Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 157 RECEIVED NYSCEF: 10/01/2018
EXHIBIT 2
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC.
7/3/2018 NO. 157 a Home: Who Works for Whom? - The New York Times RECEIVED NYSCEF: 10/01/2018
Buying
Ebe Nets Nork Ennes https://nyti.ms/29aV1vf
ARCHIVES 1992
Buying a Home: Who Works for Whom?
By PENNY SINGER
WHILE speaking of the rigors of house hunting, a young woman, whose husband
was recently transferred from Dallas to the Westchester home office of his company,
said:
"The agent who took me around was terrific. She was so helpful in trying to find
us what we wanted and what we could afford. I
honestly felt she had our best
heart."
interests at
-- --
The woman although not cheated in any way perhaps naively did not
understand that the agent was representing the seller. But on Jan. 1, a new
disclosure law in New York State requiring prospective home buyers and sellers to
read and sign forms, should dispel any doubts about whom a real estate agent is
working for.
seller,"
"Many home buyers really don't understand that the agent works for the
said P. Gilbert Mecurio, executive vice president of the Westchester Board of
Realtors. "They assume when they go out with a real estate agent and look at houses
them."
that the agent is
working for Common on West Coast
buyers'
The new law, Mr. Mecurio said, promotes the use of brokers, that is,
agents retained by buyers to represent their interests.
buyers'
"It's a fairly
common practice on the West Coast, but use of brokers is
Westchester,"
fairly
uncommon in real estate companies on the East Coast and in he
said. "A buyer's broker not only works to get the best price for his client, but he gives
offer."
them a lot of advice on things to check out and understand before making an
agency,"
The new law calls for disclosure of "dual a practice in which the same agent
acts for the buyer and the seller.
https://www.nytimes.com/1992/01/26/nyregion/buying-a-home-who-works-for-whom.html 1/4
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 157 RECEIVED NYSCEF: 10/01/2018
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
7/3/2018 Buying a Home: Who Works for Whom?- The New York Times
NYSCEF DOC. NO. 157 RECEIVED NYSCEF: 10/01/2018
sophisticated people. I think most of them have always understood that the real
seller."
estate agent is paid by the
Mr. who is head of the Westchester Multiple Listings Service -- which
Mitchell,
publishes a booklet compiled by the Westchester Real Estate Board of properties for
sale -- said the new law also makes clear that a subagent represents the seller
exclusively.
"The subagent is the one who finds properties for a buyer in the Westchester
agent,"
multiple listings booklet and splits the commission with the listing Mr.
Mitchell explained. "Now, under the new law, what will happen is that the listing
agent will ask the seller to allow him to compensate the buyer's broker, with
gets."
probably the same amount as the subagent
buyers'
But Mr. Mitchell said he had no plans for installing a special broker
department in his offices. Who Pays the Commission
"What will happen is that when customers come in and we explain the
disclosure form, a customer may say, 'Iwant you to represent me as a buyer's
broker,'
and we'll take it from there. Also, our agents will work in cooperation with
buyers' brokers."
But who will pay the commission?
"I will assume that the sellers will be the ones who pay both sides of the
commission," buyers'
Mr. Mitchell said. "Why? Because discouraging brokers will
limit their supply of potential buyers. Realistically speaking, I think it will be pretty
deal."
much business as usual because everyone wants to make the
Overall, Mr. Mitchell said, the new law, despite some confusion at the
environment"
beginning, will result in "an improvement in the real estate because "it
professional."
makes it more
Nicholas R. Wolff, president of Wolff & Son Century 21 in White Plains, said he
expected that his office, for the most part, would still be representing more sellers.
interested,"
"But we also intend to represent buyers who are he said. How to Market
a Property
Mr. Wolff, who has prepared a booklet of 24 questions and answers explaining
the new law, which he is selling to brokers, buyers and sellers, emphasized that when
sellers now ask him about the best way to market a property, he advises them to
select a broker and give him exclusive rights to sell.
https://www.nytimes.com/1992/01/26/nyregion/buying-a-home-who-works-for-whom.html 3/4
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
7/3/2018 Buying a Home: Who Works for Whom?- The New York Times
NYSCEF DOC. NO. 157 RECEIVED NYSCEF: 10/01/2018
buyers'
"Allow them to compensate agents and give them the right to act as dual
agents.,"
Mr. Wolff said of the brokers.
"Dual agents, a single salesperson or two salespeople in the same office who are
working for the seller and who also have a customer interested in purchasing the
property,"
Mr. Wolff said, "is a fairly common occurrence in real estate transactions,
informed."
allowed only after the buyer and seller are
The commission offered to buyer's agents by sellers, Mr. Wolff said, should be
"Because,"
the same amount subagents receive. he said, "you want to encourage the
agents."
participation of buyer's
In cases where sellers refuse to compensate the buyer's agent, buyers may have
to arrange to compensate in advance the agents they hire, Mr. Wolff said.
The TimesMachine archive viewer is a subscriber-only feature.
We are continually improving the quality of our text archives. Please send feedback,
error reports, and suggestions to archive-feedback@nytimes.com.
A version of this articleappears in printon January 26, 1992, on Page WC12 of the National edition with
the headline: Buying a Home: Who Works for Whom?.
