Macy Realty Inc.
Rebate Terms and Conditions*
1. Macy Realty Inc., otherwise known as MRI, agrees to pay the home buyer listed below a 1.5% rebate of the selling price of any builder new construction property or existing property (resale), in which Macy Realty Inc., acting as the sole buyer's agent in a transaction, earns a minimum commission of 3%. In any rebate scenario, MRI's commission will not be less than 1%. The buyer's rebate will not exceed 1.5% of the purchase price. The home buyer is only entitled to a 1.5% rebate. The maximum rebate pay out is capped at $15,000.
2. A Macy Realty Inc agent must accompany a buyer on their first visit for any new construction property/lot when the buyer registers with the builder. We CAN NOT give a rebate to a buyer if they have already registered with the builder and/or started working with a builder without a Macy Realty agent being at the registration.
3. Rebates are usually issued: 1). At the closing as a credit on the HUD-1 (if your lender allows) or 2). By business check, no more than 5 business days after closing.
4. The home buyer(s) must agree, in writing, that MRI. will act as their sole and exclusive buyer's agent in the purchase of real estate. All parties to the purchase transaction are collectively entitled to a single rebate for the property they are purchasing. Example: Jane, John and Mary Smith jointly sign a purchase contract for the property listed at 123 Main St. for $400,000 (existing property) and will receive only 1 rebate check in the amount of $5,000 to be divided among Jane, John and Mary Smith as they see fit.
5. The home buyer will complete an IRS Form W-9 and may be issued an IRS Form 1099. The buyer understands that taxes may or may not need to be paid by them on the rebate amount received. Please consult your accountant or tax advisor for the specifics concerning this matter.
6. All parties that have signed this rebate certificate agree that if no commission is paid to MRI., by the seller, this agreement becomes null and void and this rebate is thereby voided.
7. Prior to any showings and/or signing a sales contract, the buyer must provide Macy Realty Inc. with a Pre-Approval letter from their lender to include, their loan officer's name, phone number and email address. If the home buyer has not been Pre-approved by a lender, Macy Realty's Broker can pre-qualify the home buyer, which includes ordering a credit report for a $10 fee.
8. The buyer understands that MRI CAN NOT pay a rebate on any property that was previously shown to the buyer by an agent from another company.
9. Buyer(s) must agree to assist in the search for a property. Buyers are asked to preview a property prior to a MRI agent taking them out to physically view a property. Previewing a home may consist of viewing listing sheets, viewing internet virtual tours and/or photos, driving by to see the exterior of a property and/or attending an Open House. A buyer can search for properties via the Macy Realty Inc website at no charge.
10. Macy Realty Inc will only work with serious buyers. A MRI agent may choose to reduce the buyer's rebate by .05% for every home after 30 have been shown or may discontinue working with a customer once 35 properties have been shown. Upon Broker approval, a MRI agent may elect to waive this stipulation and continue to do showings with the buyer past the 35 property limit.
11. Buyers being referred to Macy Realty by another company are limited to a 1% Rebate.
12. Real estate cash back rebates, otherwise known as incentives, "are legal" in all states accept : Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, New Hampshire, New Jersey, New York, Oklahoma, Oregon and Tennessee
*This is a copy of the Buyer Rebate Terms and Conditions Agreement that will be given to the buyer(s) that must be signed by the buyer(s) and a Macy Realty Inc sales agent if the buyer is to receive a rebate.