Reggie Chennattu will contribute upto $5,000 towards a child's college education when you list and sell your home or any real estate with Reggie. The first step to getting your contribution of up to $5,000 is to submit your real estate preference information to Reggie Chennattu through this website or by calling the toll free number 1-888-459-4666. The contribution to college fund will be made within 30 days from the closing date by opening up a custodian account in the name of the child. You may chose your child's funds be placed in a mutual fund, equity, bonds, money market or combination of any or all of the above.

education by you chosing the beneficiary. The child of choice can be your own child, grandchild, niece, nephew or friend's child. The child or beneficiary must be below 16 (sixteen) years old.

education by selecting multiple children as recipients. Just provide the names of children and social security numbers to Reggie on the day of closing and watch the fund grows.

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 $600,000, your college contribution will be $2,000 or $600,000 X 3% X 11.11% = $2,000. The maximum contribution is $5,000 per purchase or sale.

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 $2,333 or $300,000 X 3.5% X 11.11% = $2,333. Maximum contribution is $5,000 per 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 $1,666 or $600,000 X 2.5% X 11.11% = $1,666. Maximum contribution is $5,000 per purchase or sale.

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 work 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.

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. However most of the relocation companies allow the client to chose their own prefered Realtor.

What do I do if the house I buy or sell is in a state where Reggie's service is not available?

You can still participate in the program by youu contacting Reggie and have you sell the property through his participating Realtors through the referal network.

What if I only either buy or sell a home (but not both) through Reggie's office?

Then the side of the transaction with a participating real estate office qualifies for the college contribution. If you do both transactions with Reggie's office, then both sides will qualify.

What if I buy AND sell a home through Reggies' office?

The purchase of your new home, AND the sale of your old home, will both qualify for college contributions. However, you must have TWO agreements 'one for the sell (listing agreement) and one for the buy (buyers agency agreement). 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.

When will I receive the college contribution in my child's account?

The contribution will generally be deposited into your child's account within 30 days after the transaction closes.

Who do I contact if I have questions about my contribution from Reggie Chennattu?

Please contact Reggie Chennattu.

Equal Opportunity. Equal Housing Opportunity.