How agents get paid for home warranty referral checks at Key Realty.
RESPA does not prohibit us from referring business to a home warranty company, RESPA does prohibit the agent or broker from receiving a fee for such a referral.
Under RESPA and other HUD regulations, payment is permitted for bona fide services that are actually performed, however, without placing an undue burden on agents and management, documentation and monitoring of these services is very difficult.
How to receive a payout on a home warranty payment:
When Key Realty receives a home warranty check at the corporate office in Maumee, the check will be deposited and automatically paid out to the agent per the disbursement form in the original closing folder for the property the home warranty was for. There is no action required from the agent unless Key Realty has a question regarding the payment for the agent.
Please note that it can take up to 8 weeks for Key Realty to receive payment from a home warranty company once the home warranty company has received all required documentation.
America's Preferred Home Warranty (APHW) Referral Checks
- Agents will be compensated $50 for each APHW Home Warranty purchased by your client and the data collection form is completed.
- Data Collection must be completed and turned into APHW no later than 30 days after closing to be eligible for the $50 referral.