are buyer rebate companies legal in ohio as long as its stated in the purchase contract?

Asked by Ann, Ohio Wed Sep 19, 2007

If so how do you word it? Does the Seller give the money to the buyer or does the Broker give to the buyer thats stated in the purchase contract?

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Brent Gillman, , Cincinnati, OH
Mon May 5, 2008
The Ohio Division of Real Estate has answered this question by saying that the rebate/inducement (which are legal now) have to be stated in the purchase contract. We also use a seperate rebate disclosure that the State of Kentucky has started using.
0 votes
Don Bush Team, , Columbus, OH
Sat Dec 22, 2007
Consult your Broker or an Attorney.
0 votes
Chuck Patter…, Agent, Columbus, OH
Sat Oct 20, 2007
As for my understanding, in Ohio the seller can credit to the buyer at closing funds for specific reasons such as carpet allowance, paint, etc. as long as it is fully disclosed to all parties. To simply give money to a buyer is an inducement and that will get you into trouble.
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