New York S 9564: Requires buyer broker agreements for certain real estate services

Bill Text

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S09564 Summary:

BILL NOS09564 

&nbsp

SAME ASSAME AS A08910

&nbsp

SPONSORBAILEY

&nbsp

COSPNSRWEBB

&nbsp

MLTSPNSR

&nbsp

Add §442-m, amd §443, RP L

&nbsp

Requires buyer broker agreements which clearly and conspicuously contain disclosures regarding compensation for certain real estate services.

Go to top S09564 Actions:

BILL NOS09564 

&nbsp

03/25/2026REFERRED TO JUDICIARY

Go to topS09564 Committee&nbspVotes:

Go to topS09564 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS09564 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9564

 IN SENATE

 March 25, 2026
 ___________

 Introduced by Sen. BAILEY -- 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 requiring buyer
 broker agreements for certain real estate services

 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. Written buyer agreements. 1. A real estate broker must pres-
 4 ent a written buyer broker agreement to a buyer, as defined in section
 5 four hundred forty-three of this article. A real estate broker is
 6 prohibited from providing services to a buyer as a buyer's agent unless
 7 a written buyer broker agreement has been signed by such broker and
 8 buyer. A buyer broker agreement must contain the following:
 9 (a) Clearly and conspicuously contain the following disclosure:
 10 "Compensation is not set by law and is fully negotiable.";
 11 (b) The name, address and contact information for all parties to the
 12 agreement;
 13 (c) The length of the agreement including the length of any condition
 14 under which the real estate broker may still have a claim for compen-
 15 sation after the agreement expires;
 16 (d) The type of agency relationship between the buyer and the real
 17 estate broker; and
 18 (e) The terms of compensation, including:
 19 (i) The amount the buyer agrees to compensate the real estate broker;
 20 (ii) How the amount of compensation will be determined;
 21 (iii) When compensation is earned by the real estate broker;
 22 (iv) When compensation is due to the real estate broker;
 23 (v) The consent of the buyer if the real estate broker will share any
 24 compensation with another broker;
 25 (vi) The consent of the buyer if the broker will be requesting any
 26 compensation from another party; and
 27 (vii) The consent of the buyer if the broker will be compensated by
 28 more than one party.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13404-02-5

 S. 9564 2

 1 2. A real estate broker shall retain a copy of a signed buyer broker
 2 agreement for not less than three years.
 3 § 2. Paragraph c of subdivision 1 of section 443 of the real property
 4 law, as amended by chapter 549 of the laws of 2007, is amended and a new
 5 paragraph r is added to read as follows:
 6 c. "Buyer's agent" means an agent who contracts to locate residential
 7 real property for a buyer or who finds a buyer for a property [and]
 8 and/or presents an offer to purchase to the seller or seller's agent and
 9 negotiates on behalf of the buyer.
 10 r. "Buyer broker agreement" means a contract, as set forth in section
 11 four hundred forty-two-m of this article, between a buyer or buyers of
 12 residential real property and an agent, by which the agent has been
 13 authorized to locate residential real property for a buyer or who finds
 14 a buyer for a property and/or presents an offer to purchase to the sell-
 15 er or seller's agent and negotiates on behalf of the buyer. Such agree-
 16 ments may be exclusive or non-exclusive.
 17 § 3. Paragraphs a, b, c and f of subdivision 3 of section 443 of the
 18 real property law, paragraphs a, b and c as amended by chapter 549 of
 19 the laws of 2007, and paragraph f as added by chapter 443 of the laws of
 20 2010, are amended to read as follows:
 21 a. A listing agent shall provide the agency disclosure form set forth
 22 in subdivision four of this section to a seller or landlord prior to
 23 entering into a listing ag