How It Works

Modern Day Realty is a buyer's agency company sponsored by Brothers Group, Inc. a professional real estate brokerage firm licensed and governed by the Texas Real Estate Commission. It is legal for us to share our commission with you the buyer. Rebates can be subject to restrictions from lender so please contact your agent with questions. 

Two references that it is ok to rebate commission.

From the Department Of Justice:

http://www.justice.gov/atr/public/real_estate/rebates.htm

Texas Real Estate Commission:

TREC RULE §535.147. Splitting Fee with Unlicensed Person. [Adopted January 1, 1976; amended March 11, 1981; October 1, 2000 and August 31, 2004; Ref: §1101.652(b)(11)]

(a) "Any other state" means the states, territories, and possessions of the United States and any foreign country or governmental subdivision thereof.

(b) "Commission or fees" includes any form of compensation received for engaging in an act for which a license is required by Texas Occupations Code, Chapter 1101.

(c) It is not a violation of this section for a licensee to pay a portion of the licensee’s fee or commission to a party in the transaction. A licensee who intends to pay a portion of the licensee’s fee or commission to a party the licensee does not represent must obtain the consent of the party represented by the licensee prior to making the payment.

We are members of the San Antonio Board of REALTORS®, Texas Association of REALTORS®, as well the National Association of REALTORS®. We are also members of the Better Business Bureau.

Most home builders will pay a 3% commission to real estate firms who bring them a buyer and then close. Modern Day Realty will give back to you a percentage of our commission for giving us the opportunity to help you find your new home.

Some buyers believe that if they don't use a Realtor the homebuilder will "reduce the price". This myth is simply not true. You pay the same price for a house if you buy it with or without a real estate agent representing you. Utilizing our service allows you to still receive Builder incentives, our great REBATE, and our undivided attention in helping through the entire new home buying process. Unlike most rebate sites, we help you find your new home or builder, assist in the purchase, and provide quality professional service. If you are more comfortable searching on your own feel free to utilize the search tools on our website. Then once you close, you will still receive your REBATE! Let's get STARTED!

Easy Steps To Receive Your Rebate

A. Register with us first. Our real estate professional will contact you and get additional information regarding your real estate needs. We then help you find your New Home.

B. Print out our registration card, fill in the correct information, make copies, and give to each builder you visit.

C. When you sign your contract make sure Modern Day Realty and your agent is on it as your representative. Contact your agent and let him or her know where you decided to purchase.

D. Close on your new home. Your rebate will either be a reduction on your closing costs (if lender and builder permit) or cash back! Which ever you prefer. Your rebate check will be mailed to you within 10-15 business days after closing.

Disclosure

Register Here 

Print Registration Card Here

Understanding Your Rebate

  • Up to $149,999 - 1% Rebate
  • $150,000 - $249,999 - 1.25% Rebate
  • Over $250,000 - 1.5% Rebate

Example:

• $140,000 home = a $1,400.00 Rebate

• $180,000 home = a $2,250.00 Rebate

• $250,000 home = a $3,750.00 Rebate

*Above rebates based on builder paying 3% realtor commission. If commission is less, the rebate is adjusted accordingly. Some builders pay commission off the base price of the home with upgrades, options, and lot premiums being excluded. Any bonus paid by the builder to the realtor (other than the 3% commission) is not part of the rebate.

Terms of Rebate

  • Your New Home Rebate does not apply to preowned homes for sale by individuals. This rebate only applies to purchases of new homes ("new" meaning to be constructed, under construction, or finished but still owned by builder).

  • You must register with an on-site agent on your first visit to the subdivision or development and simply list Modern Day Realty and your agent as your representative.

  • Since the rebate is issued out of the commission paid by the home builder to Modern Day Realty, the rebate will be prorated accordingly if the selling commission is less than 3%. The rebate is sometimes based on the base price of the home purchase, which does not include lot premiums, upgrades and options (this will vary among homebuilders). Under certain circumstances, when the selling price is less than the base price (due to builder incentives), the rebate will then be based on the selling price. Any bonus paid by the home builder to the buyers agent is not part of the rebate. Modern Day Realty must be listed on the purchase agreement. For any reason if the buyer or the builder cancels (terminates) the purchase agreement then this rebate becomes void.

  • You acknowledge that Modern Day Realty is representing you the homebuyer and not the builder and makes no representation or warranty with respect to the home builder. We are licensed real estate agents, we are here to represent you, assist you in locating your new home, and help through out the home buying process.

  • The rebate from Modern Day Realty will be available 2-3 days after closing and funding of the new home purchased and the terms and conditions stated herein have been met.

 Q:  I only represent buyers. Can I advertise that I will rebate a part of my commission to the buyer?

A:  Yes, as long as the advertisement complies with Rule 535.154(k) regarding any restrictions that might apply. However, a rebate to a buyer from a licensee may be subject to restrictions by the buyer’s lender. You should contact your broker or private attorney to find out how you should notify and obtain the consent of the buyer’s lender to address any impact the rebate may have on the determination regarding the buyer’s creditworthiness.

Disclosure

Register Here  

Print Registration Card Here 

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