Terms and Conditions
The commission fee is broken into to two components, the Logik Realty Listing Commission, and the Cooperating Broker’s Buyer Agent Commission Fee. The Cooperating Broker’s Buyer Agent Fee is not included in Logik Realty Listing Fee. Sellers typically offer the Cooperating Broker a 2.5% to 3% Buyer’s Agent Commission to Buyer agents to encourage these agents to show the seller’s property to prospective buyers. This commission is in addition to the Logik Realty Listing fee.
Logik Realty offers to rebate the buyer up to 1% of the final purchase price of the home, subject to receipt of Cooperating Buyer Broker Commission from the Listing Broker and Lender Mortgage policy. The Final Refund amount will vary based on final purchase price and commission rate offered by seller which is typically 2.5% to 3% of the Final Purchase Price.
Lender approval may be required. Some lenders may not allow a Buyer Rebate, or depending on the contract, concessions, or other terms, mortgage product and/or financing terms, some lenders may not allow Buyer to receive the full refund from Logik Realty. We strongly advise buyers to talk with their lender in advance about their anticipated Buyer’s Refund to understand the Lender restriction to receive a Buyer Refund and how it may or may not be applied to your Purchase.
To be eligible for the Refund, buyer must use Logik Realty as their Buyer Broker. If the transaction does not close or if we, Logik Realty, do not receive compensation as the Cooperating Buyer Broker, no Buyer Refund will be due.
Note the Refund is subject to a minimum net commission of $5,000 to Logik Realty after taking in to account the Buyer Refund which may include any Listing Broker, title, or MLS fee charges passed on to Logik Realty as the Buyer Broker will be deducted from the gross commission before calculating the Buyer Rebate.
The actual value of the Refund calculated is on a tiered basis determined by number of home showings that you schedule with an Agent of Logik Realty. After the first ten showings, the rebate will decrease from 1% to 0.5% of the final purchase price.