Buyer Agent Commission Rebate Agreement
This agreement (“Agreement”) is made on the first date below by and between:
[Brokerage Name] with a mailing address of [Brokerage Address] (hereinafter “Buyer’s Agent”), and ________________________________ (hereinafter “Buyer”).
1. Rebate Incentive
a. As a condition of representing Buyer on the purchase of residential property in New York City, Buyer’s Agent agrees to provide Buyer with a buyer’s agent commission rebate in the amount of 33% of the brokerage commission paid to the Buyer’s Agent in conjunction with Buyer’s purchase of a property.
b. The rebate amount will be based off of the commission amount actually paid to the Buyer’s Agent in conjunction with the representation of Buyer.
c. Buyer will receive a regular check for the rebate amount on the day of closing in person or within 10 business days by mail. Buyer agrees not to cash this check until the full commission amount paid to the Buyer’s Agent clears its bank (usually 2-5 business days).
d. Buyer will be notified by Buyer’s Agent at the time the Buyer will be able to cash the rebate check.
a. The agreement will remain in effect unless cancelled by either party with written notice.
3. Legal, Professional & Technical Advice
a. Buyer acknowledges that Buyer’s Agent is not qualified to and will not provide Buyer with advice on legal matters, tax and accounting matters in regards to the rebate offered herein.
EXECUTED by the parties the day and year first above written.