THE 50% BUYER REBATE
WHAT IS IT?
As an active buyer client of Green Door Realty, when you close a transaction with us you will recieve a rebate equivalent to 50% of the buyer's side of the commission.
HOW DOES THE COMMISSION REBATE WORK?
Real estate commissions are typically between 4% and 5% of the purchae price. Ordinarily the seller's broke will split the commission with the buyer's broker becuase the buyer's broker produced a buyer who was ready, willing, and able to buy the marketed property. Green Door Realty then splits their commission with the buyer. A buyer can therefore expect to recieve a rebate of between 1% and 1.25% of the purchase price after closing. Please note that the commission amount is negotiated between the seller and the seller's broker, we have no cotrol over what the full buyer's broker commission will be.
HOW CAN GREEN DOOR REALTY GIVE SUCH A LARGE REBATE?
We at Green Door Realty recognize that real estate sales has changed. Most home buyers conduct their real estate searches online in the comfort of their own home. Likewise, documents are signed electronically. The need for expensive office space has completely disappeared. Without such overhead we are able to pass the significant savings on to you.
WHEN CAN I EXPECT THE REBATE?
The seller's broker typically holds the buyer's deposit in escrow for the purpose of paying the broker commission after closing. It typically takes a week for Green Door Realty to receive the commission and process the rebate. Therefore you can expect to receive the rebate within seven days of the closing.
ARE REBATES LEGAL IN MASSACHUSETTS?
Yes rebates are completely legal in Massachusetts. You are not doing anything wrong by accepting a rebate.
DO I NEED TO DISCLOSE THE REBATE?
Even though the rebate is typically paid outside of closing, it should be disclosed to your mortgage company. The closing attoney will decide whether to add the rebate to the closing documents.
ARE REBATES TAXABLE?
No, the rebate should not be taxed. Although it is paid outside of the closing, it is still considered a reduction in the purchase price, and therefore, not taxalbe income.
HOW DO I GET THE REBATE?
To receive the rebate you would need to be an active client with Green Door Realty and close a transaction with us. Please don't ask us to write an offer for a property you toured with a different broker. If you are working with another broker or agent and would like to give us a try, please first offically end your relationship with that broker.