When an offer is accepted and we understand the rebate amount, we let the Closing Attorney and Lender know how much it will be. It is settled at closing and will show up on the Settlement Statement as a Broker Credit to the Buyer. This credit usually decreases the closing costs or downpayment and lessens the amount of money needed at closing.
Please note that the rebate must be communicated to the Lender. Some lenders have restrictions on what credits are allowed, and there needs to be ample time to account for this. The rebate is also subject to a $3,500 net commission minimum and is directly tied to the number of homes toured. More details can be found here.
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