The Rebate Realtor - Servicing the GTA
Buying or Selling a home? Get an Instant Rebate when your deal closes! With a Cash Back Rebate and 19 years real estate experience working for you, you are sure to enjoy a smooth Real Estate Transaction.
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Real Estate Council of Ontario Weighs in On The Rebate Craze
Nowadays there are many Real Estate Agents and Brokerages offering discounts and incentives. The Real Estate Council of Ontario (RECO) has offered some clarification and guidelines for how to make your transaction a safe one.
1. Beware "Bird Dog Fees". A Rebate or incentive can only be offered to a client with respect to the trade they are directly involved in. What that means to you: you cannot receive a rebate for a referral of another client. Any incentives offered to those without a real estate license in exchange for a referral are prohibited by RECO.
2. Lookout for false or missleading advertising. If you see any offers for vacations or cruises look closely for fine print to see if airfare is included.
3. Play by the rules: any games of chance ie "Buy with me for your chance to win a trip for two" need to comply with the Gaming Control Act, The Competition Act, and the Criminal Code.
4. Dual Representation: If the brokerage representing you is also representing the other party in the transaction (buyer and seller) the brokerage is required to disclose what that incentive is to the other party.
5. Its All Relative. If a real estate sales representative offers to cover your legal fees or home inspection costs but the lawyer or inspector is a relative of theirs, this must be disclosed to the client.
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