BTB Realty’s Commission Refund (the “BTB Refund”) is paid to BTB’s Clients (“Buyer”) at or after the close of escrow on the Buyer’s purchase of any New Build or New Construction (Builder) Home. The BTB Refund is paid to the Buyer from the proceeds of any “Broker Commission” paid by a Builder or Seller to BTB Realty at the close of escrow. The term Broker Commission shall include and refer to any and all compensation paid by a Home Builder or Seller to BTB as a Licensed California Real Estate Broker, including anything referred to by a Builder or Seller as a Co-Broker Fee, Broker Cooperation or Referral Fee.
The amount of the BTB Refund is not guaranteed and the Buyer may receive less than $3,000.00 from BTB at or after the close of escrow if: (i) the total Broker Commission received by BTB at the Close of Escrow is less than $6,000.00 (hereinafter referred to as the “Minimum Broker Commission”) then the BTB Refund shall be subject to the adjustments set forth below in Table A; or (ii) if BTB is prohibited from distributing to the Buyer all or any part of the $3,000.00 by the Buyer’s Mortgage Lender (the “Lender”).
The BTB Refund shall be paid to the Buyer solely from the proceeds of the Broker Commission and BTB shall not be liable to the Buyer for any refund amount, nor any losses or damages resulting from the loss of the BTB Refund, in the event a Builder or Seller fails or refuses to pay the Broker Commission to BTB Realty for any reason except intentional fraud or gross negligence on the part of BTB Realty. If the Broker Commission is reduced by the Builder or the Lender at any time and the total commission paid to BTB falls below the Minimum Broker Commission, the BTB Refund shall be adjusted in accordance with Table A below.
When financing is involved, Lender approval is required for commission refunds. In some circumstances buyer’s lender may not allow buyer to receive a refund and BTB cannot guarantee that all lenders will allow 100% distribution of the BTB Refund. As a result, BTB strongly recommends that buyers discuss with their lenders, in advance, the anticipated receipt of the BTB Refund. Unless agreed to in writing by BTB, BTB will only issue a refund to the person(s) and/or entity listed as the Buyer/Transferee on the recorded deed which transfers ownership of the subject real property at the closing of a transaction, regardless of whether such person(s) and/or entity are the buyer.
The BTB Refund must generally be applied first to cover any Buyer Closing Costs due and payable at the close of escrow and, subject to the limitations set forth above, the balance of the BTB Refund can be paid to the Buyer at or after closing.
If the total Broker Commission (as defined above) received by BTB at the Close of the Buyer’s Escrow is equal to or greater than $6,000 the Buyer shall receive a BTB Refund in the amount of $3,000. If the total Broker Commission received by BTB is less than $6,000 the BTB Refund shall be paid according to the following Schedule:
|TOTAL BROKER COMMISSION||BTB REFUND TO BUYER|
|$5,500 to $5,999||= $2,500|
|$5,000 to $5,499||= $2,000|
|$4,500 to $4,999||= $1,500|
|$4,000 to $4,499||= $1,000|
|$3,500 to $3,999||= $500|