Earn When You Buy
As you search for your new home you can earn money toward your closing costs -- up to a total of 1% of the sale price. What would you do with an extra 1% saved on a new home? Vacation? New furniture?
HOW IT WORKS
1. You hire the Lakes Area Living Team as your buyer agents to help successfully guide you through the home purchase journey. A buyer broker agreement is signed prior to your first tour, which is a requirement all Realtors must follow.
2. We discuss the details that are most important in your new home, and we work together to locate the best potential matches for you.
3. As you tour homes, the number of properties you tour before successfully closing on the purchase of your new home will directly determine what level of closing cost rebate/savings you are eligible for. As shown above, the tiers indicate the number of tours per tier of savings.
4. When making an offer on a new home, you work to negotiate what level of compensation you are requesting the seller or listing brokerage pay your buyer brokerage. By way of example, if you toured 4 homes before having your offer accepted, and you negotiated that the seller/listing broker cover the full 3% buyer broker fee, then you would received 1% of the purchase price as a credit on your closing statement; saving you money at the closing table.
Notes
- * The amounts listed as rebates or savings above are based on a buyer agency agreement being signed with a broker compensation amount of 3% of the purchase price. In some instances, sellers or listing brokers may be offering compensation to a buyer's broker, or you can negotiate this as a term of your purchase agreement; any amount being paid by the seller or listing broker will be credited toward the 3% buyer broker compensation. If the seller/listing broker-paid commission offered is less than 3%, the difference shall be deducted from the amount in the Purchaser's corresponding tier. Alternatively, Purchase may elect to make their purchase contingent upon a minimum 3% cooperating commission in order to receive the full amounts outlined in the tiers above.
- a. Examples if less than 3% is offered to buyer broker:
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- If the seller or listing agent is offering to compensate a buyer's brokerage 2.5%, and you've toured 6 homes, per the tier outline above, your 1% savings would cover the balance of the amount due to the buyer broker at closing (0.5%), and you would receive the remaining 0.5% as a credit on your closing statement.
- If the seller or listing agent is offering to compensate a buyer's brokerage 2.5%, and you've toured 10 homes, per the tier outline above, your 0.5% savings would cover the balance of the amount due to the buyer broker at closing.
- If the seller or listing agent is offering to compensate a buyer's brokerage 2%, and you've toured 8 homes, per the tier outline above, the 0.75% savings would reduce the balance of the amount due to the buyer broker to 0.25% of the purchase price.
- In the event any amounts listed contradict or are limited by special lending or mortgage requirements as part of a program the buyer has opted to use to finance their purchase, it is agreed that the maximum amount allowed per purchaser's lender's rules shall be contributed instead, not to exceed the total amount applicable from the corresponding tier. In some instances, special mortgage programs have requirements as to the amount of contributions a buyer may receive toward their purchase costs.
- Eligibility for any tier also includes a social media recommendation post on Facebook or Instagram, and specifically mention the Lakes Area Living Team as having helped with your purchase (tag our account or provide our contact information). This post shall not be removed, unless removal is requested by the Lakes Area Living Team.
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