New York Real Estate Law

Agency Relationships

Agents must provide a written Agency Disclosure Form at first substantive contact.
Dual agency is permitted only with informed, written consent of both parties.

Sellers must disclose known material defects that affect the property's value or safety.
Federal law requires a lead-based paint disclosure for homes built before 1978.
Always review disclosures before removing inspection contingencies.

New York closings are attorney-driven — buyers and sellers each retain their own attorney.
Contracts are typically drafted by the seller's attorney after a non-binding binder or term sheet.
Condominium and co-op purchases require board approval and review of offering plans.

Closings are conducted by attorneys for both buyer and seller. Title companies issue the policy but do not run the closing.
Buyers in New York City pay a mansion tax on residential purchases of $1 million or more, with progressive brackets up to 3.9% above $25 million.
Sellers pay the New York State and (in NYC) City real-property transfer taxes.
Co-op transactions involve board approval, a flip tax (set by the building), and significant additional paperwork beyond a typical closing.
Title insurance premiums in New York are state-regulated — they cannot be negotiated, only the search and ancillary fees can.

Since August 17, 2024, multiple-listing services (MLS) can no longer publish offers of buyer-agent compensation. Sellers may still choose to pay a buyer's agent, but it is now negotiated separately and disclosed off-MLS.
Buyers must sign a written representation agreement with their agent before touring a home. The agreement must state how the agent is paid and how much. Read it carefully — the fee is between you and your agent now, not automatically covered by the seller.
If you are buying, ask whether the seller is offering to pay your agent's commission, who else might pay it, and exactly what services are included.
If you are selling, you are no longer required to offer a buyer's agent commission. Your listing agent should explain the trade-offs of doing so anyway.

Security deposits are regulated; landlords must return them within a set number of days after move-out.
Evictions require proper written notice and, in most cases, a court order.
Retaliation against tenants who exercise legal rights is prohibited.

Educational information only. Not legal advice. Laws change; verify with the official sources above or consult a licensed attorney.