Question: Are real estate agents allowed to give a buyer rebate in South Carolina?
Answer: The answer is yes. Many states allow buyer rebates between the buyer of a home and their real estate agent. It is critical to have a buyer rebate agreement prior to signing a buyer agency agreement.
Question: How much of a rebate to I get?
Answer: Your rebate is based on the earned real estate commission of your agent. Commissions are based on the sales price of your purchase and will have to be calculated at that time.
-New Home Price = $300,000
-Earned Commission = $9,000
-25% Commission Rebate = $2,250
-You would receive a rebate check of $2,250 within two weeks after your closing. *written agreement required*
Question: Do I have to sign a buyers agreement with the new home specialist?
Answer: If you are buying a new home and want to receive a buyer rebate after closing, you must have a written buyers agreement with that agent. This is to protect you by having the buyer rebate terms in writing.
Question: What if I want to use my own agent?
Answer: If you already have an agent and have a buyers agreement with them then you are too far along in the buying process to take advantage of this rebate. The rebate is coming from the earned commission of your new home specialist. They have to be your agent for you to receive the rebate.
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Provided courtesy of The Coastal Carolinas Association of REALTORS®. Information Deemed Reliable but Not Guaranteed. Copyright 2017 of the Coastal Carolinas Association of REALTORS® MLS. All rights reserved. Information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.