Buyer Information

Important Information regarding the Exclusive Buyer Rebate Program:

 
1. For homes with a final sale price of $100,000 or more, the Home Buyer Rebate is one percent (1%) of the purchase price at the close of escrow/settlement.  Occasionally, the seller and/or listing Broker in a transaction will offer the Broker representing the Buyer a bonus or other additional incentive over and above the Cooperating Brokerage Commission. Any such bonuses or other additional incentives are separate and apart from the Cooperating Brokerage Commission actually received by Metro Realty, Inc. Buyer is not entitled to a Rebate on any bonus or other additional incentive monies paid to Metro Realty, Inc. over and above the Cooperating Broker Commission. 

2. In order for our company to receive the Buyer-Agent Commission, the Illinois Realtor Association rules state we must be the first "point-of-contact" for each property you are considering (known as "Procuring Cause"). This means that you cannot call the Listing Broker directly to talk with them about the property, then call us later and say that you want to buy the property with us as your Buyer-Agent. If you did call the Listing Broker directly, then that Listing Broker would be entitled to the entire listing commission. You would not receive any commission refund from that Listing Broker. Metro Realty, Inc.  must have on file a signed Home Buyer Rebate Program Agreement. This agreement allows us to receive the Buyer-Agent commission in your transaction, as long as we were the first "point-of-contact".  Our Buyer-Clients must identify themselves as being represented by Metro Realty, Inc. at any open houses they attend without a Metro Realty, Inc. Buyer’s Agent. We cannot represent you if you have already viewed a property or if you  have signed an Exclusive Buyer’s Agency Agreement with another broker. In order for you to receive the Rebate, it must be clear that Metro Realty, Inc. is representing you in the transaction. 

3. The Home Buyer Rebate is available to Buyers who close escrow/proceed to final settlement with Metro Realty, Inc. acting as their sole and exclusive Buyer’s agent in the purchase of real estate. No Rebate will be issued if the property was viewed with another agent prior to Metro Realty, Inc.

4. The Home Buyer Rebate is only available on homes purchased within the State of Illinois.  

5. The Rebate will be paid or credited to the party or parties named as the "Buyer(s)" or "Borrower(s)" on the HUD-1 Closing Statement or equivalent official closing statement.

6. The Buyer will be required to sign an IRS form documenting the Rebate.  Buyer will be responsible for any applicable taxes on the Rebate.  Buyer must complete a W-9.  Buyer will be sent a 1099-Misc at the end of the year.  This Agreement and the W-9 must be completed, signed and returned before any Rebate will be issued.

7. If there is an agent from another company making claim to the commission, the issuance of the Rebate will be delayed until the claim is resolved. The Rebate will be reduced by the amount of the claim paid to the other company (if applicable).

8. Properties listed by Metro Realty, Inc. are excluded from the Rebate program.  Metro Realty, Inc. does not work in a dual agency capacity. We do not represent the buyer and the seller in the same transaction.

9. The Home Buyer Rebate check will be issued within three business days of closing date excluding weekends and holidays.

10. Because of the generous rebate, we limit participation in the program to serious buyers only. Only Buyers planning on purchasing within 120 days will be considered for this exclusive Buyer Rebate Program.  The Rebate is limited to a maximum of ten (10) property showings.  If property showings exceed ten (10) properties, then buyer will be excluded from receiving the Rebate.

11. If a referral fee is paid by Metro Realty, Inc. to get Buyers business, the Rebate is reduced by the amount of that referral fee, if applicable.

12. For new construction properties, Metro Realty, Inc. must register the Buyer with the builder on the first visit. No Rebate is paid unless registration is completed properly.

13. The Home Buyer Rebate Program is subject to conditions, limitations, exclusions, modifications, and/or discontinuation without notice. A signature transmitted by email or telefax shall be deemed to have the same effect as an original signature.

 

 

 **Properties listed by Metro Realty, Inc. are excluded from the Buyer Rebate Program. Metro Realty, Inc. does not work in a dual agency capacity. We do not represent the buyer and the seller in the same transaction. Read all terms and conditions of this offer. Properties purchased must be equal to or greater than a total purchase price of $100,000 to qualify for the Rebate.

 

Questions: Call us at (630) 299-5000