IT’S INNOVATIVE! The Commission Rebate Process

commission rebate columbia sc

The Commission Rebate Process Explained

 

June 2006 the South Carolina Legislature changed the law which now clarifies that real estate brokers may pay consumers a commission rebate as long as they DO NOT pay an unlicensed person to perform real estate services.

Future Buyers Need to Know

* HBS  recommends that all parties obtain legal counsel prior to any real estate transaction

*SC law requires all real estate licensees to have a written buyer agency contract when acting for the buyers

*HBS’ contract may not appeal to all real estate shoppers and is subject to conditions, limitations, and exclusions

*HBS  is NOT part of an National (cash) rebate network group that may mail a rebate check  10 days after closing

*HBS’ negotiable rebate provision is NOT based on any proposal requiring the buyer to list
their current home in order to receive a rebate on their next home purchase

*HBS does not list properties; we are a single agency for only buyers

*Proof of funds are needed if purchasing with cash at first in person meeting with HBS

*Be prepared for your mortgage loan officer interview

  HBS will email an application checklist for interview preparation upon request

 * Personal Funds for the required DOWN PAYMENT on the mortgage program recommended by their     lender must be noted

*Inquire with Lender about lender’s overlays on Interested Party Contributions (IPC)

Additional Information

                         

*Buyers must certify to HBS that they do not have a Buyer agency contract in effect with another real estate licensee

*If possible buyers must have already driven by the property and know the area they are considering for their next home

*Please ask about HBS’ Non-Refundable Retainer fee which is due and payable upon signing the contract, the  fee will be credited toward the specified compensation at your closing with HBS

 * If Buyer contact a Seller, another real estate licensee or view a property unaccompanied by HBS, Buyer will, at first opportunity, advise the seller or licensee that Buyer is represented exclusively by HBS or inform the person you are considering HBS and it may benefit you not to sign anything:

*HBS will need to review the Buyer’s Lender ‘s pre-qualification letter at first in person meeting and discuss HBS negotiable rebate provision. Buyers and Broker will review their Lender’s IPC  requirements, all terms of the mortgage programs, review copy of buyer’s tri-credit bureau report   on all parties applying for the mortgage (ask for a copy from your Lender)

*Once the buyer/HBS relationship has been established vis a signed contract, HBS will negotiate a “Contract of Sale” on the client’s behalf. Upon acceptance and finalization, the negotiable commission rebate provision  amount will also be furnish to the buyer’s lender

*Buyers must authorize their Lender and or their attorney (settlement agent) to furnish finial Loan Estimate (LE) and the final Closing Disclosure (CD) toHomeBuyer’s Services of America, Inc. within (7) seven days prior to the scheduled “Closing Date”