New York Codes, Rules and Regulations
Title 9 - EXECUTIVE DEPARTMENT
Subtitle G - Office of General Services
Chapter II - Division Of Land Utilization
Part 276 - Broker Commissions
Section 276.2 - Broker commission

Universal Citation: 9 NY Comp Codes Rules and Regs ยง 276.2

Current through Register Vol. 46, No. 12, March 20, 2024

(a) The commissioner shall make a determination, prior to sale of unappropriated State land, whether a commission shall be made available to real estate brokers and, if so, to what extent, where such commission is deemed to be necessary to stimulate interest in a particular sale. In no event shall the rate of commission exceed six percent of the purchase price of the realty being offered for sale.

(b) In any such sale where a broker commission is offered, notice as to the offer and extent of said commission shall be included in the publication of any notice of sale pertaining to the realty being offered for sale.

(c) A broker commission shall be paid only to a broker who qualifies under and complies with the standards and requirements of section 276.3 of this Part. Said commission, if payable, shall not be paid prior to transfer of title from the State to the purchaser. In the event such transfer of title does not occur for any reason, no broker commission shall be paid.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.