Buyer Rebate terms

 Offered by Richard Samko, REALTOR® with NorthGroup Real Estate LLC

Outline of the terms and conditions under which Richard Samko, REALTOR® (North Carolina Real Estate License #186953) with NorthGroup Real Estate LLC agrees to provide up to 1% rebate to the Buyer(s) upon the successful closing of a residential real estate purchase in the state of North Carolina in which Richard Samko is the Buyer’s real estate agent of record.

1. Rebate Offer

Broker agrees to provide Buyer(s) a rebate ("Rebate") up to one percent (1.0%) of the final net purchase price of the property successfully purchased, closed and funded by Buyer(s) during the term of the associated Exclusive Buyer Agency Agreement.

2. Eligibility and Conditions

The Broker's obligation to provide the Rebate is strictly contingent upon the fulfillment of all of the following conditions: a. Buyer(s) must have a valid and unexpired Exclusive Buyer Agency Agreement with Broker at the time of contract acceptance and at the time of closing. b. The real estate transaction must successfully close and fund, with title transferring to the Buyer(s). c. Broker must be paid and receive a total gross buyer-side commission of at least two and one-half percent (2.5%) of the final net purchase price from the seller, listing firm, or other cooperating broker. If the total commission received by Broker is less than 2.5%, the Rebate may be reduced or eliminated at the Broker's sole discretion. d. Buyer(s) warrant that their first substantive contact (including but not limited to inquiries, requests for information, or physical showings) regarding the property ultimately purchased was made by or through Broker. If a commission dispute arises due to a claim of "procuring cause" by another real estate licensee, this Rebate offer shall be null and void. e. The subject property must be a residential property (1-4 units). Transactions involving short sales, foreclosures, auctions, for-sale-by-owner (FSBO) properties or transaction where no cooperating commission is offered are not eligible for this Rebate.

3. Calculation and Payment of Rebate

a. The Rebate shall be calculated based on the "Final Net Purchase Price," which is defined as the final contract sales price less any monetary concessions or credits paid by the seller to the Buyer(s). b. The Rebate shall be paid exclusively at the time of closing and will be disbursed by the closing attorney. c. The Rebate will be documented as a credit to the Buyer(s) on the official ALTA Settlement Statement or Closing Disclosure (CD) form. d. Under no circumstances shall any portion of the Rebate be paid to the Buyer(s) outside of closing or in a manner not disclosed on the official settlement statement.

4. Lender Approval Contingency BUYER(S) ACKNOWLEDGE AND AGREE THAT THIS REBATE OFFER IS ENTIRELY CONTINGENT UPON THE APPROVAL OF THE BUYER'S MORTGAGE LENDER ("LENDER").

a. Buyer(s) are solely responsible for disclosing this Rebate agreement to their Lender at the time of loan application. b. Lender may have policies that limit or prohibit this Rebate. The Lender may reduce the amount of the Rebate to ensure the total credits received by the Buyer(s) do not exceed the sum of the Buyer's actual closing costs and prepaid expenses. c. In the event the Lender denies, prohibits, or reduces the Rebate amount for any reason, Buyer(s) agree to hold Broker harmless. The Lender's decision is final, and Broker shall have no obligation to pay any portion of the Rebate that is not approved by the Lender and documented on the final Closing Disclosure.

6. Buyer Acknowledgements and Responsibilities

Buyer(s) acknowledge, understand, and agree to the following: a. The Rebate cannot be applied toward the Buyer's minimum required down payment. b. Buyer(s) have been advised by Broker to seek independent legal and tax advice regarding this Rebate. Broker is not a qualified tax or legal professional and makes no representations regarding the tax or legal consequences of this Rebate. c. Per current IRS guidance (PLR 200721013), a commission rebate is generally treated as an adjustment to the property's purchase price and not as taxable income. Consequently, Broker will not issue a Form 1099-MISC to Buyer(s) for the Rebate amount. Buyer(s) should consult a tax professional to understand how this affects their property's cost basis. d. This Addendum constitutes the entire agreement between the parties concerning the Rebate and supersedes all prior discussions or negotiations.