Can an agent offer a buyer a gift in the form of a gift card after closing escrow?

Can an agent offer a prospective buyer a gift card to Home Depot or any other vendor after the close of escrow to use for their home?. I know there are some limitations set by the Dep. of Real Estate.
I see lenders doing it.
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December 26 2011 - Cox
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Here's a great Idea....[Promotion and spam hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.]
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August 29 2012
Mercedes,
My understanding is you can't offer a gift or money in exchange for a referral but a closing gift is fine. This link is from REALTOR magazine http://www.realtor.org/toolkits/follow04 which talks specifically about closing gifts. The amount allowed to be written off by the IRS is also referenced in the article. Since this magazine is the official magazine for the National Association of Realtors, I doubt they would provide an entire list of suggested closing gifts if it weren't legal. However, I am NOT an attorney. If you are really concerned, call the CA DRE legal department and ask for clarification. Hope this helps....
Happy New Year!
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December 27 2011
(hi Pacita!!)

It is my understanding that gifts, with a value up to $25, are permissable.

My CPA also  tells  me , from an accounting standpoint, that I can't deduct gifts over that amount.

On a personal note - I think giving a house warming gift is a nice thing to do.....as my mother taught me, it's never wrong to do something nice!

To give, or not to give.....that's up to each individual!

Happy holiday all
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December 26 2011
This is an ongoing debate --- whether to give or not give. See what others say about this, and then take your position

Interesting that realtors feel obliged to give a closing gift, yet we don't expect it from other professionals who perform a service to us....
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December 26 2011
Thanks, That was my thought.
I 'm sure ,  someone will eventually report the well intended law breakers and it may be  the receivers of such gift.
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December 26 2011
Mercedes- If you see lenders doing it, if you feel so inclined, report them to the CA DRE and the NMLS too. I do believe this ruling also applies to REAs. No gift of monetary value may be given. A nice thank you card and a referral to Welcome Wagon or such, is the about what you can legally provide. Best wishes.

Happy funding, Rudi
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December 26 2011
 
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Can an agent offer a buyer a gift in the form of a gift card after closing escrow?
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August 29 2012 | 6 answers
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