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History
- Referred to judiciary
Full text
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Sponsor's memo
BILL NUMBER:S2287
Title of bill
An act to amend the general obligations law, in relation to rendering unenforceable exclusive brokerage agreements for certain residential sales of non-multiple dwellings in cities of one million or more population
Summary of bill
Experience indicates that, rather than enhance attention given to "exclusives", brokers tend to give less attention because they know that no sale can take place without their participation for the duration of the "exclusive" agreement.
Justification
While no benefit accrues to the seller, substantial detriment can result when the broker is procuring no buyee and a period of time remains before the expiration of the agreement. Informal arrangements to allow the seller to "buyout" of the agreement have been known to take place. In such cases, the broker is effectively being paid for nothing.
Fiscal implications
None.
Effective date
This act shall take effect on the thirtieth day after it shall have become a law, provided, however, that it shall apply only to covenants, promises, agreements and understandings entered into on or after its effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.