Our Story: Why NestApple Pays You a Commission Rebate
Nicole created NestApple on the concept that technology reduced the role of real estate brokerage firms. As a matter of fact, NestApple makes it easy to search for homes. Indeed, home buyers and sellers became outraged by the high fees that traditional firms charge. Our firm became an efficient platform paying millions of dollars in buyer's broker commission rebates in NYC. Therefore, it helps clients, from placing the bid to dealing with the paperwork until paying their commission rebate at closing.Why we pay commission rebates
We represent buyers, sellers, and tenants and charge 1% instead of the regular 3% while providing the same level of service. During our own search for real estate, we stumbled upon the concept of “commission rebates”. Those are legal in 40 of the 50 States. NYC commission rebates have been publicly encouraged by New York’s A.G. Lastly, we are also in the corporate responsibility of entrepreneurs. Businesses should play a role in social innovation and engage the local community. Therefore we donate to a local charity every time a deal closes.Our team
Nicole Fishman Benoliel
Gia Ann Curatola
Cristina Casamatta
Frequently asked questions about our commission rebate
Yes. Sharing commissions with buyers and tenants is legal. The New York State Department of State has held that New York real estate brokers may share their commission with a purchaser, seller, landlord, or tenant. Also, commission rebates are legal in 40 states, including the State of New York. Therefore, the law allows in these States both for an agent to offer and for a buyer or tenant to accept a commission rebate in conjunction with the purchase or rental of residential real estate. Also, in 2015, Attorney General Eric T. Schneiderman issued an open letter confirming that real estate agents may rebate a portion of their commissions to clients and urged them to take advantage of rebates to increase price competition and benefit consumers. In this FAQ on Real Estate Commission Rebates, we will cover every possible scenario and outcome.
Up to 2%! In most cases, NestApple will receive a commission between 2.5% and 3% and will pay you back 2/3 of it.
The seller has agreed to pay a 6% commission for listing the apartment with a broker, and the listing agreement establishes that in NYC. However, if you place an offer on your own (without a broker), the 6% commission goes entirely to the seller's agent, who earns the complete 6%.
Right at the closing table.
A real estate commission rebate to the buyer is NOT considered taxable income as they are considered a "price adjustment." Therefore, we do not issue any 1099 form to you. When you sell your home, your cost basis will be lower. For instance, a $1 million apartment will generate a rebate of $20,000 on which the buyer does not pay any tax. Thus, the actual net cost of the home is $980,000.
None. There are no fees for our service and nothing to spend out of pocket. In other words, the only person who gets paid is you. Our services are 100% free if you do not close. In conclusion, you do not pay NestApple anything upfront or ever, and the seller pays the commission at closing, which we will split with you.
There isn't one! You get paid by NestApple to buy a home. Despite the explosion of real estate prices, that "6%" fee has not been affected by the growth of mobile technology and the internet over the past 20 years.
