1. All real estate professionals operating in New York State must be
licensed by the Department of State, and must renew their license(s) every two
years.
2. Make sure to verify that the real estate professional you are dealing
with is licensed in the state of New York by searching our website,
www.dos.ny.gov. Click on the “eAccessNY” link and enter the name of the person
or firm, or call (518) 474-4429. Do not rely solely on a person’s testimony,
business cards or advertisement.
3. Buyers, sellers, renters and landlords all have the right to hire
their own broker in a real estate transaction. You should not assume that an
agent is acting solely on your behalf. Unless you have entered into a written
agreement with the broker, he or she could be representing the other party to
the transaction.
4. When you have hired an agent to represent you, he or she owes you the
following duties: reasonable care, undivided loyalty, confidentiality, full
disclosure and the ability to provide you with an accounting of any money
collected or expended on your behalf. 5. Real estate salespeople and brokers
must disclose whom they are representing in the transaction at the time of
their first contact with you.
6. Commission fees are negotiable. You have the right to negotiate the
amount of the commission to be paid to a broker or salesperson. There is no
such thing as a mandatory commission rate.
7. If an agent collects fees that you owe to the landlord or seller,
such as a deposit or the first month’s rent, the agent has an obligation to
separate that money from his or her own. If the money is not immediately
provided to the landlord or seller, the agent must put the money into a
separate escrow account until the transaction has been closed. If the
transaction does not close, the agent cannot keep the money for him or herself
and must return it to you. Remember to obtain a receipt for any deposit or
payment you make.
8. Non-refundable commission deposits are not permissible. An agent
earns a commission when he or she finds a person who is ready, willing and able
to purchase the property or rent the apartment. Only if the agent has assisted
the parties in reaching an agreement on all of the material elements of the
deal has he or she earned a commission.
9. Make sure the property you are interested in is legitimately for sale
or rent. It is not uncommon for scammers to act as authorized representatives
of real estate that is not in the market or does not exist.
10. Be particularly cautious when dealing with online sites and offers.
Do not provide any personal or financial information unless you are absolutely
sure you are dealing with a reputable business or agent.
11. Under no circumstances should you be required to pay a fee before
being allowed to view the property. Doing so may result in the loss of your
money.
12. Ask for copies of all documents: checks, money orders, the application,
receipts, the lease and any other document related to your agreement.
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