Buying or selling your home can mean big college savings
When you buy or sell your home through Upromise, you can save up to $3,000* for college. The first step is to submit your real estate preference information to a participating CENTURY 21® office through the Upromise website.
Next, a real estate professional will contact you directly to assist you in your purchase or sale. Once your transaction is completed, your contribution will be deposited in your account.
IMPORTANT: To qualify for a Upromise contribution, your referral must be accepted by your selected Real Estate Office. You must submit your information to a participating CENTURY 21® office through the Upromise web site and your referral must be accepted BEFORE signing a listing agreement, buyer-agency agreement or sales contract with the real estate office. Otherwise, you will not receive a Upromise contribution. See eligibility for more details.
Eligibility [ back to top ]
- A Upromise member who participates in this program is eligible to receive a college contribution in his or her Upromise account each time he or she purchases or sells a home through a participating CENTURY 21® real estate office.* If a Upromise member sells a home through a participating office AND then buys a home through a participating office, he or she will receive a college contribution with respect to both the purchase and the sale. However, the member must submit information to each office through the CENTURY 21 section of the Upromise website - one for the buy and one for the sell. If the member is using the same office for both the buy and the sell, they still MUST submit information for each side.
- Upromise members who are conducting the purchase or sale of a home in one of the following states are NOT eligible to participate in this program, due to state regulatory constraints: Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, New Jersey, Oklahoma, Oregon, and Tennessee.
- In order to qualify for the contribution, Upromise members must conduct their transaction(s) through a participating CENTURY 21 real estate office. They must first complete the three step referral process by finding and selecting a participating CENTURY 21 office through the Upromise Web site and submitting some basic information to that office. The final step of the referral process is for your selected real estate office to accept your referral. Upromise contributions will only be earned on accepted referrals. By completing the referral process, the appropriate tracking mechanism, required to administer the college contribution, will be put into place.
- It is your responsibility to confirm that your referral has been accepted by your selected real estate office. Only accepted referrals are eligible to earn Upromise contributions. If your referral is not accepted, you may still choose to work with that office, but you will NOT earn a Upromise contribution. In the event that your referral is not accepted, we encourage you to submit a referral to a different office.
Please Note: If the Upromise member selects a CENTURY 21 office through the Upromise website AFTER having signed a listing agreement, buyer-agency agreement, or sales contract with the real estate office, the member is NOT eligible for the contribution.
*If joint owners or joint sellers of a home are both Upromise members, the college contribution will be directed to only one Upromise account -- the account of the Upromise member through which the real estate preference information was submitted.
Frequently Asked Questions [ back to top ]
1. How exactly is my college contribution
amount calculated?
2. What if the commission my participating
real estate office receives is greater than or less than
3%?
3. What if my spouse and I are both
Upromise members and we are buying or selling a home together? Do we both
get contributions?
4. What is the difference between a real
estate broker, a real estate office, and a real estate
agent?
5. How do I know if my current CENTURY 21
office is a participating office?
6. What if my current CENTURY 21 real estate
office is not a participating office? Can I still receive the college
contribution?
7. Why do I have to go through the
Upromise website? Can't I just walk into a participating CENTURY 21 office,
tell them I'm a Upromise member, and start the ball rolling for my
Upromise contribution?
8. What if I tell my real estate office
about Upromise after the sales process has begun?
9. What if my company is handling my
relocation and referring me to a real estate office?
10. What do I do if the house I buy or
sell is in a state where the program is not available?
11. What if I only either buy or sell a
home (but not both) through a Upromise participating real estate
office?
12. What if I buy AND sell a home through
a Upromise participating real estate office?
13. When will I receive the college
contribution in my Upromise account?
14. Who do I contact if I have questions
about my contribution from CENTURY 21?
1. How exactly is my college contribution amount calculated?
Your college contribution will equal 11.11% of the commission your participating real estate office receives for your side of the transaction.
In most cases, your participating real estate office's commission will be 3% of the sale price. This assumes an aggregate commission of 6% that is evenly split between the buyer's office and the seller's office.
When the aggregate commission is 6% and your participating real estate office receives a 3% commission, your college contribution amount will be 1/3% of the sale price. For example, when your participating office receives a 3% commission and the sale price of your home is $300,000, your college contribution will be $1,000 or $300,000 X 3% X 11.11% = $1,000. The maximum contribution is $3,000 per purchase or sale.
2. What if the commission my participating real estate office receives is greater than or less than 3%?
Depending on market conditions and agreements between real estate offices, the aggregate commission percentage can vary as well as the split between the buying and selling offices.
