I am interested to find out how buyer rebates work.
I bought a new home and my agent say he will
rebates me 50% of his comission.
Question.The builder says company policy is I will have to deal that with my agent because this rebates matter cannot to be included in the sales contract special provision due to his company polivy.Can I ask the title company to cut my agent comision and pay to me at closing?
Any idea how this can be done or any other way?
You probably can trust the agent to do as he says. It’s pretty common for RE agents to do this, and to pay referral fees for new business. There is a RE company in N. Virginia (name unrecalled) that advertises 2% buyer commission & 1% rebate on new house purchases. Asking the title company to process the rebate, with agent consent, is probably the easiest way.
Congrats on your new house
The title company says they cannot do unless the lender agrres,so need to ask lender.
A freind of mine says maybe the agent could pays me the rebates by using form 1099?
Any experience on this commission rebates to buyer?
Hopefully you trust the agent you’re dealing with. Just get the agent to put it in writing (rebate agreement signed by the agent’s broker outlining the terms and w/in how many days they’ll mail the check to you after closing) and handle it outside of closing.
After it closes and funds, and the broker receives their commission check, they’ll happily send you the money.
Technically, it should be disclosed to the lender as an “interested party” contribution to the transaction. However, I wouldn’t mess with it.
Get flexible, take some risk, and get your money.