Buyer Agent Commission Rebate NYC

Save Money with a NYC Buyer Agent Commission Rebate

NYC Home Buyers Save 1%

Home buyers can save 1% on the purchase price of a property by working with a Hauseit affiliated buyer’s agent and taking advantage of a NYC buyer agent commission rebate.

The typical buyer agent commission rebate in NYC of 1% off your purchase price equals an extra $15,000 in your pocket simply for buying an average NYC home through a Hauseit affiliated NYC buyer’s agent.

Request your NYC buyer agent commission rebate today

Sign up for your buyers’ agent commission rebate and we will contact you in 24 hours or less to begin the process.

Get a 1% cash back rebate at closing when you buy a NYC property through a Hauseit affiliated buyer's agent. Save money with a buyer agent commission rebate.

Why work with a Buyer's Agent?

The single most important reason for using a buyer’s agent to represent you on your home purchase is to secure a NYC buyer agent commission rebate so you can receive cash at closing.

Working with a buyer’s agent also offers you the benefit of professional representation to help you navigate through the listing search, offer submission, deal negotiation, board application and overall purchase process to ensure that you have the best chance of securing that highly sought after property.

Request your NYC buyer agent commission rebate today

Sign up for your NYC buyers’ agent commission rebate and we will contact you to begin the process

Buyer Agent Commission Rebate NYC FAQ:

How do I sign-up for my NYC buyer agent commission rebate?

To request your NYC buyer agent rebate, please contact us as soon as possible. You will be introduced to an affiliated buyer’s agent who will confirm the details of your commission rebate, offer advice on your home search and also explain in detail the steps for earning your buyer agent commission rebate.

There is absolutely no cost to NYC home buyers for working with a Hauseit affiliated buyer’s agent and requesting a NYC commission rebate. All commissions, including the percentage offered to a buyer’s agent, are paid by the seller and almost always contractually pre-negotiated with the listing agent from day one of placing the property on the market.

Is it too late to earn my commission rebate if I’ve already started my NYC property search?

In almost all cases, it’s never too late to contact us and request your NYC buyer’s agent commission rebate. If you are an unrepresented buyer, you always have the right to decide whether or not you’d like to be represented by a professional buyer’s agent when pursuing a property.

With that said, if you’ve already submitted an offer on a property either as an unrepresented buyer or with another buyer’s agent, it’s too late for you to request a commission rebate through us on that particular property.

If you are already working with a buyer’s agent, we are unable to assist you and offer a NYC commission rebate unless you decided to discontinue working with your current buyer’s agent.

Am I required to sign any agreement or pay anything upfront to work with a Hauseit affiliated buyer’s agent and earn my NYC commission rebate?

Generally speaking you will not be required to sign any agreement which obligates you to work with our affiliated buyer’s agent throughout your entire home search. As you prepare to submit an offer however, you should expect your buyer’s agent to confirm with you in writing the percentage commission rebate which he/she is willing to offer you on the deal. Keep in mind that the particular arrangement is subject to negotiation between yourself and your buyer’s agent.

Should I tell the seller and/or listing agent that I’m going to earn a buyer agent commission rebate?

While buyer agent commission rebates are completely legal and actually encouraged by the New York Attorney General, it’s never recommended to reveal the fact that you are receiving a rebate to the listing agent or seller. Although it is not permitted to discriminate against brokers who share their commissions with their clients, it is never recommended to draw attention to yourself because it could just complicate the process.

Can I still search for a property on my own and qualify for the buyer agent commission rebate?

Home buyers who’d like to earn the commission rebate but prefer to search for and view homes on his/her own are more than welcome to do so.

But in order to ensure you qualify for the rebate, please be sure to direct all questions and showing requests for properties through your buyer’s agent so that he/she may ask the listing agent on your behalf.

When attending open houses on your own, you must sign in and identify that you are represented by your buyer’s agent on the sign-in sheet so it’s documented.

Are buyer’s agent commission rebates in New York City legal?

