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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.

 

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