A real estate broker offers services as agent in matters involving the sale, purchase, rental, and financing of real property. When selling property, brokers and agents arrange for title searches to verify ownership and for meetings between buyers and sellers during which they agree to the details of the transactions and in a final meeting, the new owners take possession of the property. They also may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for closing sales; in others, lawyers or lenders do.
Agents and brokers spend a significant amount of time looking for properties to sell. They obtain listings -- agreements by owners to place properties for sale with the firm. When listing a property for sale, agents and brokers compare the listed property with similar properties that recently sold, in order to determine a competitive market price for the property. Following the sale of the property, both the agent who sold it and the agent who obtained the listing receive a portion of the commission. Thus agents who sell a property that they themselves have listed can increase their commission.
Nassau New York Real Estate Sales Representative Agreement with Broker is a legally binding contract between a sales representative and a real estate broker operating in Nassau County, New York. This agreement outlines the terms and conditions under which a sales representative can work under the supervision and guidance of a broker to facilitate real estate sales and transactions. Here is a detailed description of the key components of the agreement and the different types available in Nassau New York. 1. Agreement Purpose: The purpose of the Nassau New York Real Estate Sales Representative Agreement with Broker is to establish the relationship between the sales representative and the broker. It defines the roles, responsibilities, and expectations of both parties involved. 2. Compensation and Commission: The agreement clearly stipulates the compensation structure, commission rates, and payment terms that the sales representative will receive for their services. The specifics of commission split, bonuses, or any other forms of compensation should be clearly outlined in this agreement. 3. Duration and Termination: The agreement will specify the duration of the agreement, including the start and end date. Additionally, it should outline the conditions under which either party can terminate the contract, such as breach of agreement, violation of real estate regulations, or non-performance. This section may also include any notice periods required for termination. 4. Obligations and Responsibilities: Both the broker and the sales representative must have a clear understanding of their obligations and responsibilities. This may include prospecting and soliciting potential clients, conducting property visits, negotiating deals, preparing contracts, and ensuring compliance with legal and ethical standards. The agreement should also note any specific obligations imposed by the broker on the sales representative. 5. Training and Support: If the broker provides training and support to the sales representative, such services should be clearly mentioned in the agreement. This can include access to marketing materials, databases, software, coaching, or other resources necessary for the sales representative to carry out their duties effectively. 6. Confidentiality and Non-Disclosure: The agreement will usually contain provisions regarding the confidential nature of client information, trade secrets, and any other proprietary information that the sales representative may come across during their employment. A non-disclosure clause is crucial to safeguard the broker's interests and reputation. Types of Nassau New York Real Estate Sales Representative Agreement with Broker: 1. Exclusive Representative Agreement: This type of agreement establishes an exclusive working relationship between the sales representative and the broker. It means that the sales representative can only work with and represent properties listed by the broker exclusively. 2. Non-Exclusive Representative Agreement: Under a non-exclusive agreement, the sales representative can work with multiple brokers simultaneously or represent properties listed by different brokers. This allows more flexibility for the sales representative, but they may face increased competition and potential conflicts of interest. 3. Independent Contractor Agreement: This type of agreement treats the sales representative as an independent contractor rather than an employee. It clearly defines the working relationship between the parties and establishes the sales representative's responsibilities for their own taxes, insurance, and other expenses. In conclusion, the Nassau New York Real Estate Sales Representative Agreement with Broker is a crucial contract that sets the terms and conditions for a sales representative to work within the dynamic real estate market of Nassau County. It outlines the compensation, obligations, termination conditions, and confidentiality provisions applicable to the agreement. The different types include exclusive, non-exclusive, and independent contractor agreements, each with its own implications and benefits for the sales representative and the broker involved.Nassau New York Real Estate Sales Representative Agreement with Broker is a legally binding contract between a sales representative and a real estate broker operating in Nassau County, New York. This agreement outlines the terms and conditions under which a sales representative can work under the supervision and guidance of a broker to facilitate real estate sales and transactions. Here is a detailed description of the key components of the agreement and the different types available in Nassau New York. 1. Agreement Purpose: The purpose of the Nassau New York Real Estate Sales Representative Agreement with Broker is to establish the relationship between the sales representative and the broker. It defines the roles, responsibilities, and expectations of both parties involved. 2. Compensation and Commission: The agreement clearly stipulates the compensation structure, commission rates, and payment terms that the sales representative will receive for their services. The specifics of commission split, bonuses, or any other forms of compensation should be clearly outlined in this agreement. 3. Duration and Termination: The agreement will specify the duration of the agreement, including the start and end date. Additionally, it should outline the conditions under which either party can terminate the contract, such as breach of agreement, violation of real estate regulations, or non-performance. This section may also include any notice periods required for termination. 4. Obligations and Responsibilities: Both the broker and the sales representative must have a clear understanding of their obligations and responsibilities. This may include prospecting and soliciting potential clients, conducting property visits, negotiating deals, preparing contracts, and ensuring compliance with legal and ethical standards. The agreement should also note any specific obligations imposed by the broker on the sales representative. 5. Training and Support: If the broker provides training and support to the sales representative, such services should be clearly mentioned in the agreement. This can include access to marketing materials, databases, software, coaching, or other resources necessary for the sales representative to carry out their duties effectively. 6. Confidentiality and Non-Disclosure: The agreement will usually contain provisions regarding the confidential nature of client information, trade secrets, and any other proprietary information that the sales representative may come across during their employment. A non-disclosure clause is crucial to safeguard the broker's interests and reputation. Types of Nassau New York Real Estate Sales Representative Agreement with Broker: 1. Exclusive Representative Agreement: This type of agreement establishes an exclusive working relationship between the sales representative and the broker. It means that the sales representative can only work with and represent properties listed by the broker exclusively. 2. Non-Exclusive Representative Agreement: Under a non-exclusive agreement, the sales representative can work with multiple brokers simultaneously or represent properties listed by different brokers. This allows more flexibility for the sales representative, but they may face increased competition and potential conflicts of interest. 3. Independent Contractor Agreement: This type of agreement treats the sales representative as an independent contractor rather than an employee. It clearly defines the working relationship between the parties and establishes the sales representative's responsibilities for their own taxes, insurance, and other expenses. In conclusion, the Nassau New York Real Estate Sales Representative Agreement with Broker is a crucial contract that sets the terms and conditions for a sales representative to work within the dynamic real estate market of Nassau County. It outlines the compensation, obligations, termination conditions, and confidentiality provisions applicable to the agreement. The different types include exclusive, non-exclusive, and independent contractor agreements, each with its own implications and benefits for the sales representative and the broker involved.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
