WHEREAS, New York State law defines dual agency as “an agent who is acting as buyer’s agent and a seller’s agent or a tenant’s agent and a landlord’s agent in the same transaction”, (NY Consolidated Laws Chapter 50, Article 12-A, Section 443); and
WHEREAS, a growing number of large real estate brokerages in Ulster County has resulted in instances of dual agency in real estate transactions; and
WHEREAS, dual agency has been banned in many States within the United States; and
WHEREAS, New York state law requires real estate licensees obtain written consent from the potential buyers, sellers, tenants, landlords, if such agent represents both parties in the transaction, (NY Consolidated Laws Chapter 50, Article 12-A, Section 443); and
WHEREAS, in February, 2020, New York State Department of State issued a memorandum cautioning against dual agency in real estate transactions, finding that an agent’s fiduciary duties to a given party in a real estate transaction need never be compromised (See NYS Department of State Memorandum LI12, February, 2020); and
WHEREAS, pursuant to Charter Section C-11, the Ulster County Legislature is the policy determining body and as such, shall exercise all powers and duties inferred upon it by law; and
WHEREAS, the Ulster County Legislature hereby finds that dual agency it is not in the best interests of the people of the County to consent to dual agency in transaction involving the County as it gives rise to inherent conflicts in interest, divided loyalty and a potential breach of fiduciary duty; now, therefore be it
RESOLVED, effective immediately, Ulster County shall not consent to dual agency in any real estate transaction in which the County is either the buyer, seller, lessor or lessee,
and move its adoption.
ADOPTED BY THE FOLLOWING VOTE:
Passed Committee: Ways and Means on _______________.
Current Text: PDF
Updated: July 9, 2023
Votes on this Resolutionyes no abstained no vote
Vote to Adopt Resolution No. 368