Home Buying in Bronx>Question Details

mas27, Home Buyer in Florida

I heard that I can get a buyers rebate in new york. Is this legal? I am looking to buy a two bedroom coop or condo either in riverdale or Manhattan.

Asked by mas27, Florida Tue Aug 7, 2012

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4
The question I have is are you really asking about a rebate or are you asking about a sellers concession. Both are legal. I think there are some brokers who will offer a rebate, but they themselves might be breaking the law in the process. A broker must be very careful when offering a rebate unless they offer the same type of rebate to everyone who buys a home throughout the entire company. Failure to do so could be construed as discrimination on several different levels. There are some agents who are newer to the business and may offer a rebate in an effort to drum up business. As far as a sellers concession, it is legal, but must be part of the original offer to purchase.
Don Mituzas
1 vote Thank Flag Link Mon Oct 1, 2012
Buyers rebates are legal in New York and many other states they are not the same as a concession. They must be allowed by your financing. I also can give a rebate if you ask me about it at the beginning of our interaction and we reach an agreement. The rebate is paid at closing and must be recorded.
Please check out my blog for more information Below is a link to the DOJ about rebates.
Jolie Muss Licensed Real Estate Broker & Brokerage
331 Columbus Avenue (By Appointment Only)
New York, NY 10023
212 721-3301
broker@joliemuss.com
0 votes Thank Flag Link Mon Oct 1, 2012
Yes, it is legal. Thanks to changes in New York State law, real estate brokers may offer commission rebates to buyers.

We are a real estate agency that offers a commission rebate of 1% of the purchase price. For example, a $500,000 property will return to you $5,000 at closing.

If you are not currently working with a broker and are interested in this commission rebate opportunity, feel free to contact Belinda at (212) 340-1134.
0 votes Thank Flag Link Fri Aug 17, 2012
Belinda what firm do you belong to? There is no license or contact information listed on your profile?
Flag Mon Oct 1, 2012
If you are referring to a sellers concession, it is legal. The question is whether the bank will allow it. Banks usually have a cap on how much they will allow for a sellers concession. Check with your mortgage professional, as well as your attorney.
0 votes Thank Flag Link Tue Aug 7, 2012
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