Standardized Operating Procedures for Purchasers or Renters of Real Estate Pursuant to Real Property Law §442-H
All National Real Estate agents are required by State Law to uniformly apply their Brokerage’s Standard Operating Procedure (SOP) when qualifying Buyers / Renters. The National Real Estate SOPs are as follows:
1. Prospective Client’s IDs: Buyer(s)/Renter(s) are not required to provide identification to work with a National Real Estate agent. However, buyer(s) / renter(s) may be required to show identification to enter a National Real Estate office if required by the building’s security, attend an open house or showing at the direction of a homeowner, listing agent, or in any other circumstance as directed by a third party, including but not limited to, a seller, landlord, listing agent, sponsor / developer, managing agent, or building security.
2. Exclusive Broker Agreement: No exclusive brokerage agreements are required for buyer(s) / renter(s) to work with National Real Estate.
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 or rent.
Property owners are nonetheless free to set their own qualifying criteria so long as such criteria is established in advance of soliciting buyer(s) / renter(s), 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.
Hard copies of these Standardized Operating Procedures are available upon request at a National Real Estate office location in NYS.
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Licensed Real Estate Broker - Sandeep Sikka