© 2018 The New York Times Company
https://www.nytimes.com/1992/01/26/nyregion/buying-a-home-who-works-for-whom.html 4/4
Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 157 RECEIVED NYSCEF: 10/01/2018 EXHIBIT 2 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. 7/3/2018 NO. 157 a Home: Who Works for Whom? - The New York Times RECEIVED NYSCEF: 10/01/2018 Buying Ebe Nets Nork Ennes https://nyti.ms/29aV1vf ARCHIVES 1992 Buying a Home: Who Works for Whom? By PENNY SINGER WHILE speaking of the rigors of house hunting, a young woman, whose husband was recently transferred from Dallas to the Westchester home office of his company, said: "The agent who took me around was terrific. She was so helpful in trying to find us what we wanted and what we could afford. I honestly felt she had our best heart." interests at -- -- The woman although not cheated in any way perhaps naively did not understand that the agent was representing the seller. But on Jan. 1, a new disclosure law in New York State requiring prospective home buyers and sellers to read and sign forms, should dispel any doubts about whom a real estate agent is working for. seller," "Many home buyers really don't understand that the agent works for the said P. Gilbert Mecurio, executive vice president of the Westchester Board of Realtors. "They assume when they go out with a real estate agent and look at houses them." that the agent is working for Common on West Coast buyers' The new law, Mr. Mecurio said, promotes the use of brokers, that is, agents retained by buyers to represent their interests. buyers' "It's a fairly common practice on the West Coast, but use of brokers is Westchester," fairly uncommon in real estate companies on the East Coast and in he said. "A buyer's broker not only works to get the best price for his client, but he gives offer." them a lot of advice on things to check out and understand before making an agency," The new law calls for disclosure of "dual a practice in which the same agent acts for the buyer and the seller. https://www.nytimes.com/1992/01/26/nyregion/buying-a-home-who-works-for-whom.html 1/4 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 157 RECEIVED NYSCEF: 10/01/2018 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 7/3/2018 Buying a Home: Who Works for Whom?- The New York Times NYSCEF DOC. NO. 157 RECEIVED NYSCEF: 10/01/2018 sophisticated people. I think most of them have always understood that the real seller." estate agent is paid by the Mr. who is head of the Westchester Multiple Listings Service -- which Mitchell, publishes a booklet compiled by the Westchester Real Estate Board of properties for sale -- said the new law also makes clear that a subagent represents the seller exclusively. "The subagent is the one who finds properties for a buyer in the Westchester agent," multiple listings booklet and splits the commission with the listing Mr. Mitchell explained. "Now, under the new law, what will happen is that the listing agent will ask the seller to allow him to compensate the buyer's broker, with gets." probably the same amount as the subagent buyers' But Mr. Mitchell said he had no plans for installing a special broker department in his offices. Who Pays the Commission "What will happen is that when customers come in and we explain the disclosure form, a customer may say, 'Iwant you to represent me as a buyer's broker,' and we'll take it from there. Also, our agents will work in cooperation with buyers' brokers." But who will pay the commission? "I will assume that the sellers will be the ones who pay both sides of the commission," buyers' Mr. Mitchell said. "Why? Because discouraging brokers will limit their supply of potential buyers. Realistically speaking, I think it will be pretty deal." much business as usual because everyone wants to make the Overall, Mr. Mitchell said, the new law, despite some confusion at the environment" beginning, will result in "an improvement in the real estate because "it professional." makes it more Nicholas R. Wolff, president of Wolff & Son Century 21 in White Plains, said he expected that his office, for the most part, would still be representing more sellers. interested," "But we also intend to represent buyers who are he said. How to Market a Property Mr. Wolff, who has prepared a booklet of 24 questions and answers explaining the new law, which he is selling to brokers, buyers and sellers, emphasized that when sellers now ask him about the best way to market a property, he advises them to select a broker and give him exclusive rights to sell. https://www.nytimes.com/1992/01/26/nyregion/buying-a-home-who-works-for-whom.html 3/4 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 7/3/2018 Buying a Home: Who Works for Whom?- The New York Times NYSCEF DOC. NO. 157 RECEIVED NYSCEF: 10/01/2018 buyers' "Allow them to compensate agents and give them the right to act as dual agents.," Mr. Wolff said of the brokers. "Dual agents, a single salesperson or two salespeople in the same office who are working for the seller and who also have a customer interested in purchasing the property," Mr. Wolff said, "is a fairly common occurrence in real estate transactions, informed." allowed only after the buyer and seller are The commission offered to buyer's agents by sellers, Mr. Wolff said, should be "Because," the same amount subagents receive. he said, "you want to encourage the agents." participation of buyer's In cases where sellers refuse to compensate the buyer's agent, buyers may have to arrange to compensate in advance the agents they hire, Mr. Wolff said. The TimesMachine archive viewer is a subscriber-only feature. We are continually improving the quality of our text archives. Please send feedback, error reports, and suggestions to archive-feedback@nytimes.com. A version of this articleappears in printon January 26, 1992, on Page WC12 of the National edition with the headline: Buying a Home: Who Works for Whom?. © 2018 The New York Times Company https://www.nytimes.com/1992/01/26/nyregion/buying-a-home-who-works-for-whom.html 4/4