New York A05886 prohibits unfair residential real estate service agreements.

New York A05886, the "prohibition of unfair real estate service agreements act," aims to protect consumers from fraud and abuse by prohibiting certain unfair residential real estate service agreements. These agreements are defined as those not to be performed within two years and either binding on future owners, assignable without notice, or purporting to create a lien. The act also prohibits recording such agreements, which would not provide notice to bona fide purchasers or creditors.

New York A05886 prohibits unfair residential real estate service agreements.

New York A05886, the "prohibition of unfair real estate service agreements act," aims to protect consumers from fraud and abuse by prohibiting certain unfair residential real estate service agreements. These agreements are defined as those not to be performed within two years and either binding on future owners, assignable without notice, or purporting to create a lien. The act also prohibits recording such agreements, which would not provide notice to bona fide purchasers or creditors.