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.
STATE OF NEW YORK
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7023
IN SENATE(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:
1 Section 1. The real property law is amended by adding a new section
2 442-m to read as follows:
3 § 442-m. Compensation of buyer's agent. 1. As used in this section,
4 the following terms shall have the following meanings:
5 a. "Agent" means a person who is licensed as a real estate broker,
6 associate real estate broker or real estate salesperson under section
7 four hundred forty-a of this article and is acting in a fiduciary capac-
8 ity.
9 b. "Buyer" means a transferee in a residential real property trans-
10 action and includes a person who executes an offer to purchase residen-
11 tial real property from a seller through an agent, or who has engaged
12 the services of an agent with the object of entering into a residential
13 real property transaction as a transferee.
14 c. "Buyer's agent" means an agent who contracts to locate residential
15 real property for a buyer or who finds a buyer for a property and
16 presents an offer to purchase to the seller or seller's agent and nego-
17 tiates on behalf of the buyer.
18 d. "Seller" means the transferor in a residential real property trans-
19 action, and includes an owner who lists residential real property for
20 sale with an agent, whether or not a transfer results, or who receives
21 an offer to purchase residential real property.
22 e. "Seller's agent" means a listing agent who acts alone, or an agent
23 who acts in cooperation with a listing agent, acts as a seller's suba-
24 gent or acts as a broker's agent to find or obtain a buyer for residen-
25 tial real property.
26 2. All fees, commissions or other compensation for any service, help
27 or aid rendered by a buyer's agent in a real estate transaction on
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14431-01-9
S. 7023 2
1 behalf of a buyer shall be paid by such buyer. A seller and/or a sell-
2 er's agent shall not negotiate or pay any part of such payment for
3 services rendered by such buyer's agent.
4 § 2. This act shall take effect on the one hundred eightieth day after
5 it shall have become a law.
