Answers (6)
- EmilyClapper
- Contributions:4
Here's a great Idea....[Promotion and spam hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.]
- Micki O'Toole, "MickiOToole"
- Contributions:20
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!
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!
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:3270
(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
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
- Pacita Dimacali
- Contributions:1298
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....
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....
- Mercedes Lucin, "Homes in Oakland"
- Contributions:28
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.
I 'm sure , someone will eventually report the well intended law breakers and it may be the receivers of such gift.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
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
Happy funding, Rudi
Can an agent offer a buyer a gift in the form of a gift card after closing escrow?
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- 4.9/5.0
- (8 reviews)
Contributions:28I see lenders doing it.
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