What is the law regarding cash/gifts exchanging hands in real estate transactions in Washington State?
I am a fairly new agent in Washington state and work by referrals. I really want to get a certain client and would like to offer them a $250 Home Depot gift card after closing if they allow me to refer them to a specific agent. I know that no cash can change hands except in escrow, but what are the rules regarding gift cards, etc? When I first purchased a home before I was an agent, My Realtor gave me a gift card after closing although I was not promised one in the beginning. Am I allowed, by law, to entice a referral with a gift card or would that be considered cash? Any answers greatly appreciated
There are several legal measurements that must exist for rules of evidence to apply. The agent that you worked with didnt break a law as you were not expecting this gratuity. What you are proposing to do might cross into that grey area and break a few rules. You cannot compel one to perform under an expectation of reward if said reward is unlawful under real estate rules and regulations or washington state law. You can indirectly attract a client, a 3rd party for example might tell their friend preparing to list that ” you need to call my agent, she did a great job and gave me a wonderful closing gift”. The most fitting label that the gratuity falls under, and the guarantee of one receiving such, is where the law will search for the violation. You can do this very carefully, but I must ask why take the risk ? You would offer to pay someone to use someone else ? What if they can’t locate a home and she uses yet another agent, then after closing calls you wanting that gift card. You can be that persons agent yourself if you establish good rapport and when you have earned the right to ask for her business, do it !
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