Yes, NYC broker commission rebates are completely legal. Buyer’s agent commission rebates are permitted in 40 states including the State of New York. It is fully permitted by law in New York City both for an agent to offer and for a buyer to accept a commission rebate in conjunction with the purchase of residential real estate.

Ten states currently have laws that ban rebates. Nine states have a full ban on broker rebates: Alabama, Alaska, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon, and Tennessee. In addition, Iowa prohibits rebates when the consumers use the services of two or more real estate brokers during a transaction.

Please consult your attorney to ensure that commission rebates are legal your area before engaging in any such arrangement. This article is not a substitute for legal advice.

Attorney General Eric T. Schneiderman recently issued an open letter urging participants in the New York residential real estate market to take advantage of a recent change to the State’s Real Property Law confirming that real estate agents may rebate a portion of their commissions to clients. The New York Attorney General released a letter to the New York Real Estate community urging them to take advantage of rebate commission opportunities to increase price competition and benefit consumers. A full copy of the letter may be read below:

Dear participant in New York’s real estate industry:

I am writing to alert you to a recent change in New York State’s Real Property Law that was strongly supported by my office. This law has the potential to breathe new life into competition in the residential real estate brokerage industry, to the benefit of all New Yorkers. I urge you take advantage of this law and help reinvigorate price competition among real estate brokers in New York.

In December, a statute was signed into law amending Section 442 of the New York Real Property Law to make it completely clear that it is lawful for a broker to pass through, or “rebate,” part of his or her commission to the client. This legislation arose out of an investigation by my office into competition in the residential real estate brokerage industry. My office worked together with the New York Department of State, the New York State Association of Realtors, and others in the industry to initiate the clarifying legislation.

As you know, for most residential real estate sales in New York State, including New York City, the seller’s broker is usually compensated by receiving a contractually set commission from the seller. The buyer’s broker, however, is not typically paid by the buyer; he or she instead receives a fraction (often half) of the seller’s broker’s commission. Due to this payment structure, often the best way for a buyer’s broker to compete on price is to offer to rebate part of his or her commission to the buyer. Such buyer rebates are legal in most states, including New York. But until recently, some people in the industry may have read Section 442 to suggest that this type of rebating was not permitted in New York. As of December’s legislative fix, there is no room for debate: commission rebating in New York State is legal.

Such rebating is also procompetitive and good for consumers. One reason my office helped initiate this legislative change was because we were concerned that confusion over the legality of rebating may be hindering efforts of real estate brokers to employ more innovative, consumer-friendly business models. For example, the widespread use of sophisticated real-estate search websites now allows buyer-side brokers to offer more limited-service, lower-fee models, under which clients do more of their own legwork when searching for properties. Brokers adopting such models can offer lower commissions (by rebating) and, in principle, may also be able to serve a larger number of clients.

I encourage all real estate brokers and salespersons in New York to consider enhancing the choices available to real estate buyers by offering lower commissions (by means of rebates) to some or all of your clients. I also emphasize that my office will investigate any allegations of boycotting or discrimination against brokers engaged in rebating or other lawful discounting practices. Finally, I urge consumers and other buyers of real estate in New York to take note of your right to bargain with your broker for a lower commission.

For the text of Section 442 highlighting the recent amendment, and additional information about competition in the real estate industry in New York, see my office’s Antitrust Bureau webpage at here.

Sincerely,
Eric T. Schneiderman
Attorney General
State of New York

What types of properties qualify for a buyer agent commission rebate in NYC?

Whether you are looking for an existing condo, coop or townhouse or new construction all together, you qualify for a NYC buyer agent commission rebate in virtually all instances. Just contact us to get started so that you can be sure to take the correct steps and quality for the commission rebate.

Request your NYC buyer agent commission rebate today

Sign up for your NYC buyers’ agent commission rebate and we will contact you to begin the process

Disclaimer: Please note that the specific amount of your home buyer discount (commission rebate) is subject to negotiation between yourself and the affiliated agent we assign to you. It could be higher or lower than 1% of the purchase price.