Nido Rewards Terms

 

Last Revised: August 15, 2023

These Nido Rewards Terms are incorporated into and part of the Nido Terms of Use, including the Mandatory Arbitration Clause and Class Action Waiver found therein. These Nido Rewards Terms are part of and subject to the full suite of provisions found in the Nido Terms of Use and by agreeing to these Nido Rewards Terms, you agree to the full Nido Terms of Use, including the Mandatory Arbitration Clause and Class Action Waiver. The definitions found in the Nido Terms of Use also apply to these Nido Rewards Terms.

We may make changes to these Nido Rewards Terms at any time. Changes to the Nido Rewards Terms will become effective at the time they published. Any changes to the Nido Rewards Terms will not affect Nido Rewards that have already been earned but will apply on a going forward basis. You are responsible for regularly reviewing these Nido Rewards Terms.

In addition to these Nido Rewards Terms and the Nido Terms of Use, we also publish the Nido Privacy Policy. By agreeing to these Nido Rewards Terms and the Nido Terms of Use, you also acknowledge and agree to the Nido Privacy Policy. To the extent permitted by applicable law, you agree to electronic receipt of all privacy disclosures.

1. General

Nido enables renters who use the Nido platform to earn rewards that can later be used toward closing costs when purchasing a home (“Nido Rewards”). Nido Rewards can be earned and redeemed in accordance with these Nido Rewards Terms. Nido Rewards are not guaranteed and are subject to limits based on mortgage type and limits and restrictions set by lenders and applicable law.

2. Nido Rewards Enrollment

All renters who rent from property owners that have entered into an agreement to allow Nido to provide the Nido Services to renters are eligible to enroll into the Nido Rewards program either upon signing their lease agreement or, if they already have a lease, upon such time as the property owner enters into an agreement with Nido. However, in order to receive, view and redeem Nido Rewards, you must create a Nido account via the Nido Rewards mobile application.

3. Earning Nido Rewards

Nido Rewards can be earned in a variety of ways, including, but not limited to completing the following activities (“Nido Reward Activities”):

  • Downloading the Nido App,
  • Setting and/or reaching financial goals or milestones through the App,
  • Reviewing educational tips related to financial responsibility and home buying,
  • Paying rent on time and in full,
  • Completing in-App activities,
  • Completing lease milestones (such as moving in and renewing a lease), and
  • Participating in the Friends and Family program (see Section 6 below).

Not all Nido Reward Activities will be available to all Nido users at all times and eligible Nido Reward Activities are subject to change at Nido’s discretion.

Nido will make its best efforts to ensure that Nido Rewards are reflected on a Nido user’s account shortly after they are earned, but there may be delays before earned Nido Rewards are reflected on a Nido user’s account and available to the Nido user for redemption.

In the event that a Nido user redeems Nido Rewards in accordance with Section 5 below, the balance of Nido Rewards that may be redeemed and applied to closing costs with respect to a real estate transaction will be frozen on the date that the user enters into an Agreement of Sale (“AOS”) relating to that transaction. Nido users will be eligible to continue earning Nido Rewards after entering into the AOS, including between the date of contract and the date of closing, but any such rewards will not be redeemable in connection with the closing and may only be redeemed in connection with future transactions. In the event an AOS is cancelled prior to closing, any frozen Nido Rewards shall be unfrozen and added to any additional Nido Rewards that have accrued since the date of contract.

4. Nido Rewards Value

Nido Rewards can only be redeemed and applied toward closing costs with Nido affiliates and partners and have no independent monetary value. Nido Rewards are not guaranteed and are subject to limits based on mortgage type and limits and restrictions set by mortgage lenders and applicable law.

4.1. Nido Rewards Redemption Period

Nido Rewards will retain their full value until such time as a Nido user vacates a property wherein the property owner has partnered with Nido for the purpose of offering Nido Rewards. If a Nido user vacates a property wherein the property owner has partnered with Nido and moves to another property wherein the property owner has partnered with Nido, their Nido Rewards will remain in full.

However, if a Nido user vacates a property wherein the property owner has partnered with Nido and does not move to another property owned by a Nido partner within 18 months from the date they vacated a property of a Nido Partner, the Nido user’s Nido Rewards will no longer be valid for redemption and will be depleted to zero. If at anytime during the 18 month period from the date the Nido user vacates the property of the Nido property partner, the Nido user moves into another property wherein the property owner has partnered with Nido, the Nido Rewards will continue to be valid and accrue additional Nido Rewards. The Nido user may also redeem up to their full value of their Nido Rewards at anytime during the 18 month period from the date they vacated a property of a Nido Partner by utilizing the Nido Rewards mobile application to pursue their home purchase with a Nido affiliated real estate agent, mortgage lender, or mortgage broker.

If a Nido partner property terminates its relationship with Nido and no longer offers its service, all rent rewards and rent bonus rewards will no longer accrue, and the user’s rewards will be treated the same as if they have vacated the Nido partner property, allowing for 18 months to redeem their rewards before the Nido Rewards are no longer valid for redemption.

5. Nido Rewards Redemption

5.1. Utilizing Nido Partners

Nido users may maximize Nido Rewards redemption potential by using real estate transaction company partners and/or affiliates of Nido, including real estate agents, mortgage brokerages, and mortgage lenders that have partnered and contracted with Nido, but Nido users are not required to use any particular provider. Nido Rewards may be limited when Nido users use real estate agents or mortgage brokerages that do not partner with Nido. Nido users that utilize real estate agents that have not partnered with Nido will be able to redeem a maximum of $1000 in credits that can be used to cover closing costs when purchasing a home if, and only if they utilize a Nido mortgage lender partner.

If a Nido user neither utilize a real estate agent nor a mortgage lender that has partnered with Nido, they will not be able to redeem any Nido Rewards.

5.2. Premium Subscribers

Nido users will not be charged for standard Nido Services. Nido may offer premium services including premium subscription services in the future for a fee. Nido may, in its sole discretion, make certain Nido Rewards offerings contingent on enrollment in these premium services.

6. Friends and Family Program

Nido offers a program that will allow users to refer other individuals to the Nido platform in exchange for additional Nido Rewards (“Friends and Family Program”). Both referring Nido users and referred Nido user will be able to benefit from Nido Rewards earned by the referring user. Referred users are not required to rent from property owners who have partnered with Nido in order to redeem rewards.

Nido has the right to limit, remove, or modify the Friends and Family Program at any time.

7. Disputes

Any disputes related to Nido Rewards must be directed to Nido at info@nidorewards.com

8. Questions or Concerns

If you have any questions or comments about these Nido Rewards Terms or Nido Rewards generally, please contact us by email at info@nidorewards.com.