Refund Terms & Conditions

Last updated January 25, 2020

Homesavey Refund (“Refund”) amounts are not guaranteed and are not an offer from Homesavey to provide a refund on a specific property. Refund amounts may vary and are dependent on various factors including: purchase price, prevailing market conditions, and builders. Homesavey reserves the right to make changes to the refund calculations at any time while honoring all agreements commenced prior to any change. Posting revisions of these Terms and Conditions to the Homesavey website, without more, serves as notice to buyers of changes to these Terms and Conditions.

Furthermore, the actual refund received may be limited, prohibited, or reduced pursuant to the purchase agreement, Lender restrictions, federal Veterans Administration, Federal Housing Administration, and United States Department of Agriculture loan programs, or other state or federal rules, laws, or regulations. Homesavey cannot guarantee that lenders will allow buyers to receive 100% distribution of the Homesavey Refund.  As a result, Homesavey strongly recommends that buyers discuss with their lenders, in advance, the anticipated receipt of the Homesavey Refund.

The Refund is subject to adjustment or cancellation if the commission received by Homesavey from the cooperating broker or seller is less than 1% of the property list price or $4,500 (whichever is greater), if the commission amount provided to Homesavey changes after the signing of this agreement or must be shared with additional parties, or if Homesavey is prohibited from distributing the Refund.  The Refund is subject to a minimum amount retained by Homesavey of $4,500. The actual Refund is calculated as the lesser of either a) 50% of Homesavey Commission, or b) Homesavey Commission less a $4,500.00 minimum amount retained by Homesavey. The Refund may change during the closing process due to changes in the terms of sale, and will be finalized only at closing.

Unless subject to any of the aforementioned limitations or otherwise specified by the buyer or lender, the Homesavey Refund is provided to Buyer at settlement as a Broker Credit. Buyer shall receive a Broker Credit Letter detailing refund amounts during settlement.  Unless agreed to in writing by Homesavey a refund will only be issued to the person(s) and/or entity listed on the recorded deed which transfers ownership of the subject real property at the closing of a transaction, regardless of whether such person(s) and/or entity are the buyer.