Bill Text: NY S07023 | 2019-2020 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO JUDICIARY [S07023 Detail]

Download: New_York-2019-S07023-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          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.