In order to give a cash rebate to your buyer, a credit letter must be issued by the office BEFORE closing. The rebate amount should be reflected on the contract in the ‘Additional Terms’ section stating exactly how much is planned on being credited. If a rebate was not determined at the time of contract signing, you must contact the office ASAP to issue the credit letter prior to the final settlement statement. This ensures that the lender (if applicable, especially for a FHA or VA loan) will see the credit amount reflected on the settlement statement and either approve or deny the amount to rebate.
Using our online form submission section, provide all required information for a credit/rebate letter. There is a form dedicated to lender buyers and one to cash buyers. The forms can be found here under ‘Agent Portal’ / ‘Transaction Management’ / ‘Credit Letters (Cash Rebates)’.
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