STANDARDIZED OPERATING PROCEDURE FOR PURCHASERS OF REAL ESTATE PURSUANT TO REAL PROPERTY LAW §442-H
Pursuant to New York State law 442-H, ADCNY Realty Corp is required to publish its Standardized Operating Procedure that detail requirements that all prospective homebuyers (“Prospective Buyers”) must meet before they receive services from an ADCNY Realty Corp agent. ADCNY Real Estate Corp agents must implement these pre-services procedures uniformly with respect to any Prospective Buyer.
Prospective Buyer Identification. ADCNY Realty Corp does not require Prospective Buyers to provide identification to work with an ADCNY Realty Corp agent. However, Prospective Buyers may be required to show proof of identification to (i) attend an open house or showing at the direction of a homeowner or listing agent, or (ii) in any other circumstance as directed by a third party, including but not limited to, a seller or listing agent.
Buyer Representation Agreement. ADCNY Realty Corp does not require Prospective Buyers to sign an exclusive buyer representation agreement to work with an ADCNY Realty Corp agent, however, a prospective buyer and ADCNY Realty Corp agent may agree to utilize an exclusive buyer representation agreement.
Prospective Buyer Evidence of Pre-Approval. ADCNY Realty Corp does require Prospective Buyers to provide confirmation of a loan or mortgage pre-approval or proof of funds to work with an ADCNY Realty Corp agent; however, a third party, including a seller or listing agent, may not require proof of pre-approval or proof of funds, including but not limited to, prior to attending a showing or open house. Although Broker may not require such information, a seller of real estate may require this information prior to showing the property and/or as part of any purchase offer.
ADCNY Realty Corp 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. Broker has copies of these Standardized Operating Procedures available to the public upon request at Broker’s office location.