1. This promotion is offered exclusively to borrowers purchasing an existing home with financing acquired through First Colony Mortgage.
2. First Colony Mortgage shall only be obligated to honor this promotion for Buyers who finance the purchase of an existing residence with First Colony Mortgage for which, as part of said purchase, Buyer is contractually required to pay Seller’s closing costs
3. This promotion expires June 1, 2022 and First Colony Mortgage will have no obligation to honor any request to compensate Buyer any Seller’s closing costs under any purchase agreement or contract, of any type or nature, entered into after that date.
4. This promotion is only available in those states or jurisdiction in which First Colony Mortgage is licensed to originate residential mortgage loans as of the date Buyer enters into the purchase agreement with the Seller, as part of which Buyer obligates itself, in writing, to pay all or a portion of Seller’s closing costs.
5. First Colony Mortgage reserves the right to provide compensation to Buyer for Seller’s closing costs in the form of a payment, reimbursement or credit, at First Colony Mortgage’s sole discretion. Buyer understands and accepts that it is First Colony Mortgage’s present intention to provide the compensation in the form of a lender credit on the loan which Buyer acquires from First Colony Mortgage for the purchase of the residence on which Buyer is contractually required to pay Seller’s closing costs
6. Buyer must include in the purchase agreement or contract to acquire the residence, or an addendum thereto, language obligating Buyer to compensate Seller for all or a portion Seller’s closing costs. Language similar or identical to the following is acceptable:
a. Buyer agrees to pay seller’s closing costs up to, but not to exceed, $2,500, if Buyer acquires $250,000, or more, of financing with First Colony Mortgage for use on this purchase. If the Buyer’s financing with First Colony Mortgage is less than $250,000 for this purchase, Buyer agrees to pay up to, but not to exceed $1,500 of Seller’s closing costs. This obligation shall exclude any costs, commissions or fees Seller is required to pay to Seller’s realtor/real estate agent or the broker of Seller’s realtor/real estate agent.”
Notwithstanding the actual language used by Buyer concerning the payment of Seller’s closing costs, First Colony Mortgage will not be obligated to pay, reimburse or credit Buyer any of Seller’s closing costs in excess of the specific amount outlined and offered in this promotion (to wit, $2,500 for loans equal to or in excess of $250,000 and $1,500 for loans less than $250,000).
7. First Colony Mortgage will not compensate Buyer, in any fashion, for Seller’s closing costs not actually paid for by Buyer. At no time will First Colony Mortgage directly compensate Seller for its closing costs.
8. Buyer must notify First Colony Mortgage of its intent to receive the benefit of this promotion within three (3) days of agreeing with Seller, in writing, to cover any portion of Seller’s closing costs. Time is of the essence in meeting this requirement and failure to do so shall relive First Colony Mortgage from any obligation to compensate Buyer for any portion of Seller’s closing costs.
9. First Colony will not compensate Buyer, in any form, for Seller’s closing costs associated with commissions or fees Seller is required to pay to Seller’s realtor/real estate agent or the broker of Seller’s realtor/real estate agent.
10. First Colony will not compensate Buyer for any of Seller’s closing costs which are not actually paid for by Seller.
