Standardized Operating Procedures for Purchasers of Real Estate Pursuant to Real Property Law §442

Equity Standard is making these Standardized Operating Procedures available to the public. Hard copies of these Standardized Operating Procedures are available upon request.

Standardized Operating Procedures for Prospective Homebuyers in Order to Receive Services from Equity Standard Real Estate

THIS IS NOT A LEGAL DOCUMENT

Standard Operating Procedure

For the Pre-requisites Prospective Homebuyers

Purpose

The purpose of this Standard Operating Procedure is to ensure that all the steps involved in prospective homebuyers are followed with precision.

Scope

This document describes steps that need to be followed by the prospective homebuyer before closing the sale.

Responsibility

It is the responsibility of the head of ES to ensure that all the steps involved in the purchasing process are covered.

Procedure:

GATHER YOUR TEAM - Gather your team of professionals for your purchase. You will need an agent, an attorney and a mortgage broker or lender. Having the support and guidance of a team of professionals will make all the difference.

GET A PRE-APPROVAL LETTER - Obtaining a pre-approval letter is an easy, often cost-free service provided by your bank or mortgage brokers and essential to become a real contender for a property. If you don’t have a pre-approval letter, talk to your ES agent.

NEEDS AND WANTS LIST - Make a list of your criteria by order of importance. Our state-of-the –art proprietary database will provide you with a smart search, prioritizing your needs and wants and try to meet as many of your requirements as possible.

VIEWING PROPERTIES - Your ES agent will present an itinerary of available properties based on your criteria. He/she will accompany you to view your selections and help you analyze the pros and cons of each based on his/her expert knowledge.

Whether it is an exclusive property we represent or we are simply going to view someone else’s property we are going to require:

COVID Identification and proof of vaccine. (If Required)
Masks on inside (If Required)
A signed Disclosure of Buyer’s agent, Owner’s agent, or legal agent documentation.

MAKING AN OFFER - Once you have found the perfect property, your agent will submit a written offer. It will include your offer price, the name and contact information of your New York attorney, and financial and personal information. We will need a pre-approval document from a bank to make an offer. We will also need a completed REBNY Financial Form to submit an offer.

DEAL SHEET - After negotiations are complete and the seller accepts your offer, your ES agent will prepare and distribute a “deal sheet.”

CONTRACT OF SALE - Your attorney receives a contract drafted by the seller’s attorney. Once signed, it is sent back with a deposit check. When the seller signs, it will be “fully executed” and binding. This may take one to three weeks, depending on review and due diligence by the attorney.

MORTGAGE APPLICATION - This process may take 45 or more days to complete. It is important to contact your bank or mortgage broker immediately after signing your contract. Lenders will require a “fully executed” contract with your application.

PREPARATION OF THE BOARD PACKAGE - Your ES agent will assist you in the preparation of your co- op or condo Board package, craft the Board application, provide copies to the management company, and help with any other requirements.

BOARD INTERVIEW (THIS APPLIES GENERALLY TO CO-OP SALES ONLY) - You will be contacted for a scheduled interview with the Board of Directors. Notification of its decision will be given in 48 to 72 hours. Your attorney will coordinate the closing once the Board has given purchase approval.

THE WALK THROUGH - Your ES agent will accompany you to inspect the property prior to the closing of the sale. This inspection is important to verify all is working properly in the apartment and the seller has or is moving out as agreed.

THE CLOSING OF SALE - Closings are normally held at the office of the managing agent, with your attorney, the seller and the seller’s attorney, the lender’s attorney, and a representative of the management company’s transfer department in attendance.

All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. THIS IS NOT A LEGAL DOCUMENT