Real Estate Redefined: New Rules & New Opportunity in New York

In the last two years, more of the rules around buying and selling a home in New York have changed than in the decade before. Some changes are national, some are state law, and one is still waiting on the governor. Here is what each one means for buyers and sellers in Buffalo and Western New York. Status is as of October 30, 2026.

1. Buyers sign an agreement before touring

Since August 17, 2024, under the National Association of Realtors settlement, Realtors working with buyers must have a written agreement before touring homes. It must state the agent’s compensation in a specific amount or rate, and that compensation is negotiable. Offers of compensation to buyer agents can no longer be advertised on the MLS.

The opportunity: buyers now see and negotiate their agent’s pay up front. Sellers can still choose to pay some or all of it, and buyers can ask for that in their offer. Talk about it with your agent before you write an offer, not after.

2. Sellers can no longer skip the disclosure form

Since March 20, 2024, New York sellers of one- to four-family homes must give buyers the Property Condition Disclosure Statement before the buyer signs a contract. The old option of giving the buyer a $500 credit instead is gone. The form also gained questions about flood zones, flood insurance and FEMA assistance.

The opportunity: buyers get more information earlier. Sellers who fill it out carefully, and early, avoid surprises that can derail a deal. Our seller obligations guide covers what to have ready.

3. Big institutional investors must wait 90 days

A 2025 state law (Real Property Law Article 16, part of the FY 2026 budget) bars large institutional investors from buying or offering on a one- or two-family home until it has been publicly listed for 90 days. The law generally covers entities that own 10 or more one- or two-family homes, and violations can bring penalties of up to $250,000. Most sources put the effective date at July 1, 2025.

The opportunity: owner-occupants and smaller local investors get a head start on single-family homes and doubles, a property type that’s common in Buffalo. It doesn’t affect individual buyers, or small investors who own fewer than 10 homes. If you invest with partners through an LLC, have your attorney confirm how the rule counts your properties. More in Buying Investment Property.

4. Pending: publicly marketed listings

The Fair and Transparent Real Estate Listings Act (S10274 / A10679-B) passed the Assembly on May 29, 2026 and the Senate on June 1, 2026. It would require listing agents to market homes publicly, on an MLS or another broadly accessible platform, unless the seller signs an opt-out disclosure. It does not ban private listings. As of the latest reports we found, the governor had not acted on it, so check the bill’s status before relying on it.

What it means: if it becomes law, sellers who want an off-market sale will need to sign a disclosure that they understand the trade-offs. Buyers would see more homes on the open market.

What hasn’t changed

• New York is still an attorney state. Your attorney reviews and approves the contract, and handles title and closing.
• Your agent’s pay is, and always was, negotiable.
• Fair housing law still applies to every showing, ad and conversation.

Questions about how any of this affects your move? Contact Kunji. This post is general information, not legal advice; talk to a New York real estate attorney about your situation.