Standardized Operating Procedure For Purchasers Of Real Estate Pursuant To Real Property Law §442-h

Pursuant to New York State law, PREX Realty Corp.  is required to publish its Standard Operating Procedures and make such procedures available on any and all publicly available websites and mobile device application maintained by the Broker and any of its licensees. These procedures outline prerequisites that all prospective homebuyers (“Prospective Buyers”) must meet before they receive services from a PREX Realty Corp. agent.

Prospective Buyers should be aware that all PREX Realty Corp. agents must follow these outlined procedures uniformly with respect to any Prospective Buyer:

• Identification. PREX Realty Corp. does not require Prospective Buyers to provide an identification to work with a PREX Realty Corp. agent. Prospective Buyers may be required to show proof of identification to (a) enter certain PREX Realty Corp. offices, if required by the building’s security and/or management, (b) attend an open house or showing at the direction of a homeowner or listing agent, or (c) in any other circumstance as directed by a third party, including but not limited to, a seller or listing agent.
• Exclusive Buyer Agreement. PREX Realty Corp. does not require Prospective Buyers to sign an exclusive buyer representation agreement to work with a PREX Realty Corp. agent. A prospective buyer and PREX Realty Corp. agent may agree to utilize an exclusive buyer representation agreement if mutually acceptable to both agent and Prospective Buyer.
• Evidence of Pre-Approval. PREX Realty Corp. does not require Prospective Buyers to provide confirmation of a loan or mortgage pre-approval / pre-qualification to work with a PREX Realty Corp. agent. A third party, including a seller or listing agent, may require proof of pre-approval, including but not limited to, prior to attending a showing or open house or receiving an offer from the Prospective Buyer.