Q Is it legal for real estate agents to give homebuyers or home sellers credits, refunds or rebates?
A. The answer in Florida is yes. Florida Law and federal law allows real estate agents and lenders to give a homebuyer and home seller credits, refunds and rebates. All rebates, refunds or credits must be fully disclosed to all parties in the transaction
Q Is the rebate I receive taxable income, do I get a 1099 for the funds I receive?
A. Our research team says no, however we strongly recommend you consult with your financial or tax advisor about bout how these homebuyer or home seller credits, refunds or rebates may affect your financially.. .
Q How much will my credit, refund or rebate be at closing?
A. That depends on how much of the real estate fee is paid to your real estate agent at closing. We agree to pay a minimum of 20% to a maximum of 30% of the buyer side gross commission received by Thank You Realty LLC. This applies to any transaction where the commission to Thank You Realty is 2.5% or greater (See our commission fee agreement for a full disclosure of terms and conditions of our offer).
Q Can I use the Commission credit, refund or rebate program towards my closing costs and or prepaid expenses?
A. Absolutely. As long as there are no lender restriction we are happy work with any lender to help you lower your closing cost and prepaid expense. We strongly recommend you use of one of our recommended lenders as they know our paid to buy program and can smoothly handle each of our transactions.
Q What if I already have a Real Estate Agent?
A. We are happy you found a licensed Realtor to work with to help you find a home. We definitely don’t want to rock the boat or interfere with your current positive relationship. Unfortunately, our paid to buy rebate program is only for homebuyers that are working with one of our paid to buy team members working with Thank You Realty LLC. However, if you are unhappy with your current agent feel free to give us a call.