Real Estate

Agent refusing to give CashBack after official closing

  • Last Updated:
  • Dec 20th, 2019 1:17 pm
[OP]
Banned
Dec 10, 2019
117 posts
41 upvotes

Agent refusing to give CashBack after official closing

Hi everyone,

Wanted to get everyone's advice (if they've been in a similar situation).
I closed my home purchase on November 20th with a cash-back realtor (signed a BRA).

The agent keeps on saying that the funds haven't been sent to the brokerage, however it's been now 3 weeks since the official close. I've emailed and messaged the agent about this, and it seems as if the agent refuses to respond anymore..

Is this a common occurrence in terms of the wait-time? What options do I have if they refuse to give cashback after closing??
17 replies
Jr. Member
Jun 1, 2019
185 posts
214 upvotes
3 weeks is not unheard of for the money to move after a transaction, and to trickle down to the agent. I've had it take a month sometimes. The agent is not necessarily lying.

" I've emailed and messaged the agent about this, and it seems as if the agent refuses to respond anymore.."

It sounds like you've made frequent contact to your agent (harassing maybe?). Give it a week or two.
Full Service Realtor
Niagara / Hamilton-Burlington
Newbie
Nov 15, 2019
70 posts
27 upvotes
Does the listing agreement that you signed with the agent outline the cash back amount that is owing to you?
Deal Addict
Feb 19, 2019
1044 posts
1407 upvotes
Stouffville ON
It's common for the process to take few weeks, in my agreement I put the funds will be paid within a month after the closing, most often it takes anywhere between 1 to 3 weeks.
Full Time and Full Service Realtor
Deal Fanatic
Mar 27, 2004
5099 posts
3134 upvotes
Toronto
the listing brokerage has 10 business days to release funds after closing. so it can take a while.
Full-time Realtor
Deal Fanatic
Jul 3, 2011
5776 posts
2936 upvotes
Thornhill
Medeomedeo wrote: Hi everyone,

Wanted to get everyone's advice (if they've been in a similar situation).
I closed my home purchase on November 20th with a cash-back realtor (signed a BRA).

The agent keeps on saying that the funds haven't been sent to the brokerage, however it's been now 3 weeks since the official close. I've emailed and messaged the agent about this, and it seems as if the agent refuses to respond anymore..

Is this a common occurrence in terms of the wait-time? What options do I have if they refuse to give cashback after closing??
You can contact either the broker of record, the broker's manager if one or its accounting/deal secretary and ask when you can expect the rebate to be paid. If you're not satisfied with the answer you can contact the Real Estate Council of Ontario for their assistance. I've seen it where the lawyer for the seller caused the delay either by not releasing any commission owed to the listing brokerage or by not forwarding their required letter to the listing brokerage advising them the transfer has taken place. If its that your Realtor was going to pay the rebate to you directly, you might want to be very diligent following up and not let it go too long.


Aside from that it's 10 consecutive days if it was via TREB's Stratus,
oasis100 wrote: the listing brokerage has 10 business days to release funds after closing. so it can take a while.
Deal Addict
Mar 22, 2010
2972 posts
860 upvotes
I got the cashback right after the closing date.
Deal Fanatic
User avatar
Feb 2, 2014
8586 posts
2453 upvotes
Toronto
Medeomedeo wrote: Hi everyone,

Wanted to get everyone's advice (if they've been in a similar situation).
I closed my home purchase on November 20th with a cash-back realtor (signed a BRA).

The agent keeps on saying that the funds haven't been sent to the brokerage, however it's been now 3 weeks since the official close. I've emailed and messaged the agent about this, and it seems as if the agent refuses to respond anymore..

Is this a common occurrence in terms of the wait-time? What options do I have if they refuse to give cashback after closing??
That's not uncommon. I would give it another week at least.

I have a client I am giving cash back and I'm still waiting on my commission from the listing side. It's been about 3 weeks, listing brokerage is fairly small.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
Feb 19, 2019
1044 posts
1407 upvotes
Stouffville ON
Did you receive the cash back yet?
Full Time and Full Service Realtor
Deal Fanatic
Mar 27, 2004
5099 posts
3134 upvotes
Toronto
senasena wrote: Did you receive the cash back yet?
he also regrets purchase apparently
Full-time Realtor
Deal Guru
Feb 29, 2008
13877 posts
10149 upvotes
Wow this is the same dude. No wonder he’s upset
Newbie
Jul 5, 2012
20 posts
72 upvotes
MISSISSAUGA
Rat him out so others can avoid him.
realtor
Deal Fanatic
Mar 27, 2004
5099 posts
3134 upvotes
Toronto
whats the mls number? pm me
Full-time Realtor
Newbie
User avatar
Dec 2, 2019
86 posts
53 upvotes
I had a similar situation with my last purchase. Took about a month before I got the funds. Had to follow up a few times.

I'm reading more and more about how important it is to get the cashback agreement in writing, in the BRA. If they don't want to include it, walk away.
I like coupons and turtles.
Deal Addict
Feb 19, 2019
1044 posts
1407 upvotes
Stouffville ON
LazerHawk wrote: I had a similar situation with my last purchase. Took about a month before I got the funds. Had to follow up a few times.

I'm reading more and more about how important it is to get the cashback agreement in writing, in the BRA. If they don't want to include it, walk away.
Absolutely, it would be silly not to get it in writing (including terms and details) it helps eliminate potential issues. I always have it in writing, never had any issues but if there were any the agreement spells out the details, percentages etc.
Full Time and Full Service Realtor
Deal Addict
Nov 2, 2014
1067 posts
407 upvotes
Scarborough, ON
This is a troll thread (not even a good one) that should have been locked a week ago.
Banned
User avatar
Oct 30, 2019
193 posts
248 upvotes
Toronto
RobertSmalls008 wrote: This is a troll thread (not even a good one) that should have been locked a week ago.
It’s frustrating arguing with them because they don’t use logic.

But it’s fun using these bears as my punching bag! Fisted Hand Sign

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