I've come across a couple Long Island realtors offering "Buy a Home listed with me and I'll give you 1% of the selling price BACK to you at closing - so if you're buying at 600,000 not only am I not charging you a penny to buy with me, but I will give you 6,000 at closing!!!
Now isn't that illegal, because NYS RE law says "the return of part of the commission as gifts or money to buyer or sellers are prohibited".

That is what I was taught!

I had a problem with that in Ohio. We are not allowed to share our commission with anyone who is not liscenced(sorry). They can get around it by offering the rebate on the purchase price of the and not on a split of their commission.

If that's what NY regs say.. then it's illegal. Clip thier ad and mail it to the real estate commission.

Before turning them into the real estate commission I would send them a letter or give them a call if you are that concerned about it. Turning a fellow Realtor into the Commission should always, always be a last resort.

Nah I don't wanna get anyone in trouble -- I'm not even licensed yet so who am I too judge ?-- Maybe the wording of their ad (its online, if I have a chance I will go back and look for it and post the link) implies it is some sort of Rebate rather than kickback, since it is not technically a return to the buyer or seller but a transfer of some of the money paid by the buyer not as commission but toward purchase price yeah -- as a Rebate???

I'm a new realtor on Long Island, and I just wanted to give my opinion, whether right or wrong, but is it OK to post an ad and say that "If you buy or list with me, I will give you X amount of dollars back at closing" as long as you don't say that is is from commission, or anything like that? It could be from your own pocket, even though you would get a commission, it could be from a totally different fund.

It's completely legal in AZ to credit the buyers back from your commission at closing as long as it's through escrow and it is disclosed to everyone. It's completely illegal to hand any unlicensed person a check or a gift of more than $50.

In Texas, as long as it is disclosed to all parties, you can give any or all of your commission to any party to the contract.

A lot of things illegal are going on in New York Real Estate.

45 hours (+22.5 in the 1st year) and you have your RE license in NY. That's a joke!

can you still kick back a beer in NY????

That is a lot of money to give some one. It really dosent make it worth it to sell homes. Your better off going to help U sell or some discount broker.

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Sonoma County Top Producer Rigzin Vassallo

Rigzin Vassallo - Sonoma County

Rigzin... read the post again... it is about buyers NOT sellers.

Regardless, its still a lot of money to give. I base that on the median home price being $580,000 like Sonoma County. What is the median home price there?


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Rigzin Vassallo Sonoma County Real Estate