LOVE FIRST REALTY New York’s Standardized Operating Procedures for Purchasers of Real Estate Pursuant to Real Property Law §442-H
Pursuant to New York State Real Property Law §442-H, LOVE FIRST REALTY New York is making these Standardized Operating Procedures available to the public. These Standard Operating Procedures detail prerequisites that all prospective homebuyers (“Prospective Buyers”) must meet before they receive services from a LOVE FIRST REALTY New York agent.
Hard copies of these Standardized Operating Procedures are available upon request at our office location.
For a printable copy of this SOP downlaod it here.
Standardized Operating Procedures for Prospective Homebuyers in Order to Receive Services from LOVE FIRST REALTY New York:
- PROSPECTIVE BUYER IDENTIFICATION. We do not require identification from a prospective purchaser. There is no general requirement to provide photo identification in order to work with LOVE FIRST REALTY New York. However, prior to entry to our LOVE FIRST REALTY New York office, customers may be required to present photo identification for security or similar purposes. Additionally, in some cases, individual property owners, certain sponsor/ developer-clients or managing agents, or certain listing brokers may require photo identification prior to a showing or to work with them, and we will communicate this information to buyers when such a situation arises.
- EXCLUSIVE BROKER AGREEMENT / BUYER REPRESENTATION AGREEMENT. We do not require Prospective Buyers to sign an Exclusive Buyer Representation Agreement or Exclusive Broker Agreement. An exclusive Buyer Representation Agreement is not required to work with LOVE FIRST REALTY New York; however, (a) any licensee may work with a prospective homebuyer under an exclusive broker representation agreement as mutually agreed upon by licensee and client.
- PRE-APPROVAL FOR MORTGAGE. We do not require a pre-approval for a mortgage loan in order to show a purchaser properties. A pre-approval for a mortgage loan is not required to work with LOVE FIRST REALTY New York. However, in certain instances, a licensee may recommend prospective buyers obtain a pre-approval for the purposes that (a) individual property owners, certain developers, and certain listing brokers may require one. (b) In certain circumstances a third party, such as sellers or listing brokers, may require proof of pre-approval prior to attending a showing or open house or receiving an offer from the Prospective Buyer. In the event this is the case, the LOVE FIRST REALTY licensee will inform buyer of this instance(s).