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Old 05-30-2007, 06:57 AM
 
13 posts, read 81,887 times
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Is it legal for a buyers agent to offer a rebate for buyers at closing? That rebate woud come out of the buyer agents split. Not looking to give my money away but looking into doing some lending again, double dipping, and offering a rebate if the loan is closed with me.
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Old 05-30-2007, 08:16 AM
 
Location: Las Vegas
13,841 posts, read 25,219,256 times
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Look up Zip Realty. I believe it is their practice to do just that and they say so up front.
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Old 05-30-2007, 07:06 PM
 
Location: Bloomington IN
6,490 posts, read 7,736,155 times
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Check your state laws. Several states prohibit rebates.
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Old 05-31-2007, 10:58 AM
 
Location: Central Florida
800 posts, read 2,806,824 times
Reputation: 305
Quote:
Originally Posted by Longacre View Post
Is it legal for a buyers agent to offer a rebate for buyers at closing? That rebate woud come out of the buyer agents split. Not looking to give my money away but looking into doing some lending again, double dipping, and offering a rebate if the loan is closed with me.
Rebates are illegal in Florida. Check with your State!
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Old 06-27-2007, 08:43 AM
kyp
 
1 posts, read 8,055 times
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Exclamation Clarification

Dee2e,

I'm afraid you are misinformed about Florida rules.

Under Florida Rule 61J2-10.028 of the Florida Real Estate Commission, the sharing of brokerage compensation by a licensee with a party to the real estate transaction with full disclosure to all interested parties is not considered a violation of Chapter 475, Part I, Florida Statutes.
(See https://www.flrules.org/gateway/Rule...ID=61J2-10.028)

The requirement is that all interested parties are informed (seller, seller's agent, and lender if using one)
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Old 05-17-2008, 03:42 PM
 
5,441 posts, read 4,853,140 times
Reputation: 1126
Quote:
Originally Posted by Longacre View Post
Is it legal for a buyers agent to offer a rebate for buyers at closing? That rebate woud come out of the buyer agents split. Not looking to give my money away but looking into doing some lending again, double dipping, and offering a rebate if the loan is closed with me.
Yes, and it should be disclosed to the lender if there is one. While the rebate is nice incentive, don't select an agent just for a certain rebate amount; look for an agent who is focused on getting the buyer a lower price and better terms than what the seller is offering. You can get an agent who is looking out for the buyer and offers a money-saving rebate too.
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Old 05-17-2008, 08:15 PM
 
Location: Hernando County, FL
8,488 posts, read 17,890,031 times
Reputation: 5397
Quote:
Originally Posted by kyp View Post
Dee2e,

I'm afraid you are misinformed about Florida rules.

Under Florida Rule 61J2-10.028 of the Florida Real Estate Commission, the sharing of brokerage compensation by a licensee with a party to the real estate transaction with full disclosure to all interested parties is not considered a violation of Chapter 475, Part I, Florida Statutes.
(See https://www.flrules.org/gateway/Rule...ID=61J2-10.028)

The requirement is that all interested parties are informed (seller, seller's agent, and lender if using one)
You are misreading this.

This relates to the split on the commission.

It is illegal for a licensee to pay an unlicensed person any sum of money for the referral of real estate business or for performing any real estate service.

This is in Florida, other states differ.

If you read the full section you will see they are refering to licencees.

61J2-10.028 Kickbacks or Rebates.
(1) Any real estate licensee who receives, or makes any arrangement or agreement to receive, directly or indirectly, any kickback or rebate, for the placement of, or favor in, any business transaction which forms a part of, or is incident to, any transaction(s) negotiated or handled by said licensee, is a violation of Section 475.25(1)(b) or (d), Florida Statutes, or both of said subsections of the Florida Statutes, unless prior to the time of the placement of, or favor in, said business transaction, the licensee shall have fully advised the principal if any and all affected parties in the transaction(s), which the licensee is handling, of all facts pertaining to the arrangement of kickbacks or rebates.
(2) The sharing of brokerage compensation by a licensee with a party to the real estate transaction with full disclosure to all interested parties is not considered a violation of Chapter 475, Part I, Florida Statutes.
Specific Authority 475.05 FS. Law Implemented 475.25(1)(b), (d) FS. History–New 1-1-80, Formerly 21V-10.28, Amended 6-28-93, Formerly 21V-10.028, Amended 12-30-97.
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Old 05-17-2008, 10:36 PM
 
Location: Championsgate, Fl
986 posts, read 3,197,347 times
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Im a realtor here in Orlando Florida, and my company offers a 25% rebate to our buyers. It is not illegal in Florida
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Old 05-17-2008, 11:24 PM
 
Location: Hernando County, FL
8,488 posts, read 17,890,031 times
Reputation: 5397
Quote:
Originally Posted by cfIfan View Post
Im a realtor here in Orlando Florida, and my company offers a 25% rebate to our buyers. It is not illegal in Florida
Are you giving up that 25% towards the purchase price or giving them cash at closing?
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Old 05-18-2008, 05:34 AM
 
25,780 posts, read 38,999,165 times
Reputation: 13782
Quote:
Originally Posted by cfIfan View Post
Im a realtor here in Orlando Florida, and my company offers a 25% rebate to our buyers. It is not illegal in Florida
Does your company charge anything if people end their lsiting (let it expire) or aren't closing?
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