“NDR Buyer” means a Registered User who has provided search criteria and has entered into a Non-Exclusive Buyer Commission Rebate-Concession Agreement (“Buyer Agreement”) with The Edry Team/NewDevRev.com’s (“NDR”) Licensed Real Estate brokerage: Keller Williams New York City (“the Broker”). For the purposes of this agreement a New Development purchase (“New Development”) is defined as the purchase of a Sponsor-owned apartment that has never been sold. In NYC real estate, a listing being labeled “sponsor unit” means the apartment is on the market for the first time.
The NewDevRev.com “Giveback Giveaway” Buyer Rebate-Concession (“NDR Rebate”) is provided by the Broker, with the following terms and eligibility requirements:
- NDR Buyer acknowledges they have not entered into any exclusive or non-exclusive buyer representation agreements that are currently in effect. NDR/The Edry Team must be the sole buyer’s agent on this transaction.
- NDR Buyer must enter into a Buyer Agreement with the Broker.
- Broker agrees to provide the NDR Buyer with a rebate of a portion of the brokerage fee that the Broker is to be paid.
- NDR Buyer Rebate amount will be equal to a portion of the brokerage fee received by the Broker in conjunction with the NDR Buyer’s purchase of a property, as follows: On any purchase with a contract price of $1 million ($1,000,000) and higher, the NDR Buyer will receive a $25,000 commission rebate at closing. On any purchase below $999,999.99, the NDR Buyer will receive a $12,500 commission rebate at closing.
- The above are contingent upon receipt of the total commission from the listing broker, sponsor or seller. The rebate displayed is an estimate based on the asking price and the commission displayed on the Real Estate Board of New York (REBNY) Listing Service (RLS) or OneKey Stratus (MLS). While the data should be accurate, we cannot make any such guarantee. The exact amount of any Commission Rebate will depend on the actual sale price of the property which may change during the closing process due to changes in the terms of sale, and will only be finalized at closing. But confirm will not deviate from less than $1mil = $12.5k $1mil or more = $25k
- The NDR Rebate as described above is limited to the first ten (10) buyers who:
- (a) choose NewDevRev.com/The Edry Team to represent the buyer in his/her next residential “New Development” real estate purchase and
- (b) is prequalified through NewDevRev.com’s preferred lender, Swift Bank, in addition to any lender that is acceptable to Seller/Development. The buyer need not obtain a loan with Swift Bank to be eligible for the rebate from NewDevRev.
- (c) the 10 eligible buyers are defined as the first 10 buyers who sign a contract and submit a deposit on the property. The rebate will only be given upon a successful closing of that specifically contracted property.
- (d) The deadline for signing a contract in order to be eligible for the rebate is on or before Aug 31st, 2023.
- NDR Buyer Rebate is only available for properties located within the geographic boundaries of New York City.
- The property being purchased must be a New Development co-op or condominium. Short-Sales do not apply.
- NDR Buyer Rebate may be subject to lender approval and it is possible that Broker will not be able to provide the full refund amount if the lender does not allow it and/or if the refund amount and other buyer credits exceed the total closing costs. NewDevRev.com strongly recommends that buyers discuss with their lenders, in advance, the anticipated receipt of the proposed rebate amount and it’s applicability to the purchase.
- Unless agreed to in writing and signed by the Broker, the Broker will only issue a rebate to the person(s) and/or entity listed on the recorded deed which transfers ownership of the subject real property at the closing of a transaction.
- NDR Buyer Rebate may also be subject to seller approval in the case of new developments that prohibit buyer’s agents from refunding a portion or all of the commission they receive.
- NDR Buyer will be issued a check for the NDR Buyer Rebate amount within 10 business days of Broker’s receipt of commission funds. Check will be delivered by mail to an address provided by NDR Buyer at the time of closing.
- The rebate amount is subject to a pro rata adjustment or cancellation if the commission received by NewDevRev from the cooperating broker is less than 3% of the property contract price; the commission amount provided to NewDevRev changes after the signing of the sales agreement or must be shared with additional parties; or if NewDevRev is prohibited from distributing the proposed rebate amount by law or otherwise. Other restrictions may also apply.
- Legal Disclaimer – While NDR will comply with the structure described for this limited time rebate offer and all applicable city, state and federal laws and rules, be advised that there is no guarantee a buyer will qualify for and receive a rebate/concession regardless of when buyer has signed up or made an offer on a property via NDR broker. The first ten buyers will qualify for their rebate/giveback is solely based on when the first ten eligible buyers sign a contract and submit a deposit into escrow.
- All Buyers will be considered and eligible to “win” this rebate/concession offer as outlined above and NDR does not discriminate and/or select eligible Buyers on the basis of race, color, religion, sex, handicap, familial status, sexual orientation, or gender identity. or national origin.
- Emails sent and received shall not create a binding contract or acceptance of an offer until the written contract is signed by all parties.
- NDR will assume no responsibility for the accuracy of the information on the website or blog.
- These refunds are also called “commission rebates,” “buyer rebates,” “broker rebates” or “buyer’s broker rebates” and the mechanics are very simple. The buyer can either receive a check at closing or have it applied as a credit to the transaction.
- NewDevRev.com’s Buyer Rebate program is in compliance with all New York and Federal laws and rules regulating such programs
