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LB Kaye International to represent buyers.

L.B. Kaye International Realty, Inc. announced that it will represent buyers as their "Buyer's Broker" or "Buyer's Agent" in their real estate transactions.

The Buyer's Broker relationship will exist on all exclusives held by other firms, according to Marilyn Harra Kaye. The firm came to this decision, Kaye said, as a result of the new disclosure rules issued by the New York State Legislature. Residential brokers are required to seek written proof that the prospective client knows who the broker is representing -- the buyer or the seller.

As the number of exclusive listings have reached more than 60 percent, L.B. Kaye has found that more brokers are working with buyers as sub-agents of the sellers even though they never had direct contact or spoke with the seller. The exclusive seller's agent broker usually has a close relationship with the seller and the cooperating broker, who is a sub-agent of the seller, on a day to day basis showing apartments.

"The licensing body has advised us that brokers have the option to represent buyers as well as sellers," Kaye noted. "L.B. Kaye International has decided to exercise its option. It is the responsibility of every broker who takes an exclusive listing to let the seller know that these options of choice are available to maximize the marketing of his property and minimize loss."

L.B. Kaye International will Continue to represent sellers on their exclusives with its fiduciary responsibility and pledge to sellers, but it will not attempt to represent both buyers and sellers in the same transaction.

L .B. Kaye International's clients will make offers deducting one-half of the commission from the purchase price. Additionally, its clients will request that the exclusive seller's broker will only take one-half of a commission in the offering letter as condition precedent to acceptance. This is to ensure that only one commission is collected.
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Title Annotation:L.B. Kaye International Realty Inc. to represent buyers as 'Buyer's Broker' in transactions with exclusive listings
Publication:Real Estate Weekly
Date:Dec 30, 1992
Previous Article:RSA conference sent powerful message.
Next Article:Landers closes 2 deals.

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