Terms and Conditions for Tenant Incentive Program
This document outlines the Terms and Conditions applicable to the Tenant Incentive Program ("Program") offered by Green Residential ("Broker") to its tenants ("Tenant(s)"). The purpose of this Program is to provide incentives to Tenants who choose to use the Broker's services to purchase a home upon deciding to transition from leasing to homeownership.
1. Credit at Closing
The free month's rent provided under this Program will be offered as a credit at the closing of the property purchase. This credit will reduce the purchase price of the property that the Tenant buys and will not be applicable towards the monthly rent payments due during the term of the Tenant's lease with the Broker.
2. Amount of Credit
The amount credited at closing will be the lesser of (a) one month's rent of the Tenant's current leased property or (b) 25% of the commission received by the Broker for representing the Tenant in the purchase of the home.
3. Buyer Representation Agreement
To qualify for this Program, Tenants must sign a Buyer Representation Agreement with Green Residential. This agreement formalizes the Tenant's intent to use the Broker's services for purchasing a home and the terms under which such services will be provided.
4. Pre-Approval Requirement
Prior to the Broker showing any homes to the Tenant, the Tenant must obtain a pre-approval letter from a lender. This letter must be provided to the Broker to demonstrate the Tenant’s financial readiness to purchase a home.
5. Program Eligibility
This Program is only available to Tenants who are in good standing with all rent and lease obligations at the time of entering the Buyer Representation Agreement and at the time of closing the property purchase.
6. Property Eligibility
The property to be purchased must be listed on the Multiple Listing Service (MLS) and the purchase must be completed through Green Residential acting as the real estate broker.
7. Limitation on Offer
This offer is valid for one transaction per Tenant during the term of their lease. The offer is non-transferable and cannot be combined with any other offers or promotions provided by the Broker.
8. Collective Tenant Eligibility
In cases where multiple Tenants are on a single lease and participate in purchasing a single home together, the credit provided will be equivalent to no more than one month's rent total, not exceeding one month's rent per collective purchase, regardless of the number of Tenants involved in the transaction.
9. Program Duration
This offer is valid for a limited time and may be modified or discontinued by Green Residential at any time without prior notice. Tenants will be notified of any such changes in writing.
10. Dispute Resolution
Any disputes arising from this Program will be resolved through binding arbitration in accordance with the rules of the American Arbitration Association.