The agency disclosure form under Real Property Law section 443

What the form does

New York Real Property Law § 443 requires disclosure of whom the real estate agent represents and the duties that relationship creates. The form says THIS IS NOT A CONTRACT. Signing its receipt acknowledgment does not itself hire the broker, establish a commission, or consent to dual agency. Dual-agency consent has its own informed-consent function on the form.

The law covers residential real property improved by one-to-four family dwellings and condominium or cooperative apartments, used or intended wholly or partly as a residence. It excludes unimproved land on which those dwellings are to be built. Use the buyer-and-seller form for sales and the landlord-and-tenant form for rentals.

When and how to disclose

A listing agent provides the form before entering a listing agreement. A buyer's or tenant's agent provides it to that client before entering an agreement to act as the client's agent. When dealing with the other side, provide it at the first substantive contact: a seller's or landlord's agent obtains the buyer's or tenant's acknowledgment; a buyer's or tenant's agent obtains the seller's, landlord's, or listing agent's acknowledgment as applicable. Do not postpone disclosure until the offer or closing.

Obtain a signed acknowledgment, provide the party a copy, and retain a copy for not less than three years. If a party refuses to acknowledge receipt, make a written declaration of the facts of the refusal under oath or affirmation and retain it for not less than three years. An unsigned form or informal note alone does not satisfy that procedure.

Read the relationship, not just the signature

The form identifies the licensee, brokerage, represented side, and agency relationship. A seller's agent represents the seller; a buyer's agent represents the buyer. Landlord and tenant roles follow the same distinction. Honest and fair dealing with the other side does not make that person a client. A broker's agent assists another agent from a different firm and receives direction from that agent, not directly from the consumer.

New York allows dual agency with both parties' informed written consent. The agent must explain representation of both sides and the loss of undivided loyalty. Advance informed consent can be recorded on the form. With designated sales agents, separate agents advocate for the respective parties under the dual broker, but they still cannot provide undivided loyalty. The form identifies their appointments.

For example, a buyer discussing purchase terms with a seller's agent needs to understand that the agent represents the seller before revealing negotiating limits. A receipt signature documents disclosure; it does not turn the seller's agent into the buyer's advocate. More than one agent may need to provide a form during the transaction. For legal or tax advice, consult the appropriate professional.