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599 CHENIER WA
MLS ID: 8858514 BED - 4 BATH
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Buyer Questions & Answers

Below you'll find a list of commonly asked questions related to our buyer rebate services. Can't find an answer to your question? Feel free to contact us.

 

General Questions

 

 

Why should I use Equity One to buy real estate?

Equity One offers the benefits of a traditional real estate agent. What makes us different is our generosity. We pay you up to 1.00% of the selling price within 10 days of closing when you engage us to help you purchase real estate.

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What is a commission rebate?

A commission rebate involves the payment of a portion of the selling price of real estate back to the buyer. The payment comes from the commission paid to the selling brokerage (representing the buyer), by the listing brokerage (representing the seller).

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How does it work?

When Equity One acts as your agent in the purchase of real estate, we earn the first 1.5% of the commission we collect when we acquire real estate for you, and give you the balance of the commission - typically 1.00%.

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Is there any fine print?

No. You'll know exactly how much you will receive prior to the submission of the offer.

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I've been told it is free to use an agent when buying real estate. Is this true?

We're afraid not. There is always a penalty to a buyer when purchasing real estate listed with a brokerage. Upwards of 5% of the purchase price is paid in commissions, meaning the price includes a commission that the buyer and seller could negotiate if no brokerages were involved in the sale. In a typical transaction, up to 2.5% is paid to the brokerage representing the buyer, money which comes directly from the price paid by the buyer.

 

For those adamant that REALTOR® services are free to buyers, we won't argue. That just makes our buyer services better than free

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But doesn't the seller pay the commission?

Yes, out of the purchase price paid by the buyer. The buyer is actually paying the commission through an inflated selling price, despite the fact that the seller signs the commission cheque. We simply give a portion of the commission paid by the buyer back to the buyer in the form of a rebate.

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This seems to good to be true. You must sacrifice service to offer rebates?

Consider this. Some traditional real estate brokerages take up to 50% of the commission earned by their agents, many of whom deliver exceptional service to their clients. Our position is simply to reward the buyer with the portion of the commission that would have otherwise been paid to the brokerage. And we do it while delivering the same exceptional service you would come to expect from a large national brokerage.

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Is this legal?

It sure is. The Real Estate and Business Brokers Act (REBBA 2002) permits real estate brokerages to rebate commissions to anyone that is a party to a trade in real estate. As a buyer, you are a party to a real estate transaction, and qualify for a rebate. Payments to third parties who are not involved in the transaction, referred to as bird-dog fees or kickbacks, are illegal.

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Will you take me to see homes?

Yes. We make it easy for you to find potential properties by sending you real-time e-mails of new listings as they are published on the MLS® System which meet your requirements. Once you see something you'd like to visit, we'll book the tour and take you to see it.

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Can you help me get financed?

Yes. We'll help you determine what you can afford by putting you in touch with a mortgage specialist. A mortgage specialist will see that you get the best rate at terms agreeable to you.

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Can you help me purchase a private sale?

Yes, assuming the sellers are offering at least 1.50% commission.

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How long does it take to get my rebate cheque?

You should receive your rebate cheque within 10 days after funds have been received from the listing brokerage.

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Do I have to pay tax on the rebate?

Generally, no. After all, we are simply rebating a portion of the money you've spent to acquire the property. But we would advise you to speak with an accountant regarding any tax implications arising from the rebate.

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