Standard Operating Procedure for Buyers of Real Estate
At House of Kathy, one of our four core values is "Ethics." In the interest of transparency, we have standardized our operating procedures for working with real estate clients.
IDENTIFICATION
House of Kathy does not have a company policy requiring its Sales Agents, Associate Brokers, or any member of staff to obtain identification or proof of U.S. citizenship from Buyers or Sellers prior to showing property or entering into an agreement to purchase or list property.
When identification is required for a specific transaction, service, offer, contract, lender requirement, or other legitimate business purpose, the applicable documentation may be requested.
PREQUALIFICATION AND PROOF OF INCOME
House of Kathy does not have a company-wide policy requiring its Sales Agents or Associate Brokers to obtain a mortgage pre-qualification, mortgage pre-approval, proof of funds, or proof of income from every prospective Buyer prior to showing a property available for sale.
However, prospective purchasers may be asked to provide documentation demonstrating their financial ability to purchase a property when reasonably required by a Seller, lender, property-specific requirement, transaction requirement, or other legitimate business purpose.
Such documentation may include, but is not limited to:
- Mortgage pre-qualification or pre-approval;
- Proof of available funds;
- Bank or financial account statements;
- Pay stubs or other employment income documentation;
- Tax returns or other documentation of self-employment income;
- Documentation of other lawful income or financial resources; or
- Other reasonable documentation requested for the purpose of establishing the prospective Buyer's ability to complete the proposed transaction.
Any request for proof of income or financial qualification must be applied consistently and for a legitimate business purpose. House of Kathy and its associated licensees shall not discriminate against a prospective Buyer based upon a lawful source of income. Lawful sources of income must be evaluated consistently and without discrimination.
It should be noted that Sellers of real property may establish reasonable financial qualification requirements or request evidence that a prospective Buyer has the financial ability to complete a purchase. A lender may also require financial documentation as part of the mortgage approval process.
Prospective purchasers are encouraged to contact a lender prior to enlisting the services of a licensed real estate agent so that they are in the strongest position to present an offer acceptable to a Seller should they identify a property for which they would like to present an offer.
EXCLUSIVE BUYER CONTRACTS
House of Kathy does not require that a prospective Buyer of Real Estate enter into an Exclusive Right to Represent Buyer contract prior to showing a property available for sale.
As independent contractors, Sales Agents and Associate Brokers may explain the benefits of working under such an agreement and, as such, we provide them with a contract should they choose to present it to their customers for their consideration.
NEW YORK STATE REQUIRED DISCLOSURES
New York State Law requires real estate licensees who are acting as agents of Buyers or Sellers of property to advise the potential Buyers or Sellers with whom they work of the nature of their agency relationship and the rights and obligations it creates.
As such, it is also the policy of House of Kathy that all licensees present all Buyers, Sellers, Landlords, and Tenants with the NEW YORK STATE DISCLOSURE FORM, furnished by the Department of State, FOR BUYER AND SELLER and/or LANDLORD AND TENANT, upon first substantive contact.
Pursuant to New York State Law, all licensees associated with House of Kathy are required to provide to a prospective purchaser, tenant, seller, or landlord, upon first substantive contact, a disclosure notice furnished by the Department of State containing substantive provisions of the New York State Human Rights Law.
This notice may be provided by email, text, electronic messaging system, facsimile, or hard copy. An electronic communication containing a link to the required disclosure notice shall be permissible, provided the communication also contains text informing the prospective purchaser, tenant, seller, or landlord that the link contains information regarding the New York State Human Rights Law.
Oral disclosure does not satisfy the requirements of either the Law or of House of Kathy.
Standard Operating Procedure for Sellers of Real Estate
At House of Kathy, one of our four core values is "Ethics." In the interest of transparency, we have standardized our operating procedures for working with real estate clients.
IDENTIFICATION
House of Kathy does not have a company policy requiring its Sales Agents, Associate Brokers, or any member of staff to obtain identification or proof of U.S. citizenship from Buyers or Sellers prior to showing property or entering into an agreement to purchase or list property.
When identification is required for a specific transaction, service, offer, contract, lender requirement, or other legitimate business purpose, the applicable documentation may be requested.
PREQUALIFICATION AND PROOF OF INCOME
House of Kathy does not have a company-wide policy requiring its Sales Agents or Associate Brokers to obtain a mortgage pre-qualification, mortgage pre-approval, proof of funds, or proof of income from every prospective Buyer prior to showing a property available for sale.
However, prospective purchasers may be asked to provide documentation demonstrating their financial ability to purchase a property when reasonably required by a Seller, lender, property-specific requirement, transaction requirement, or other legitimate business purpose.
Such documentation may include, but is not limited to:
- Mortgage pre-qualification or pre-approval;
- Proof of available funds;
- Bank or financial account statements;
- Pay stubs or other employment income documentation;
- Tax returns or other documentation of self-employment income;
- Documentation of other lawful income or financial resources; or
- Other reasonable documentation requested for the purpose of establishing the prospective Buyer's ability to complete the proposed transaction.
Any request for proof of income or financial qualification must be applied consistently and for a legitimate business purpose. House of Kathy and its associated licensees shall not discriminate against a prospective Buyer based upon a lawful source of income. Lawful sources of income must be evaluated consistently and without discrimination.
It should be noted that Sellers of real property may establish reasonable financial qualification requirements or request evidence that a prospective Buyer has the financial ability to complete a purchase. A lender may also require financial documentation as part of the mortgage approval process.
Prospective purchasers are encouraged to contact a lender prior to enlisting the services of a licensed real estate agent so that they are in the strongest position to present an offer acceptable to a Seller should they identify a property for which they would like to present an offer.
EXCLUSIVE BUYER CONTRACTS
House of Kathy does not require that a prospective Buyer of Real Estate enter into an Exclusive Right to Represent Buyer contract prior to showing a property available for sale.
As independent contractors, Sales Agents and Associate Brokers may explain the benefits of working under such an agreement and, as such, we provide them with a contract should they choose to present it to their customers for their consideration.
NEW YORK STATE REQUIRED DISCLOSURES
New York State Law requires real estate licensees who are acting as agents of Buyers or Sellers of property to advise the potential Buyers or Sellers with whom they work of the nature of their agency relationship and the rights and obligations it creates.
As such, it is also the policy of House of Kathy that all licensees present all Buyers, Sellers, Landlords, and Tenants with the NEW YORK STATE DISCLOSURE FORM, furnished by the Department of State, FOR BUYER AND SELLER and/or LANDLORD AND TENANT, upon first substantive contact.
Pursuant to New York State Law, all licensees associated with House of Kathy are required to provide to a prospective purchaser, tenant, seller, or landlord, upon first substantive contact, a disclosure notice furnished by the Department of State containing substantive provisions of the New York State Human Rights Law.
This notice may be provided by email, text, electronic messaging system, facsimile, or hard copy. An electronic communication containing a link to the required disclosure notice shall be permissible, provided the communication also contains text informing the prospective purchaser, tenant, seller, or landlord that the link contains information regarding the New York State Human Rights Law.
Oral disclosure does not satisfy the requirements of either the Law or of House of Kathy.