Buyer Agent Commission Rebate
Florida Real Estate 24/7, LLC offers a percentage (20) of their commission on real estate with a final purchase price of $100,000 and above to its home-buyers at a successful closing towards closing or within 21 days after a successful closing in form of a check..
The following is an example based on a $400,000 purchase price
and a cooperating broker commission in the amount of
a) 3% | b) 2.5% | c) 2% | d) 1.5%
Based on 3.00% cooperating broker commission the buyer(s) rebate is $2,400
$400,000 x 3% x 20% = $2,400
Based on 2.50% cooperating broker commission the buyer(s) rebate is $2,000
$400,000 x 2.5% x 20% = $2,000
Based on 2.00% cooperating broker commission the buyer(s) rebate is $1,600
$400,000 x 2% x 20% = $1,600
Based on 1.5% cooperating broker commission the buyer(s) rebate is $1,200
$400,000 x 1.5% x 20% = $1,200
1. How does it work?
Florida Real Estate 24/7, LLC offers a rebate to buyers, who use Florida Real Estate 24/7, LLC in the purchase of real estate. The rebate is available only to buyers, who complete a purchase transaction with Florida Real Estate 24/7, LLC, acting as their sole and exclusive agent in a real estate purchase. For homes with a final sales price of $100,000.00 or more and minimum of 1.5% (usually it is 2.5% or 3%) to the cooperating broker, the rebate is twenty percent (20%) of the cooperating broker commission actually received by Florida Real Estate 24/7, LLC at the close of escrow/settlement for representing/assisting the buyer net of any allowances or other deductions by Florida Real Estate 24/7, LLC related to the transactions. The amount of cooperating broker commission received will vary on individual properties.
Occasionally, the seller and/or listing broker in a transaction will offer the broker representing/assisting the buyer a bonus or other additional incentive over and above the cooperating brokerage commission. Any such boni or other additional incentives are separate and apart from the cooperating brokerage commission actually received by Florida Real Estate 24/7, LLC and buyer is not entitled to a rebate on any bonus or other additional incentive monies paid to Florida Real Estate 24/7, LLC over and above the cooperative broker commission. For homes with a final sales price of $99,999.99 or less, Florida Real Estate 24/7, LLC will not pay a rebate. If a rebate is paid the rebate will be paid or credited to the party or parties named as the “buyer(s)” or “borrower(s)” on the HUD-1 Closing Statement or equivalent official closing statement. All buyers must sign a Rebate Agreement before any rebate will be issued. This rebate program is only available where permitted under state and federal law and when not otherwise prohibited by the buyer’s lender(s). There may be tax consequences to the rebate. If you need legal or tax advice, you should consult with the appropriate professional. Offer subject to conditions, limitations, exclusions, modifications, and/or discontinuation without notice. The rebate is based on the net amount of commission Florida Real Estate 24/7 gets paid from a transaction.
2. Why does Florida Real Estate 247 offer a rebate?
Florida Real Estate 24/7, LLC believes that “The Customer Comes First.” Accordingly, Florida Real Estate 247 has decided to offer a rebate to buyers that complete a purchase transaction using Florida Real Estate 24/7. The rebate was designed to benefit the Consumer, and is Florida Real Estate 24/7’s way of saying “thank you” for choosing our company. We know you have a choice of real estate brokerages and we appreciate your business. Also, we recognize that purchasing a home is a very expensive endeavor, and we know that every dollar counts.
3. What’s the catch?
Simply purchase a property at $100,000 or above by using one of our qualified and in this program participating real estate agents, and you are eligible for the rebate as described above. You must visit the home and submit the offer using one of our participating agents.
4. Is it legal?
Yes. Disclosed rebates to a principal in a transaction (the buyer or seller) are legal and in fact further public policy by helping reduce closing costs that consumers pay. Florida Real Estate 24/7’s rebate is disclosed – throughout its website (www.FloridaRealEstate247.com), in marketing materials and in written disclosure statements such as this and is only offered to its customers, who are principals in a real estate transaction. We, at Florida Real Estate 24/7 LLC, comply with all local, state and federal laws, and are committed to providing excellent customer service by acting in a professional, ethical manner.
For additional information regarding rebates please visit:
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5. How can you offer a rebate when other brokers cannot or do not?
As stated, we offer a rebate because it benefits the consumer. Through efficient business practices, modern technology Florida Real Estate 24/7, LLC is able to lower the costs of its services for its clients.
Times have changed in real estate. Today’s technology does simplify the whole process. More and more buyers using the modern technology to their advantage and research properties they like before viewing them. Most buyers are already well prepared and did their homework. In many cases they have already homes selected they want to view before they get in touch with an agent. With all the technology available the whole process of buying or selling a home is less time consuming and much more cost effective.
As for why other brokers do not offer a rebate, we do not know the answer to that question.
6. How do I qualify for the rebate?
It’s simple. Work with a Florida Real Estate 24/7, LLC Agent, who participates in the program, to schedule visits, preview homes, write and submit offers, and complete the purchase transaction. By using your Florida Real Estate 24/7, LLC agent, you are eligible for the rebate.
7. When do I get the rebate?
If you choose to have your rebate applied towards closing costs, the credit is received at closing and is listed on the HUD-1 or equivalent official closing statement. If you choose to receive the rebate after close of escrow, Florida Real Estate 24/7, LLC will issue the rebate approximately within twenty-one (21) days after closing. Your check will come in the mail to the address you specify.
8. I found already a home I like? Do I still get the rebate?
Just get in touch with us. We will show you the home and provide you with any additional information we have. If you contact the listing agent, listing office or you go to an open house – including new construction – just let them know that you are already working with an agent. At open houses or new home constructions they have a sign-in list. Make sure you add our name on the list when you register/sign-in. Or do not sign in at all and just let them know that you will come back with your agent.
9. Will the rebate limit the service you normally provide?
Absolutely not. We will guide you through the whole process.
- answer any question(s) you may have to our best knowledge
- create property searches based on information you provide
- email your listings that match your search criteria (daily, weekly, bi-weekly, monthly or as soon as they come availble – you decide)
- schedule appointments & show you the properties you like
- provide you with recently sold homes within the same area
- prepare all the documents / paperwork to submit offer/contract
- monitor timelines
- provide you with names regarding inspections and set it up for you.
- be present at inspection
- provide you with contact information of different lenders if needed
You will also be able to search our website for homes you like, save searches & properties.
10. Is a buyer agent commission rebate taxed?
According to the IRS, regarding Form 1099-MISC, no they’re not. Technically, a commission (aka cash) rebate is a price adjustment and subsequently not the buyer’s taxable income. Subtract the total rebate from the base price of the home; this is the best way to approach the situation. You’ll want to double check with your accountant though, since situations are rarely universal.