Commission Rebate-Credit-Waiver Disclosure – Adding to Your Loop
The legal info: The Florida Real Estate Commission (FREC) Rule 61J2-10.028(2) provides that a licensee may share brokerage compensation with a party to a transaction with full disclosure given to all interested parties. All interested parties include Buyer, Seller, Title and Lender.
According to regulations of U.S. Department of Housing and Urban Development, this rebate must be listed as a credit and the name of the party giving the credit must be identified. https://www.justice.gov/atr/competition-real-estate-questions-and-answers. HUD oversees FHA Loans.
Dalton Wade requires that you confirm disclosure and understanding using the following form. This form is to be used if you are giving a portion of your commission to your client, waiving your commission or providing a credit to your client. All commission reductions must be signed by the broker.
Adding the “DW Commission Rebate-Credit-Waiver Disclosure”
to your Dotloop folder:
Go to your Initial Docs or Mid Transaction Docs folder:
Click : "ADD DOCUMENT" (to the right of the folder name)
- Click "Templates"
- Scroll to the folder labeled "Dalton Wade Custom Forms"
- Scroll to the "DW Commission Rebate-Credit-Waiver Form". Shortcut: in the search bar (magnifying glass) type: comm and the form display.
- Place a check in the box next to form
- Click COPY
Fill out the form, sign it and share with Phil in Dotloop for this signature. Once signed, forward to the title company and the lender (if applicable).
CDA: For personal sales or purchases, you must set up a loop in Dotloop and are required to fill out the CDA and are responsible for paying the DW fee. For a personal sale, if the listing agreement Section 8. Compensation/commission states “$0” – you do not need to fill out the DW Commission Rebate-Credit-Waiver Form. For a personal purchase – this form must be filled out. On the CDA in the “Commission Explained” box please note you are waiving the commission & will mail the DW fee to the office (see note below).
Note: Waiving your commission – Phil extends the courtesy to agents to write a check for the DW fee & mail it to the office address on Line 1. Payable to. You must write the property address on the check so it is recorded correctly to your loop.
For help and assistance, please reach out to the Support Team:
Phone: 727-914-9174
Email: support@daltonwade.com
Hours: Mon – Fri – 9am-7pm & Sat.
& Sun. – 12pm-5pm
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