Long & Foster Rewards
Long & Foster Rewards Terms & Conditions
How to calculate savingsThe Long & Foster Rewards Program (“Rewards”) is a homebuyer program offered by The Long & Foster Companies, Inc. (“Long & Foster”). The Long & Foster family of companies includes Long & Foster Real Estate, Inc. dba Virginia Properties, Evers & Company Real Estate, and Northrop Realty (collectively, “Long & Foster Real Estate”), Prosperity Home Mortgage, LLC (“PHM”) and various affiliated settlement providers listed below (each, “Long & Foster Settlement”). Long & Foster Real Estate provides real estate brokerage services; PHM offers residential mortgage financing; and Long & Foster Settlement provides title insurance and/or closing services.
Eligibility. Rewards benefits are available solely to consumers (“consumers” or “you”) who enroll in the Long & Foster Rewards program. Purchase a home in an eligible area with a closing price over $150,000 with the assistance of the Long & Foster agent that was assigned to you. As part of Rewards, you have the right to choose your settlement service providers. For example, you may choose to use Long & Foster Real Estate and PHM but not Long & Foster Settlement in connection with your residential home purchase. Consumers meeting all applicable requirements are entitled to the incentives outlined in the Rewards Benefits section below if they use Long & Foster Real Estate, PHM and/or Long & Foster Settlement. “Reserving Benefits” does not obligate you to avail yourself of this program or any settlement services in the future.
Affiliated Business Arrangement Disclosure. As is set forth in Long & Foster’s separate Affiliated Business Arrangement Disclosure (“ABAD”), available at site.longandfoster.com/rewards/pages/abad, Long & Foster Real Estate has affiliated business relationships with PHM, Long & Foster Settlement, and other providers (together, the “Affiliated Companies”). Each of the Affiliated Companies is indirectly owned, in whole or in part, by HomeServices of America, Inc., a Berkshire Hathaway, Inc. affiliate. Any referral by one of the Affiliated Companies to another may provide the referring company, its affiliates, and/or their employees with a financial or other benefit. You are NOT required to use any Affiliated Company to do business with Long & Foster. See ABAD for further detail, including estimated charges.
No Required Use under Rewards. While we have assembled the Rewards team for you and offer Rewards benefits only if you take advantage of the Rewards program, participation in the program is optional. You are not required to participate in Rewards or to use any particular Affiliated Company to obtain brokerage services from Long & Foster Real Estate, financing from PHM, or settlement services from another affiliate.
Rewards Team: If you use PHM for mortgage financing, your loan originator in the mortgage process will be an employee of PHM, not an employee of Long & Foster Real Estate or Long & Foster Settlements. If you use a Long & Foster Settlements provider for closing and/or title services, your settlement and/or title agent will be employed solely by that Long & Foster Settlement provider.
Rewards Benefits:
Consumers who buy a home with Long & Foster (the “Subject Property”), using the agent that was assigned to you, and choose to use the following Affiliated Companies in connection with that purchase under the Program are eligible for incentives, subject to certain additional limitations, as set forth below.
Long & Foster Real Estate Benefit: With a home purchase through Long & Foster Real Estate under the Rewards program, using the agent that was assigned to you, Long & Foster Real Estate will provide a closing cost credit on an applicable purchase of $150,000 or more. For home purchases over $1,000,000: $1,000,000 is the maximum sale price to be used in the calculation of the real estate closing cost credit. In some cases, closing cost credits on new construction purchases are based on base price, not upgraded price. The closing cost credit is based on 10% of the commission on the buy side of the transaction. You may not have an active listing agreement or a buyer broker agreement with any other real estate company in order to receive a closing cost credit in the Rewards program. Closing cost credit is void where prohibited by law or your lender. Some restrictions may apply.
PHM Benefit: With home financing from PHM under the Rewards program, PHM will provide a closing cost credit up to $2500 against closing costs, subject to applicable laws and regulations, on any new purchase secured by a first mortgage or deed of trust (“New Loan”), subject to qualification, approval, satisfactory appraisal, and closing. Subject to credit approval; not all borrowers will qualify. Discount may not exceed your out of pocket closing costs. All eligibility requirements must be met no later than 3 days prior to your loan closing date. Only one discount permitted per New Loan. This discount is void where prohibited and is transferable, subject to the terms herein. Consult a PHM Mortgage Consultant for more details. This offer is valid through the Rewards program only. All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Licensed by the NJ Department of Banking and Insurance. Licensed by the Delaware State Bank Commissioner. Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia. NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/) ©Prosperity Home Mortgage, LLC. All Rights Reserved. #1523 HQ
Long & Foster Settlement Benefit: A settlement company, within the Long & Foster family of companies will provide a closing cost credit up to $750 against your closing costs, subject to applicable laws and regulations. Long & Foster Settlement includes any of the following title/closing providers: RGS Title LLC (MD, DC, WV), dba RGS Property Closing Services (PA); Sage Title Group, LLC (MD, DC, WV, PA, NJ, DE, MD, NC), dba Sage Settlement Group (MD, DC, WV), dba Sage Premier Settlements (PA, NJ, DE, MD), dba Infinity Title Agency (NJ), dba Infinity Settlements Agency (PA), and dba Guaranty Title (NJ); or Mid-States Title Insurance Agency, Inc. To receive this closing costs credit, you must use Long & Foster to buy the Subject Property and obtain title and/or closing services in that transaction with Long & Foster Settlement. Closing cost credit not available in New Jersey, Pennsylvania and Virginia.
