About us
YOUR NY PROPERTY is a grassroots team of real estate professionals with over 15 years of experience. We don't just buy /sell real estate, we care about the communities we serve and are dedicated to making every real estate transaction help a member of our communities. That's why for every home that we sell, we'll donate a portion of proceeds to a charity/ cause of our client's choice. Our team consists of agents, attorneys, mortgage brokers, and property managers. Let us provide all the resources you need from the beginning to the end of your next real estate transaction.
Investing in Real Estate is one of the best investments anyone can make. We're here to help you through the process and help you attain your goals. - Your NY Props LLC.
Standard Operating Procedure (SOP): Client Engagement and Requirements Purpose: This Standard Operating Procedure (SOP) outlines the requirements and procedures for engaging with prospective clients, including identification verification, broker agreements, and pre-approval documentation. These guidelines ensure compliance, professionalism, and a streamlined process for both buyers and sellers.
1. Identification Verification
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Before any formal engagement with prospective clients (buyers or sellers), the following steps shall be taken to verify their identity:
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Procedure:
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All prospective clients must present a valid government-issued photo identification (e.g., driver's license, passport).
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Identification must be checked for authenticity and validity by the agent.
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Copies of the identification will be securely stored in compliance with privacy regulations.
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Rationale:
Verifying identification helps maintain a secure and professional environment, ensuring that all parties involved in the transaction are legitimate.
3. Mortgage Pre-Approval for Buyers
All prospective buyers are required to obtain pre-approval for a mortgage loan before scheduling property tours.
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Procedure:
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Buyers must submit a mortgage pre-approval letter from a recognized financial institution.
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The pre-approval letter must be current and reflective of the buyer's financial capacity to purchase a property.
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A copy of the pre-approval letter will be kept on file to facilitate the property viewing process.
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Rationale:
Pre-approval ensures that buyers are financially qualified, allowing for a more efficient home-buying process and reducing the likelihood of unsuccessful transactions.
2. Exclusive Broker Agreement
An exclusive broker agreement is required for both buyers and sellers. This agreement ensures that the broker represents the client exclusively throughout the transaction process.
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Procedure:
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Before any services are rendered, the broker must provide the client with an Exclusive Broker Agreement.
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The client must review, understand, and sign the agreement, confirming their intent to work exclusively with the broker.
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The signed agreement must be filed and retained for the duration of the client-broker relationship.
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Rationale:
This agreement protects the interests of both the client and the broker, ensuring a committed partnership and clarity of representation.
4. Buyer's Agency Agreement
A Buyer’s Agency Agreement is required for all buyers before touring any properties. This agreement formalizes the relationship between the buyer and the agent.
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Procedure:
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Prior to any property tours, the agent will present the Buyer’s Agency Agreement to the buyer.
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The buyer must review and sign the agreement, indicating their commitment to work with the agent.
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The signed agreement will be retained in the buyer’s file for future reference.
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Rationale:
This agreement ensures that both the buyer and the agent are clear about their roles, responsibilities, and expectations, providing a structured framework for the property search process.
Compliance:
All agents and brokers are required to adhere to this SOP. Any deviations or non-compliance may result in disciplinary action in accordance with company policies.
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Review and Updates:
This SOP is subject to periodic review and updates to reflect changes in company policy or regulatory requirements.
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