SWELL Rebate Disclosures
SWELL Seller Rebate Disclosure
This rebate is available to any client who sells a home and then buys another with SWELL, within one year.
When a client sells a home (Home 1), the initial SWELL commission is 2.5% of the final purchase price. When the client closes on their second home (Home 2), we rebate them 0.5% of the final purchase price of the qualifying home (Home 1) at closing or afterward.
After the rebate is completed, the effective listing commission is 2% for “Home 1.” There are no limitations on the price of the next home (Home 2) purchased or sold to qualify, although it must be residential real property (ie. a single-family home, condominium, townhome, or manufactured home) and not vacant land.
How to Qualify
The client has 365 days from the time they close on the sale of their qualifying home (Home 1) to the close of the purchase of their next home (Home 2).
Both transactions have to be with SWELL home & living as the representing firm. Not applicable if any of the transactions are completed with a firm other than SWELL home & living.
Not applicable if a referral fee is being paid to another firm.
**This rebate also applies to investors and developers selling multiple homes a year.
LIMITATIONS
Minimum Commission Amount
The minimum listing commission amount is 2% or $5,000, whichever is greater. In the case a full 0.5% rebate reduces the SWELL commission to less than $5,000, the difference between the full commission and $5,000 will be given.
Example: A qualifying home sells for $220,000 (Home 1). The initial SWELL commission is $5,500 at 2.5% of the purchase price. When the client purchases or sells a second home (Home 2), they will receive $500.
Normally, the client would receive 0.5% of the final purchase price of “Home 1” which is $1,100. A rebate of this amount would cause the listing commission received to fall below the $5,000 minimum, to $4,400. As a result, the client receives $500 which is the difference between $5,500 and the minimum commission amount of $5,000.
Investor and Developer Limitations
When an investor or developer client sells a home (Home 1), they must sell another home (Home 2) within 365 days to qualify for a rebate. If the client sells a third home within 365 days of the second home closing, then the second home sold becomes a “Home 1” and is also eligible for a rebate.
As long as less than 365 days pass between closings, the client qualifies for continuous rebates. There are no limits to how many homes can be sold within a year!
Rebate Alteration or Cancellation
The SWELL Seller Rebate is subject to cancellation and or alteration at any time without prior notice.
However, if a client is in the process of purchasing or selling a “Home 2” when SWELL Seller Rebate terms are altered or terminated, the client is entitled to the rebate terms as of the date Seller Agency was established. As long as “Home 2” closes within 365 days of the closing of “Home 1”, we will honor the rebate terms promised.
SWELL Buyer Rebate Disclosure
This rebate is available to select SWELL clients who we want to help achieve the dream of home-ownership. People in these groups are often underpaid and underappreciated, so we like to help them anyway we can!
With the SWELL Buyer Rebate, we rebate the difference between the Buyer’s Agent commission offered by the Listing Agent and 2%. We rebate this back to our clients after closing or prior if necessary. The property purchased must be residential real property (ie. a single-family home, condominium, townhome, or manufactured home) and not vacant land to qualify.
How to Qualify
Qualified clients must be one of the following:
First-Time Homebuyers
Teachers (K-12)
Active Duty Military
Veterans
Firefighters
Police Officers
EMS/Paramedics
Employees of the Non-Profit Charities we donate to (See Donation Partners page)
To qualify, the purchase transaction must be with SWELL home & living as the representing firm. Not applicable if a referral fee is being paid to another firm.
This rebate is subject to verification. If a client has been determined to not be a part of one of the select groups listed above, they do not qualify for the rebate.
Buyer Agency may also be terminated at the discretion of the agent and or firm if the client knowingly misrepresented themselves as a part of a qualifying group.
LIMITATIONS
Minimum Commission Amount
The minimum buying commission amount is 2% or $5,000, whichever is greater. In the case a full 0.5% rebate reduces the SWELL commission to less than $5,000, the difference between the full commission and $5,000 will be given.
Example: A qualifying home sells for $220,000. The buying commission is $5,500 at 2.5% of the purchase price.
Normally, the client would receive 0.5% of the final purchase price which is $1,100. A rebate of this amount would cause the listing commission amount to fall below the $5,000 minimum, to $4,400. As a result, the client receives $500 which is the difference between $5,500 and the minimum commission amount of $5,000.
Investor and Developer Limitations
This rebate is not intended to be used by investors or developers. Only owner-occupied home sales are eligible for this rebate. Rebate can only be used once within a 365 day period.
Rebate Alteration or Cancellation
The SWELL Buyer Rebate is subject to cancellation and or alteration at any time without prior notice.
If a client is in the process of purchasing a primary residence when SWELL Seller Rebate terms are altered or terminated, the client is still entitled to the rebate at the terms when Buyer Agency was established.