Additional Limitations on Rewards Benefits. Only ONE of each benefit is available per Subject Property transaction. You are not eligible if you are participating in another program utilizing the Long & Foster family of companies that provides a rebate and/or closing cost credit. Additionally, discounts are not available in specific locations in some states. Long & Foster and the Affiliated Companies bear no liability for disputes over payment or division of payment among multiple parties. If multiple owners, purchasers, or non-purchasing spouses exist in a transaction, such parties bear any responsibility for handling funds as such parties see fit or as the law requires. The trademarks, logos and names of participating companies or agents, including any offered products or services, are the property of their respective owners. Long & Foster has the right to modify or cancel the Rewards program at any time. PHM has the right to modify or cancel the PHM Benefits at any time without prior notice. Promotion is void where prohibited by law.
Information Sharing and Privacy:
Information about you and your interest in and eligibility for services and benefits offered under the Rewards Program may be collected and used in various ways by Long & Foster and its Affiliated Companies, subject to the privacy policies of the individual Affiliated Companies. For example, information may be shared between and among Long & Foster and its Affiliated Companies, and any participating third party providers to operate their businesses, market their services, process transactions, or better provide services to you. For more information on the Affiliated Companies’ individual Privacy Policies and any opt-out rights you may have, please see https://www.longandfoster.com/pages/privacy-policy (Long & Foster), https://www.phmloans.com/privacy-security-legal (PHM), https://www.rgstitle.com/privacy-policy (RGS Title), https://www.sagetitlegroup.com/privacy-policy (Sage Title), https://www.mid-statetitle.com/privacy-policy/ (Mid-States Title).
Calculation of Rewards Incentives:
Long & Foster Real Estate Closing Cost Credit: Calculated as 10% of the buy side commission of the transaction on applicable purchase. For home purchases over $1,000,000: $1,000,000 is the maximum sale price to be used in the calculation of the real estate closing cost credit. See Long & Foster Real Estate Benefits section above for new construction calculation and conditions.
PHM Closing Cost Credit: The following table is utilized which provides the closing cost credit with the commensurate mortgage loan amount. See PHM Benefits section above for additional details and conditions.
| Mortgage Loan Amount | Closing Cost Credit |
|---|---|
| $25,000-49,000 | $75 |
| $50,000-74,999 | $125 |
| $75,000-99,999 | $175 |
| $100,000-124,999 | $225 |
| $125,000-145,999 | $275 |
| $150,000-199,999 | $350 |
| $200,000-249,999 | $450 |
| $250,000-299,999 | $550 |
| $300,000-349,999 | $650 |
| $350,000-399,999 | $750 |
| $400,000-499,999 | $900 |
| $500,000-599,999 | $1,100 |
| $600,000-699,999 | $1,300 |
| $700,000-799,999 | $1,500 |
| $800,000-899,999 | $1,700 |
| $900,000-999,999 | $1,900 |
| $1,000,000+ | $2,500 |
Settlement Closing Cost Credit: The following table is utilized which provides the closing cost credit with the commensurate Purchase Price. See Long & Foster Settlement Benefits section above for additional details and conditions. Closing cost credit not available in New Jersey, Pennsylvania and Virginia.
| Purchase Price | Closing Cost Credit |
|---|---|
| $50,000-74,999 | $200 |
| $75,000-99,999 | $200 |
| $100,000-124,999 | $225 |
| $125,000-145,999 | $250 |
| $150,000-199,999 | $275 |
| $200,000-249,999 | $300 |
| $250,000-299,999 | $325 |
| $300,000-349,999 | $350 |
| $350,000-399,999 | $375 |
| $400,000-499,999 | $400 |
| $500,000-599,999 | $425 |
| $600,000-699,999 | $450 |
| $700,000-799,999 | $475 |
| $800,000-899,999 | $500 |
| $900,000-999,999 | $600 |
| $1,000,000+ | $750 |