As per New York State laws pertaining to fair housing, real estate brokers require to create and publish “Standardized Operating Procedures” (the “SOP”), so that prospective home buyers understand what will be required from them when working with a real estate broker.
The SOP Law requires a real estate broker to provide specific guidance to prospective homebuyers regarding three questions:
(1) whether prospective clients will be required to show identification,
(2) whether an exclusive broker agreement is required, and
(3) whether pre-approval for a mortgage loan is required.
The real estate broker is required to let homebuyers know whether or not they will require any of the above.
Exit All Seasons Realty office policy is as follows:
(1) we do not require identification from a prospective homebuyer,
(2) we do not require a homebuyer to sign an exclusive brokerage agreement, and
(3) we do require pre-approval for a mortgage loan in order to show homebuyers properties.
