Relates to the definition and term of real estate listing agreements; provides that no real estate broker shall be a party to a listing agreement if such agreement is for a period longer than two years; provides that a listing agreement shall not be enforceable if the agreement is for a period longer than two years.
Impact
The legislation is expected to impact how real estate transactions are conducted in New York by standardizing the maximum length of listing agreements. This alteration in the law may attract more transactions, as property owners could feel less constrained by long-term commitments. In addition, it aims to enhance consumer protection by preventing brokers from enforcing agreements that could potentially disadvantage homeowners by locking them into a lengthy listing process where their properties might not be sold in a timely manner.
Summary
Bill S07499 proposes amendments to the New York real property law concerning the definition and duration of real estate listing agreements. Specifically, the bill stipulates that no real estate broker can enter into a listing agreement exceeding a term of two years. This measure aims to provide greater clarity and protection in real estate transactions, ensuring that such agreements remain manageable for sellers and brokers alike. By limiting the duration of these contracts, the bill seeks to prevent long-term binding commitments that may not serve the interests of property owners or provide sufficient flexibility for market changes.
Contention
During discussions on S07499, some stakeholders expressed concerns regarding the restrictions placed on brokers, arguing that a two-year cap might limit flexibility in negotiations and could hinder brokers' ability to secure favorable terms for their clients. In contrast, proponents of the bill argue that such a limit is necessary for consumer rights, advocating that it will empower homeowners and allow them greater agency in their real estate transactions. The debate highlights the ongoing balance between regulation and business interests in the real estate market within New York.
Same As
Relates to the definition and term of real estate listing agreements; provides that no real estate broker shall be a party to a listing agreement if such agreement is for a period longer than two years; provides that a listing agreement shall not be enforceable if the agreement is for a period longer than two years.
Relates to certain benefits provided pursuant to collective bargaining agreements; provides that the temporary president of the senate and speaker of the assembly shall approve changes to health benefits for employees or retirees not subject to a collective bargaining agreement.
Relates to certain benefits provided pursuant to collective bargaining agreements; provides that the temporary president of the senate and speaker of the assembly shall approve changes to health benefits for employees or retirees not subject to a collective bargaining agreement.
Allows certain licensees to form cooperative agreements to make joint purchases of alcoholic beverages provided that such agreement and activity conform to certain standards.
Allows certain licensees to form cooperative agreements to make joint purchases of alcoholic beverages provided that such agreement and activity conform to certain standards.
Allows certain licensees to form cooperative agreements to make joint purchases of alcoholic beverages provided that such agreement and activity conform to certain standards.
Relates to prohibiting transportation network companies from including mandatory arbitration clauses in user agreements for certain offenses including assault and sex offenses; provides all user agreements issued with such clause shall be considered null and void and new agreements without such clause shall be issued within 14 days of the effective date of this legislation.
Relates to providing net revenues from utility-owned large-scale renewable generation projects to low-income customers; authorizes utility companies to own such projects; provides that the commission shall require labor agreements and labor peace agreements.
Relates to providing net revenues from utility-owned large-scale renewable generation projects to low-income customers; authorizes utility companies to own such projects; provides that the commission shall require labor agreements and labor peace agreements.
Relates to providing net revenues from utility-owned large-scale renewable generation projects to low-income customers; authorizes utility companies to own such projects; provides that the commission shall require labor agreements and labor peace agreements.
Prohibits agreements between employers that directly restrict the current or future employment of any employee; allows for a cause of action against employers who engage in such agreements.