amended by chapter 549 of the laws of 2007, is amended and a new
 paragraph r is added to read as follows:
   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]
 AND/OR presents an offer to purchase to the seller or seller's agent and
 negotiates on behalf of the buyer.
   R. "BUYER BROKER AGREEMENT" MEANS A CONTRACT, AS SET FORTH IN  SECTION
 FOUR  HUNDRED  FORTY-TWO-M OF THIS ARTICLE, BETWEEN A BUYER OR BUYERS OF
 RESIDENTIAL REAL PROPERTY AND AN AGENT, BY  WHICH  THE  AGENT  HAS  BEEN
 AUTHORIZED  TO LOCATE RESIDENTIAL REAL PROPERTY FOR A BUYER OR WHO FINDS
 A BUYER FOR A PROPERTY AND/OR PRESENTS AN OFFER TO PURCHASE TO THE SELL-
 ER OR SELLER'S AGENT AND NEGOTIATES ON BEHALF OF THE BUYER. SUCH  AGREE-
 MENTS MAY BE EXCLUSIVE OR NON-EXCLUSIVE.
   §  3.  Paragraphs a, b, c and f of subdivision 3 of section 443 of the
 real property law, paragraphs a, b and c as amended by  chapter  549  of
 the laws of 2007, and paragraph f as added by chapter 443 of the laws of
 2010, are amended to read as follows:
   a.  A listing agent shall provide the AGENCY disclosure form set forth
 in subdivision four of this section to a seller  or  landlord  prior  to
 entering  into a listing agreement with the seller or landlord and shall
 obtain a signed acknowledgment from the seller or  landlord,  except  as
 provided in paragraph e of this subdivision.
   b.  A  seller's  agent  or  landlord's  agent shall provide the AGENCY
 disclosure form set forth in subdivision  four  of  this  section  to  a
 buyer,  buyer's agent, tenant or tenant's agent at the time of the first
 substantive contact with the buyer or tenant and shall obtain  a  signed
 acknowledgement  from  the  buyer or tenant, except as provided in para-
 graph e of this subdivision.
   c. [A buyer's agent or tenant's agent  shall  provide  the  disclosure
 form  to  the buyer or tenant prior to entering into an agreement to act
 as the buyer's agent  or  tenant's  agent  and  shall  obtain  a  signed
 acknowledgment from the buyer or tenant, except as provided in paragraph
 e  of  this subdivision. A buyer's agent or tenant's agent shall provide
 the form to the seller, seller's agent, landlord or landlord's agent  at
 the  time  of  the first substantive contact with the seller or landlord
 and shall obtain a signed acknowledgment from the  seller,  landlord  or
 the  listing  agent,  except as provided in paragraph e of this subdivi-
 sion] (I) A BUYER'S AGENT SHALL PROVIDE THE AGENCY DISCLOSURE  FORM  SET
 FORTH IN SUBDIVISION FOUR OF THIS SECTION TO THE BUYER PRIOR TO ENTERING
 INTO  A  BUYER BROKER AGREEMENT WITH THE BUYER AND SHALL OBTAIN A SIGNED
 ACKNOWLEDGMENT FROM THE BUYER, EXCEPT AS PROVIDED IN PARAGRAPH E OF THIS
 SUBDIVISION. A BUYER'S AGENT SHALL PROVIDE THE AGENCY DISCLOSURE FORM TO
 THE SELLER OR SELLER'S AGENT  AT  THE  TIME  OF  THE  FIRST  SUBSTANTIVE
 CONTACT  WITH  THE  SELLER AND SHALL OBTAIN A SIGNED ACKNOWLEDGMENT FROM
 THE SELLER, OR THE LISTING AGENT, EXCEPT AS PROVIDED IN PARAGRAPH  E  OF
 THIS SUBDIVISION.
   (II)  A  TENANT'S  AGENT  SHALL PROVIDE THE AGENCY DISCLOSURE FORM SET
 FORTH IN SUBDIVISION FOUR OF THIS SECTION TO THE TENANT PRIOR TO  ENTER-
 ING  INTO  AN  AGREEMENT TO ACT AS THE TENANT'S AGENT AND SHALL OBTAIN A
 A. 8910                             3
 
 SIGNED ACKNOWLEDGMENT FROM THE TENANT, EXCEPT AS PROVIDED IN PARAGRAPH E
 OF THIS SUBDIVISION. A TENANT'S AGENT SHALL PROVIDE THE  AGENCY  DISCLO-
 SURE  FORM  TO THE LANDLORD OR LANDLORD'S AGENT AT THE TIME OF THE FIRST
 SUBSTANTIVE CONTACT WITH THE LANDLORD AND SHALL OBTAIN A SIGNED ACKNOWL-
 EDGMENT  FROM  THE  LANDLORD OR THE LISTING AGENT, EXCEPT AS PROVIDED IN
 PARAGRAPH E OF THIS SUBDIVISION.
   f. A seller/landlord or  buyer/tenant  may  provide  advance  informed
 consent  to  dual agency and dual agency with designated sales agents by
 indicating the same on the AGENCY DISCLOSURE form set forth in  subdivi-
 sion four of this section.
   §  4.  This  act shall take effect on the ninetieth day after it shall
 have become a law.