PLEASE READ ALL DISCLOSURES AT END OF LISTING. These are buyer rebate plans offered.
NJ LAW PROHIBITS REBATES UNLESS AGREEMENT SIGNED AT BEGINNING OF BROKERAGE RELATIONSHIP
Buyer Rebates Real Estate
NJ Buyer Commission Rebate Plans up to 60%
Our office is now offering to REBATE a portion of our collected real estate commission to the BUYER.
Buyer Rebates of Real Estate Commissions can be beneficial to the purchaser. It is a way for the purchaser to receive a rebate of a portion of the real estate brokers commission.
Here is an example of rebate amounts:
Max REBATE Plan up to 60% (reduced service)*
The amount of the rebate is determined based on the Commission Collected :
• $18,000+ Commission Collected Rebate to Buyer of 60%
• $12,000+ Commission Collected Rebate to Buyer of 50%
• $ 8,000+ Commission Collected Rebate to Buyer of 45%
• $ 5,000+ Commission Collected Rebate to Buyer of 30%
• less than $5,000 Commission Collected Rebate to Buyer of 20%
This is a limited service program and is defined in the Buyer Rebate Agreement. The buyer will be performing some functions typically handled by real estate agents as well as their own due diligence.
Example Rebate Amounts:
Commission $20,000 Rebate to the buyer of $12,000
Commission $15,000 Rebate to the buyer of $ 7,500
Commission $10,000 Rebate to the buyer of $ 4,500
30% REBATE Plan on Commissions
For this plan, the buyer is performing some functions in locating the property. They will typically be doing their own initial drive-by's , searching the MLS portions of web sites and require fewer "showing" days with their agent. Complete details on agreement. The minimum collected commission under this plan is $3,000
Sales Price Commission Rebate to Buyer
$500,000 3% $4,500
$350,000 2.5% $2,625
$250,000 3% $2,250
*Broker is acting as a “Transaction Broker” in this transaction (see attached info sheet). Buyer also understands & agrees that in consideration of the above rebate, Broker will be providing reduced services. The services provided include: preparing any offers, contracts of sale, obtaining & transmitting mortgage documents, presenting offers and counter-offers, providing guidance through the transaction via telephone, e-mail, fax etc., obtaining info through the MLS system etc., communicating with sellers Real estate agent all New Jersey minimum service requirements.
IMPORTANT: New Jersey Real Estate Commission rules REQUIRE there be a written agreement with the buyer at the onset of the relationship. Otherwise no rebate may be issued. So you must sign up for this initially or it will not apply. The rebate will be paid as a “credit” to the buyer at closing or a check from the closing agent, thereby reducing our portion of the Broker commission.
The Buyer must have purchased the home through our office. The Buyer will be obligated to pay any applicable taxes for the receipt of the rebate and should contact a tax professional concerning the tax implications of receiving the rebate. All parties to the transaction, including the mortgage lender, must be notified of the rebate. The rebate is not contingent on the Buyer using any services or products.
The Rebate amount is based only on commissions actually collected by 1-2-3 Realtors/Homeowners Concept. The calculation is based on the “Buyers side” portion of the commission, not on the “listing side”, if our office also happens to be the Listing Broker. Please see our Buyer Rebate Agreement for complete terms & other restrictions. May be withdrawn or modified at anytime.
For Details, Contact Robert Bornstein, Licensed Real Estate Broker 732-341-8840 ext 1
PLEASE ADVISE YOUR MORTGAGE LENDER ABOUT THE REBATE AS IT MAY AFFECT THEIR GUIDELINES
This page does not create an agreement between the parties, that can only be accomplished through a written signed agreement. This is for NJ Buyer Rebates on Real Estate Commissions. The "ACT" permitting this practice was signed into law on January 17th 2010 including Rebates on Real Estate Commissions. As the Act is new, changes to our plan may need to be implemented to conform as requirments are clariified. Any aspect of our Buyers Rebate program which does not meet applicable rules, will be changed or modified. We will not be liable to perform any act which does not now or in the future meet all requirments of NJ Law, NJ Real Estate Commission Rules, or Federal Law. In New Jersey all commissions are negotiable. No valid on existing customers since the law requires the agreement be signed at the onset of the relationship.
For Buyer Rebates and Discount Commission plans in North Jersey including Bergen, Hudson, Essex and Passaic County visit our Agent Jeffrey Estep's site : http://www.thousandsbackatclosing.com/