A New York dual agent must have:
Question & Answer
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Verbal consent from one party
Verbal consent is insufficient because it cannot demonstrate that clients were properly informed of the dual agency relationship and its implications. New York law specifically requires written documentation to create a record of informed consent.
Informed written consent from both parties
Court approval
Court approval is not required for dual agency transactions in New York. This would be an impractical requirement that would delay real estate transactions unnecessarily.
DOS approval
The Department of State (DOS) does not need to approve dual agency arrangements. While the DOS oversees real estate licensing, individual brokerages handle dual agency compliance through proper documentation and procedures.
Why is this correct?
New York law requires dual agents to obtain informed written consent from both buyer and seller before representing both parties in a transaction. This written documentation ensures clients understand the potential conflicts and limitations on their agent's loyalty, protecting all parties and the broker.
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