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Standard Operating Procedures

STANDARD OPERATING PROCEDURES 2022

VEL REALTY GROUP
Standard Operating Procedures

 

VEL REALTY GROUP Standardized Operating Procedures for Purchasers of Real Estate
Pursuant to Real Property Law ยง442-H

 

VEL REALTY GROUP is making these Standardized Operating Procedures available to the
public. Hard copies of these Standardized Operating Procedures are available upon request at our
office location.

 

All VEL REALTY GROUP agents are required by State Law to uniformly apply their
Brokerage’s Standard Operating Procedure (SOP) when qualifying Buyers/ Renters.

 

The VEL REALTY GROUP SOPs are as follows:

1. Prospective Client’s IDs: There is no general requirement to provide photo identification in
order to work with VEL REALTY GROUP. However, prior to entry to our VEL REALTY
GROUP office, customers may be required to present photo identification for security or similar
purposes. Also, individual property owners, certain sponsor/ developer-clients or managing
agents, or certain listing brokers may require photo identification prior to a showing or to work
with them, and we will communicate this information to buyers when such a situation arises.

 

2. Exclusive Broker Agreement: An exclusive Buyer Representation Agreement is not required to
work with VEL REALTY GROUP, however, nothing prevents any licensee from working with a
prospective homebuyer under an Exclusive Buyer Representation Agreement for the mutual
purpose of exclusivity.

 

3. Pre-Approval / Proof of Funds: A pre-approval for a mortgage loan is not required to work
with VEL REALTY GROUP per se, however, nothing prevents a licensee from recommending
the prospective homebuyer obtain a pre-approval but may not require it. individual property
owners, certain sponsor/developer clients, or certain listing brokers may require one and if so, we
will communicate such information to prospective home buyers when such situations arise.

 

*Property owners are nonetheless free to set their own qualifying criteria so long as such criteria
is established in advance of soliciting buyers/renters, is applied uniformly and objectively to all
buyers/renters and is nondiscriminatory. Further, such criteria may only be directed by a property
owner if such owner directs their criteria in writing, inclusive of the date of such direction.*