In a case where your participating real estate office receives more or less than 3%, your college contribution will be adjusted proportionately up or down.
For example, let's say your real estate office's commission is 3.5%. Since that is 16.67%higher than the 3% commission stated above, the college contribution is 16.67% higher than 1/3% of the sale price. In this case, the college contribution would be $1,167 or $300,000 X 3.5% X 11.11% = $1,167. Maximum contribution is $3,000 per purchase or sale.
Now, let's say your real estate office's commission is 2.5%. Since that is 16.67% lower than the 3% commission stated above, the college contribution is 16.67% lower than 1/3% of the sale price. In this case, the college contribution would be $833 or $300,000 X 2.5% X 11.11% = $833. Maximum contribution is $3,000 per purchase or sale.
3. What if my spouse and I are both Upromise members and we are buying or selling a home together? Do we both get contributions?
No. The home transaction generates one contribution. That contribution will go to the Upromise member who used the Upromise site to submit the real estate preference information to CENTURY 21.
4. What is the difference between a real estate broker, a real estate office, and a real estate agent?
A real estate broker is a licensed professional who is the owner/operator of one or several real estate offices. Each broker has a sales force of real estate agents who works for the broker. For the purposes of the Upromise program, the office commission (typically 3% per side of the transaction) is what determines the amount of the college contribution, not the amount of an individual agent's commission.
5. How do I know if my current CENTURY 21 office is a participating office?
Simply enter the city and state or zip code of your current office through the CENTURY 21 section of the Upromise website and click next. If your office is listed on the next page, then they are participating. If not, they are not currently in the program.
6. What if my current CENTURY 21 real estate office is not a participating office? Can I still receive the college contribution?
If your office is not a participating office, you can suggest that the real estate broker who operates that office join the program, at which point the office may choose to offer the contribution to you. If your office does not want to join the program, the office is not obligated to extend the offer to you.
7. Why do I have to go through the Upromise website? Can't I just walk into a participating CENTURY 21 office, tell them I'm a Upromise member, and start the ball rolling for my Upromise contribution?
You can simply walk into a participating office and begin the process. However, BEFORE you sign a listing agreement, buyer-agency agreement, or sales agreement with this office, you MUST first locate and select this office through the CENTURY 21 section of the Upromise Web site. Then you must complete all 3 steps of the referral process on the Upromise Web site. By doing this, you begin the tracking mechanism required to administer your college contribution after the transaction close.
8. What if I tell my real estate office about Upromise after the sales process has begun?
If you have signed a listing agreement, buyer-agency agreement or sales agreement with this office before you submit a referral to this office through the Upromise web site, you are NOT eligible to receive your college contribution.
9. What if my company is handling my relocation and referring me to a real estate office?
You will not be eligible for a contribution if you have already been referred to a real estate office as part of a corporate relocation program.
10. What do I do if the house I buy or sell is in a state where the program is not available?
You can still participate in the rest of the Upromise service. However, you cannot participate in this real estate program. The key factor is the location of the house that is bought or sold. For example, if you are moving from an ineligible state to an eligible one, the purchase of your new home in the eligible state can qualify. Please note that the ineligible states are: Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, New Jersey, Oklahoma, Oregon, and Tennessee.
11. What if I only either buy or sell a home (but not both) through a Upromise participating real estate office?
Then the side of the transaction with a participating real estate office qualifies for the college contribution. If you do both transactions with a participating Upromise real estate office, then both sides will qualify.
12. What if I buy AND sell a home through a Upromise participating real estate office?
The purchase of your new home, AND the sale of your old home, will both qualify for college contributions. However, you must submit TWO referrals - one for the sell and one for the buy. Of course, the amount of the contribution for each transaction will depend upon the real estate office commission for each transaction, according to the rules stated above.
13. When will I receive the college contribution in my Upromise account?
The contribution will generally be deposited into your Upromise account within 30 days after the transaction closes.
14. Who do I contact if I have questions about my contribution from CENTURY 21?
Please contact us.
Other Program Information
[ back to top ]- This real estate program is void in AK, AL, IA, KS, LA, MO, MS, NJ, OK, OR, and TN and wherever else prohibited.
- CENTURY 21® is a licensed trademark to CENTURY 21 Franchise Systems, Inc.
- Each CENTURY 21 office is independently owned and operated, except for offices owned and operated by NRT Incorporated.
- Equal Opportunity Company.
- Equal Housing Opportunity.
