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Responsibilities of a New York Real Estate Broker

By Tiffany Raiford

Oftentimes it is common for home buyers and sellers in New York to want to know exactly what it is they can expect from their real estate broker. There are often several misconceptions about the role of a broker, which leads to confusion and dissatisfaction on behalf of both the customer and the broker. To clear it up, we've broken down the duties of a New York real estate broker into simple terms and easy to understand duties.

Loyalty

The biggest responsibility of a New York real estate broker is loyalty. When you hire a broker to help you buy or sell a home, your broker's loyalty should lie with you. For example, if you are in the market to purchase a home and your broker shows you only homes for which he has the listing, he is not being loyal to you. He is being loyal to his seller and to himself as he is not putting your best interests at heart.

Full Disclosure

Full disclosure is another very important responsibility of a New York real estate broker. Disclosure means informing you of any and all information your broker has regarding any home you see. For example, full disclosure would include telling you that the previous family who lived in a particular home moved out because one of the family members died in the house. If your broker has this information but chooses not to share it with you, he is not adhering to his responsibilities. Anything that might cause you to think again before making a purchase should be disclosed to you.

Keeping it Confidential

Your broker should keep all of your personal information confidential. This means he will not share your financial status, your income, your lifestyle or any other information about you to anyone else, including his coworkers, family and friends. When a broker discusses your personal life with others, he is in breach of confidentiality. The real estate market offers brokers exceptionally personal information about clients, and that information is not to be shared with the outside world in any way, shape or form.

Financial Responsibility

Your broker has a financial responsibility to you. This means that he or she is fully responsible for ensuring that your finances are handled with care, that you are not being swindled and he is responsible for accurately reporting and noting all the financial transactions that take place during the purchase or sale of your home.

New York real estate brokers have a myriad of responsibilities to you, the client, but these are just a few of the most important. If you feel that your broker is not being as responsible as he should be, it is up to you to handle the situation with elegance and grace. A contract is easily broken when your broker is not adhering to the terms.

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