The Roland Team New Construction Rebate

1. The offer

The Roland Team New Construction Rebate (the "Program") is offered by The Roland Team with LPT Realty ("we," "us," or the "Brokerage"). Under the Program, a buyer who purchases a newly constructed home through the Brokerage receives a credit at closing equal to 1% of the base purchase price of the home, capped at 50% of the buyer's agent commission actually received by LPT Realty for that transaction (the "Rebate").

The Rebate is paid by LPT Realty from its own commission. It is not a builder program, is not paid by the builder, and does not replace or reduce any incentive, credit or concession the builder offers.

2. Base purchase price

"Base purchase price" means the price stated on the builder's purchase agreement for the home and homesite before any lot premium, structural options, design center or upgrade selections, and before any builder incentives, credits or concessions are applied. Where the builder's purchase agreement states a single combined price without separating these items, that stated price is the base purchase price.

3. Who qualifies

To qualify, the buyer must (a) sign the Nevada Duties Owed by a Real Estate Licensee form and an Exclusive Buyer Brokerage Agreement with The Roland Team at LPT Realty that references the Program, before the buyer's first visit to the builder's sales office or model homes for the community purchased; (b) have The Roland Team registered with the builder as the buyer's agent in accordance with that builder's registration policy; and (c) close on the purchase of a newly constructed home located in Las Vegas, Henderson, North Las Vegas and Boulder City, Nevada with The Roland Team acting as the buyer's agent through closing.

Builders set their own registration rules. If a builder declines to recognize The Roland Team as the buyer's agent because the buyer visited, registered or contracted before we were on record, no commission is paid to LPT Realty and no Rebate is owed. We will tell you before you sign a builder contract whether the builder has confirmed our registration.

4. How the Rebate is calculated

The Rebate equals the lesser of (a) 1% of the base purchase price, or (b) 50% of the buyer's agent commission actually received by LPT Realty from the builder for the transaction, after any reduction, offset or flat-fee arrangement the builder applies. If the builder pays no buyer's agent commission, the Rebate is zero.

Example: on a home with a base purchase price of $700,000 where the builder pays a 2.5% commission ($17,500), the Rebate is $7,000. On the same home where the builder pays a flat $10,000, the Rebate is $5,000.

5. How the Rebate is paid

On a financed purchase, the Rebate is paid as a credit on the buyer's Closing Disclosure at closing, applied to the buyer's closing costs and prepaid items. The credit is subject to the buyer's lender's approval and to the limits of the buyer's loan program. Where the lender limits the credit, the Rebate is reduced to the amount the lender allows. The Rebate cannot be paid in cash or outside of closing on a financed purchase.

On an all-cash purchase, the Rebate is paid by check from LPT Realty within ten business days after closing and the Brokerage's receipt of the builder's commission.

Nevada law requires that any share of a commission paid to a party be paid by the brokerage, so the Rebate is paid only by LPT Realty and never by an individual agent.

6. Other conditions

The Rebate applies to one transaction per buyer agreement and is paid only when the transaction closes and LPT Realty has received its commission. It may not be combined with any other Roland Team rebate, credit or fee program unless we agree to it in writing. It has no cash value before closing and cannot be transferred.

The Program is a marketing offer of The Roland Team at LPT Realty. We may change or end the Program at any time. The terms in effect on the date the buyer signs the Buyer Brokerage Agreement are the terms that apply to that buyer, and they are restated in an addendum to that agreement so nothing depends on this page.

Nothing on this page is legal, tax or lending advice. Please consult your own advisors. The Rebate is generally treated as a reduction in the purchase price rather than income, but your tax situation is your own.

7. Who we are

The Roland Team | LPT Realty, 5860 S Pecos Rd, Unit 300, Las Vegas, NV 89120. Mike Roland, NV Lic. S.0177048. Brokerage: LPT Realty, LLC. Equal Housing Opportunity.

Questions about the Program: call or text (702) 830-7568, or email mike@therolandteam.com.