Real Estate Attorney Restrictions In NY

Dated: 12/15/2015

Views: 1306

Image titleThese are among the top restrictions you should know about NY Real Estate….

Clients, when choosing representation, must be sure that their attorney is acting only as their attorney. This is called the Clients Dual Agent Representation Restriction, attorneys are ethically restricted from representing both parties.  Both buyer and seller must be independently represented or, represented by themselves in a transaction.

Lawyers can legally act as a real estate broker without a real estate brokerage license in the State of New York but attorneys are precluded from acting as a broker while simultaneously representing a party in the real estate transaction.  Clients must be sure to have a different professionals serving as their real estate broker and transaction attorney when buying of selling a home.

Referral Fees and Kickback. Attorneys are also precluded ethically from sharing in referral fees from real estate brokers for sending a buyer or seller as well as accepting monies for referring a mortgage broker/banker, surveyor, insurance broker, stager, title insurance or any other third party to the client for these recommendations as part of the fee for representation.

Attorneys may not share client’s confidences. An informed consent is required prior to sharing any information with anyone beyond the client except for information concerning the fact that the contract was signed and scheduling of the closing.

 Attorneys may not Kill Deals. The best transaction attorneys not only advise their clients about the law, but also provide guidance about best practices in order to empower their client to make smart choices.

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Donna Podesta

I am an experienced Realtor working in the Greater Hudson Valley Region which includes both Rockland and Orange County. My goal is to make my client's real estate experience a happy one. Because succe....

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