N.Y. Comp. Codes R. & Regs. tit. 19 § 175.23

Current through Register Vol. 46, No. 50, December 11, 2024

Section 175.23 - Records of transactions to be maintained

(a) Each licensed broker shall keep and maintain for a period of three years, paper and/or electronic records of each transaction effected through his or her office concerning the sale of real property used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons improved by a one-to-four family dwelling, or a condominium or cooperative apartments but shall not refer to unimproved real property upon which such dwellings are to be constructed. Records to be kept and maintained shall contain:

(1) the names and addresses of the seller and the buyer;

(2) the broker prepared purchase contract or binder, or if the purchase contract is not prepared by the broker, then the purchase price and the amount of deposit (if collected by broker);

(3) the amount of commission paid to broker;

(4) the gross profit realized by the broker if purchased by him or her for resale;

(5) any document required under article 12-A of the Real Property Law; and

(6) the listing agreement or commission agreement or buyer-broker agreement.

(b) In some transactions, the broker may not be provided a copy of the documents required to be maintained by subdivision (a) of this section. In such instances, the broker will not be found to have violated the requirements of this section.

N.Y. Comp. Codes R. & Regs. Tit. 19 § 175.23

Amended, New York State Register, Volume XXXVI, Issue 30, effective 10/13/2014