A Buyer( called hereinafter: the buyer) will receive a cash incentive within 30 days after successful completion of the buyer’s purchase. The buyer must enter a service agreement with J Capital Realty (called hereinafter: the brokerage) prior to the purchase, purchase a qualified property/listing through the brokerage, and complete the financial obligations towards completion of purchase.
The rate of “Cash Incentive” is 0.3% on the portion of your net purchase price up to $500,000 and 0.4% on the portion of your net purchase price over $500,001-, not to include GST if applicable.
Qualified properties/listings and rights of the brokerage
Qualified properties/listings are those for which sellers offer a commission to buyer’s agent at a rate of NO LESS than 3.5% on the first $100,000 portion of the price and 1.5% on the balance.
The brokerage reserve the right NOT to enter into a service agreement for, introduce or sell properties that do not meet the above criteria.
Possible consequences and implications
There are some properties on the entire Market including MLS® that do not qualify for the purpose mentioned above. Those non-qualified properties may have a great value, attributes and/or appealing to the client, however, the brokerage may or may not introduce those properties or sell those to the client in accordance with the service agreement.
Delay or forfeit of payment by seller’s
There may be some cases that commission that has been offered by seller gets delayed or does not get transferred after the completion from seller to the brokerage for reasons that fall into seller’s faults. Delay or forfeit of payment only happens under circumstances which are not under the brokerage’s control. The brokerage will take appropriate actions to collect the commission and remain obligated to make incentive payment within 30 days of such fund getting transfered and becoming available in the future.
DO NOT count as a part of your downpayment
Incentive payment comes to you only after successful completion of purchase, meaning you have completed your financial obligations for your new mortgage(s) before receiving incentive payment. You would have to show that you have sufficient downpayment available before incentive payment for the purpose. We highly recomend that you confirm with your mortgage agent for the amount you should have for your new mortgage(s).