Rebate Disclaimer
Our full 1.5% New Home and 1.5% Resale Home Rebates are for homes purchased.
If the seller/listing agent offers less than the customary 3% buyer side commission, the rebate will be reduced by the same amount.
If you are financing your home purchase, your Rebate is subject to your lender’s approval. Lenders allow rebates up to the amount of closing costs and/or up to a FHLMC/FNMA loan program cap. If your lender disallows part of the rebate, my hands are tied – the rebate must be reduced. Most of the time, however, you can avoid any reduction simply by planning ahead. Your lender can tell you more about their rules regarding rebates.
New Homes Rebates are calculated as a percentage of the same price point that the builder uses to calculate the commission. In some cases, builders calculate commission off a “Base Price” excluding upgrades, lot premium, etc. If a Builder applies all or part of the rebate toward reducing the price, this can also reduce the commissionable price.
Bones that are given by the Seller or Listing Broker are not considered commission for this program.
For resale purchases wherein the seller is a corporate relocation company, the rebate will be 0.30% lower than tiers above (there is typically 3-4x more paperwork required).
If Terra Point Realty, LLC must pay a referral fee to a referring company or agent, the rebate will be proportionally reduced by that percentage.
Payment of a rebate is subject to the consent of the party the license holder represents in the transaction. This rule doesn’t really apply to exclusive buyer’s agents, but we include it to comply with TREC rules. (The rule exists to protect consumers from listing agents who might be tempted to use a secret rebate to induce an unrepresented buyer to allow them to grab most of the commission for both sides.)
Customer must sign an exclusive buyer’s agent agreement.
For buyer’s using financing, the rebate is first applied to pay some or all your closing costs and pre-paid. If there’s money left over it usually gets taken off of the sales price (we’d love to give cash back to the buyer after closing but most lenders won’t allow it)