DOS-1736-f (Rev. 11/15) Page 1 of 2
New York State
Department of State
Division of Licensing Services
P.O. Box 22001
Albany, NY 12201-2001
Customer Service: (518) 474-4429
www.dos.ny.gov
New York State Disclosure Form for Buyer and Seller
THIS IS NOT A CONTRACT
New York State law requires real estate licensees who are
acting as agents of buyers or sellers of property to advise
the potential buyers or sellers with whom they work of the
nature of their agency relationship and the rights and
obligations it creates. This disclosure will help you to make
informed choices about your relationship with the real estate
broker and its sales agents.
Throughout the transaction you may receive more than
one disclosure form. The law may require each agent
assisting in the transaction to present you with this
disclosure form. A real estate agent is a person qualified to
advise about real estate.
If you need legal, tax or other advice, consult with a
professional in that field.
Disclosure Regarding Real Estate
Agency Relationships
Seller’s Agent
A seller’s agent is an agent who is engaged by a seller to
represent the seller’s interests. The seller’s agent does this
by securing a buyer for the seller’s home at a price and on
terms acceptable to the seller. A seller’s agent has, without
limitation, the following fiduciary duties to the seller:
reasonable care, undivided loyalty, confidentiality, full
disclosure, obedience and duty to account. A seller’s agent
does not represent the interests of the buyer. The obligations
of a seller’s agent are also subject to any specific provisions
set forth in an agreement between the agent and the seller.
In dealings with the buyer, a seller’s agent should (a)
exercise reasonable skill and care in performance of the
agent’s duties; (b) deal honestly, fairly and in good faith; and
(c) disclose all facts known to the agent materially affecting
the value or desirability of property, except as otherwise
provided by law.
Buyer’s Agent
A buyer’s agent is an agent who is engaged by a buyer to
represent the buyer’s interest. The buyer’s agent does
this by negotiating the purchase of a home at a pric
e and
on terms acceptable to the buyer. A buyer’s agent has,
without limitation, the following fiduciary duties to the
buyer: reasonable care, undivided loyalty,
confidentiality, full disclosure, obedience and duty to
account. A buyer’s agent does not represent the interest of
the seller. The obligations of a buyer’s agent are also
subject to any specific provisions set forth in an agreement
between the agent and the buyer. In dealings with the
seller, a buyer’s agent should (a) exercise reasonable
skill and care in performance of the
agent’s duties; (b) deal honestly, fairly and in good faith; and
(c) disclose all facts known to the agent materially affecting
the buyer’s ability and/or willingness to perform a contract to
acquire seller’s property that are not consistent with the
agent’s fiduciary duties to the buyer.
Broker’s Agents
A broker’s agent is an agent that cooperates or is engaged
by a listing agent or a buyer’s agent (but does not work for
the same firm as the listing agent or buyer’s agent) to assist
the listing agent or buyer’s agent in locating a property to sell
or buy, respectively, for the listing agent’s seller or the buyer
agent’s buyer. The broker’s agent does not have a direct
relationship with the buyer or seller and the buyer or seller
cannot provide instructions or direction directly to the
broker’s agent. The buyer and the seller therefore do not
have vicarious liability for the acts of the broker’s agent. The
listing agent or buyer’s agent do provide direction and
instruction to the broker’s agent and therefore the listing
agent or buyer’s agent will have liability for the acts of the
broker’s agent.
Dual Agent
A real estate broker may represent both the buyer and the
seller if both the buyer and seller give their informed consent
in writing. In such a dual agency situation, the agent will not
be able to provide the full range of fiduciary duties to the
buyer and seller. The obligations of an agent are also
subject to any specific provisions set forth in an agreement
between the agent, and the buyer and seller. An agent
acting as a dual agent must explain carefully to both the
buyer and seller that the agent is acting for the other party as
well. The agent should also explain the possible effects of
dual representation, including that by consenting to the dual
agency relationship the buyer and seller are giving up their
right to undivided loyalty. A buyer or seller should carefully
consider the possible consequences of a dual agency
relationship before agreeing to such representation. A seller
or buyer may provide advance informed consent to dual
agency by indicating the same on this form.
Dual Agent with Designated Sales Agents
If the buyer and seller provide their informed consent in
writing, the principals and the real estate broker who
represents both parties as a dual agent may designate a
sales agent to represent the buyer and another sales agent
to represent the seller. A sales agent works under the
supervision of the real estate broker. With the informed
consent of the buyer and the seller in writing, the designated
sales agent for the buyer will function as the buyer’s agent
representing the interests of and advocating on behalf of the
buyer and the designated sales agent for the seller will
