When do you actually get the rebate? BC vs Florida
British Columbia
- Completion day: your lawyer or notary pays out, title transfers.
- Within a few days: the listing brokerage pays the buyer's brokerage its commission from the deposit and proceeds.
- Usually within one to two weeks of completion: the buyer's brokerage pays your rebate by cheque or e-transfer.
Presales can take longer, because some developers pay part of the commission at contract firming and the rest at completion.
Florida
- Before closing: the rebate is shown as a credit on the Closing Disclosure and settlement statement, approved by your lender.
- At closing: it reduces your cash to close. Cash buyers may receive a check.
Why the difference
In BC, commission is settled between brokerages after completion. In Florida, the title company disburses commission at closing, so the credit can be applied there.