STANDARDIZED OPERATING PROCEDURES
FOR NEW YORK REAL ESTATE PURCHASERS
PURSUANT TO REAL PROPERTY LAW §442-H
Recently, a number of laws have been passed in New York State pertaining to fair housing and these laws have significant impact for real estate licensees. One of these laws requires real estate brokers who service residential homebuyers to create and publish “Standardized Operating Procedures” (the “SOP Law”) for their brokerage offices so that prospective purchasers understand what will be required from them when working with a real estate broker.
HALO REALTY (the “Broker”) is making this Standardized Operating Procedure available on any publicly available website and mobile device application maintained by the Broker and any of its licensees and teams servicing New York. Broker has copies of these Standardized Operating Procedures available to the public upon request at Broker’s office location.
Prior to showing a purchaser a property, all NY Sales Associates are required to collect the following:
1) Identification from a prospective purchaser
2) Exclusive Brokerage Agreement/Exclusive Right to Represent Agreement signed by prospective purchaser
3) Pre-approval for a mortgage loan/proof of funds in order to show a purchaser properties