Getting cash back when you buy land or a building lot
Land and teardown purchases pay a commission to the buyer's agent like any other sale, so the rebate applies.
Commission on land can differ
Some land listings, especially large acreages and development sites, use different commission structures. Your agent confirms the number before you offer.
A Vancouver teardown example
On a $2,400,000 East Side lot bought to build a multiplex, the buyer-side commission at the standard BC split is about $29,670. The 50% rebate is about $14,835, which goes a long way toward survey, geotechnical and design fees.
What to check on land
- Zoning and what you can actually build.
- Covenants and easements on title.
- Servicing: water, sewer and access.
- Agricultural Land Reserve status in BC.
- Flood and slope hazards.
- In Florida, wetlands, flood zones and impact fees.