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Rebate Info -
The Fine Print
Rebate is available only to buyers
who close escrow/proceed to final settlement with OCMAX
acting as their sole and exclusive agent in the purchase of
real estate. The rebate amount is determined by both the
home's final price and the percentage of the cooperating
commission offered by its seller that is paid to OCMAX at
the close of the transaction.
The rebate schedule below is based on a 3% cooperating
commission actually received by OCMAX at the close of
escrow/settlement for representing the buyer net of any
allowances or other deductions by OCMAX related to the
transaction.
| Home
Final Price |
Standard Rebate |
| $200,000
to $299,999.99 |
$1,000. |
| $300,000
to $399,999.99 |
$1,500. |
| $400,000
to $499,999.99 |
$2,000. |
|
$500,000 to $599,999.99 |
$2,500. |
| $600,000
to $699,999.99 |
$3,000. |
| $700,000
to $799,999.99 |
$3,500. |
| $800,000
to $899,999.99 |
$4,000. |
| $900,000
to $999,999.99 |
$4,500. |
|
$1,000,000-$1,199,999.99 |
$5,000. |
|
$1,200,000-$1,399,999.99 |
$6,000. |
|
$1,400,000-$1,599,999.99 |
$7,000. |
|
$1,600,000-$1,799,999.99 |
$8,000. |
|
$1,800,000-$1,999,999.99 |
$9,000. |
| Price
Over $2,000,000 |
$10,000. |
For homes with a final sales price
of $199,999.99 or less, OCMAX will not pay a rebate.
Please note that the amount of the cooperating commission
received will vary on individual properties. If the listing
broker offers lower cooperating commission than 3%, the
rebate will adjust as well. For example, if a house sells
for $500,000, OCMAX offers a rebate of $2,500 based on 3%
cooperating commission (as seen in the above table).
However, if OCMAX only gets 2.5% cooperating commission, the
rebate will be reduced to $2,082.50 to reflect the lower
commissions received for the transaction. In order to
receive a rebate, the minimum cooperating commission must be
greater than 1.49%. The table below shows rebate
calculations at different cooperating commission levels.
Cooperating
Commissions |
Rebate
Calculation |
Example Rebate for
$500,000 House Price |
| 3% or
More |
1.00 X
Standard Rebate |
$2,500.00 |
|
2.75%-2.99% |
0.917 X
Standard Rebate |
$2,292.50 |
|
2.5%-2.74% |
0.833 X
Standard Rebate |
$2,082.50 |
|
2.25%-2.49% |
0.75 X Standard Rebate |
$1,875.00 |
| 2%-2.24% |
0.667 X
Standard Rebate |
$1,667.50. |
|
1.75%-1.99% |
0.583 X
Standard Rebate |
$1,457.50 |
|
1.5%-1.74% |
0.5 X
Standard Rebate |
$1,250.00 |
| 0%-1.49% |
0.00 X
Standard Rebate |
No
Rebate |
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 OCMAX and buyer is not entitled to a rebate on
any bonus or other additional incentive monies paid to OCMAX
over and above the cooperative broker commission.
Some transactions are excluded from the rebate program
including but not limited to short sales, new construction
where the builder prohibits rebates, and transactions where
the lender prohibits rebates. If you're using an FHA or VA
loan, your lender's requirements may not allow you to
receive a check from us for the portion of your rebate
amount not applied to closing costs. Be sure to ask them
about their policy in advance so you'll know how your rebate
can be allocated.
If a rebate is paid, the rebate will be paid or credited to
the party or parties named as the "buyer" or "borrower"
on the HUD-1 Closing Statement or equivalent official
closing statement. This rebate program is only available
where offered by OCMAX, permitted under state and federal
law and when not otherwise prohibited by the buyer's
lender. There may be tax consequences to the rebate. If
you need legal or tax advice, you should consult with the
appropriate professional. |
