Standardized Operating Procedures ForPurchasers of Real Estate Pursuant to Real Property Law- 442-H
All SUMMIT REALTY GROUP OF NYagents are required by State Law to uniformly apply their Brokerage’s Standard Operating Procedure (SOP) when qualifying Buyers/Renters.
The Summit Realty Group of NY SOPs are as follows:
1.Prospective Client’s IDs: Buyer(s)/Renter(s) who are unaccompanied by their agent must provide their identification before entering a property or making an offer; when accompanied, the accompanying agent must either show their identification or that of theirclient(s)/customer(s).
2. Exclusive Broker Agreement: No exclusive brokerage agreements are required for buyer(s)/renter(s) to work with our agents, but they should nonetheless be solicited.
3. Pre-Approval/Proof of Funds: Proof of funds (excluding source of income), including mortgage pre-approval when an offer includes financing, is required before making an offer to purchase/rent. Property owners are nonetheless free to set their own qualifying criteria so long as such criteria is established in advance of soliciting buyers/renters, is applied uniformly and objectively to all buyers/renters and is non-discriminatory. Further, such criteria may only be directed by a property owner if such owner directs their criteria in writing, inclusive of the date of such direction.