TERMS AND CONDITIONS OF THE BANKIT PROGRAM
The BankIt Program (hereinafter "The Program") is designed to provide individuals who lease a Lifestyle Communities (hereinafter “LC”) apartment, with an opportunity to accrue credit that can be used towards the down payment, closings costs, or other expenses of a new home purchase, if purchased using Collective House Realty (hereinafter “CHR”) real estate brokerage as the individual’s agent. Participation in the Program is voluntary and is subject to the following Terms and Conditions as set forth below.
In order to be eligible for The BankIt Benefit created by The Program, individuals must qualify as a “Participant”. In order to qualify as a Participant, an individual must be a Qualified Tenant under a Qualified Lease of a Qualified Apartment, who then purchases a Qualified Home by and through a CHR real estate agent, within ninety (90) days after the end of the term of their Qualified Lease. A Qualified Tenant is one who is a tenant in good standing under a Qualified Lease. A Qualified Lease is an active or completed residential lease of a Qualified Apartment with LC, which was executed on or after October 1, 2007, and is in good standing (meaning the tenant hasn’t breached any terms of the lease). A Qualified Apartment is any apartment unit located within one of the following LC apartment projects: Villages at New Albany Park; Exchange at New Albany Park; Villages at Preserve Crossing; Paddock at Hayden Run; Village at Sunbury Mills; Farms at New Albany Park; and Greene at White Oak, LC Brooklands, LC RiverSouth, and units owned by Residential Condominium Holdings (RCH), a Lifestyle Communities affiliate. A Qualified Home is any 1 to 4 family residential home (condominiums, townhomes, etc) located in the State of Ohio, and shall be used by the Qualified Tenant as their primary residence.
Multiple Qualified Tenants Buying Multiple Qualified Homes
In the event that more than one person is named as a tenant on a Qualified Lease for a Qualified Apartment, all tenants shall become Qualified Tenants and if the Qualified Tenants purchase multiple Qualified Homes and each become Participants in their own right, then those Participants shall each receive the total BankIt Benefit earned under the common lease they signed jointly. If one of the Qualified Tenants on the joint lease leaves LC to purchase a Qualified Home and satisfies the Eligibility requirements, but other Qualified Tenant remains, the departing Qualified Tenant will only earn a BankIt Benefit through their closing date, the remaining Qualified Tenant can still become a Participant and earn a BankIt Benefit for their entire term of the Qualified Lease.
The BankIt Benefit
Participants shall be given a real estate broker commission rebate at the closing of a Qualified Home (herein known as the “BankIt Benefit”) of an amount determined as follows: Participants will receive a BankIt Benefit credit of $50.00 per month of the term of a Qualified Lease, up to a maximum credit of the lesser of 1.0% of the purchase price of the Qualified Home or $3,000.00, and the total amount accrued by the Participant (subject to that maximum) constitutes their total BankIt Benefit amount. In the event that a Participant's BankIt Benefit accrues a total of less than $250.00 at the time of closing on the Qualified Home, Participant shall receive a minimum BankIt Benefit of $250.00. The BankIt Benefit shall be paid to Participant using a Buyer’s Agent Commission Rebate Agreement, and must be shown as a debit/credit on the Settlement Statement at closing. Therefore, the Participant’s expectation of the BankIt Benefit is subject to disclosure and consent by the Seller of the Qualified Home and the Participant’s chosen mortgage lender. CHR and LC shall not be obligated to pay any BankIt Benefit to Participant if Participant’s mortgage lender prohibits it, or the Qualified Home’s seller refuses to sign the contract addendum, which is required by Ohio law to be included in the purchase contract. Participants understand that the BankIt Benefit is deemed to be taxable income and therefore Participants must complete a W9 form prior to receiving their Benefit.
Any breach by Tenant of the Qualified Lease, to be determined by the sole discretion of LC, results in the individual’s forfeiture of their BankIt Benefit and loss of Eligibility to become a Participant in The Program. The triggering qualification for the BankIt Benefit is the completion of the Eligibility requirements, and therefore, failure to complete all steps to Eligibility means that the individual has not become a Participant and forfeits all potential benefits under The Program.
Participants acknowledge that the BankIt Benefit is not an inducement to have the Participant enter into any specific real estate contract for the purchase of any particular home. Each purchase contract offer, and each home considered for purchase, must be evaluated by Participants independently of such BankIt Benefit, and said benefit doesn’t increase or decrease based on any contractual terms related to the purchase of a home.
Commencement, Revision, and Termination
These revised Terms and Conditions for The Program are effective January 1, 2018. The Program may terminated or revised at any time without prior notice. All Terms and Conditions prior to January 1, 2018 are being terminated as of December 31, 2017 and replaced by these Terms & Conditions. For all Qualified Tenants or Participants who will complete their Eligibility for The Program by April 1, 2018, their accrual rate and their balance will be honored, otherwise their accrual rate will be in accordance with these new Terms and Conditions. In the event The Program is terminated, accrual of any BankIt Benefit credit will cease immediately from the termination date. However, the BankIt Benefit will still be earned by any Qualified Tenant who becomes a Participant prior to one hundred eighty (180) days following The Program’s termination.