This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A Mississippi Referral Agreement, also known as a Sharing of Commission Agreement, is a legally binding contract between a real estate broker and a real estate salesperson, agent, or realtor. This agreement outlines the terms and conditions under which the broker will refer clients or properties to the salesperson, agent, or realtor, and how the commission fees will be shared. There are different types of Mississippi Referral Agreement — Sharincommissionio— - Between Real Estate Broker and Real Estate Salesperson or Agent or Realtor based on the specific arrangement between the parties involved. Some common types are: 1. Simple Referral Agreement: This type of agreement is straightforward and essential for referring potential clients or properties to another agent. It outlines the referral fee to be paid to the referring party if the referral results in a successful transaction. 2. Buy-side Referral Agreement: In this type of agreement, the referring agent helps connect the buyer with another real estate agent who specializes in the specific property type or geographic area. The referring agent receives a referral fee if the referred agent successfully assists the buyer in purchasing a property. 3. Sell-side Referral Agreement: This agreement applies when a real estate agent refers a potential seller to another agent who specializes in listing and marketing properties. The referring agent earns a referral fee if the referred agent successfully lists and sells the property. 4. Dual Referral Agreement: In some cases, a referring agent may refer both buyers and sellers to different agents within the same transaction. This dual referral agreement specifies the commission-sharing arrangement for both the buy-side and sell-side agents. When drafting a Mississippi Referral Agreement — Sharing of Commission, it is crucial to include certain key elements to ensure the contract's enforceability: 1. Parties Involved: Clearly identify the real estate broker, real estate salesperson, agent, or realtor, using their full legal names and contact information. 2. Description of Referral Services: Specify the type of referral services that will be rendered by the referring party, whether it involves buyer referrals, seller referrals, or both. 3. Referral Fee: Outline the percentage or amount of commission that will be paid to the referring agent upon the successful completion of the transaction. Clearly state when the referral fee will be due and how it will be calculated. 4. Term and Termination: Define the duration of the referral agreement and the circumstances under which it can be terminated, such as a breach of contract or completion of the referral services. 5. Exclusivity and Non-Compete: If applicable, include any exclusivity or non-compete clauses that restrict the referring agent from referring clients or properties to other agents or brokers during the term of the agreement. 6. Dispute Resolution: Establish a mechanism for resolving disputes, such as arbitration or mediation, should any disagreements arise between the parties. It is important to consult with a legal professional when creating a Mississippi Referral Agreement to ensure it complies with state-specific regulations and addresses the specific needs and preferences of both the real estate broker and the salesperson, agent, or realtor involved.A Mississippi Referral Agreement, also known as a Sharing of Commission Agreement, is a legally binding contract between a real estate broker and a real estate salesperson, agent, or realtor. This agreement outlines the terms and conditions under which the broker will refer clients or properties to the salesperson, agent, or realtor, and how the commission fees will be shared. There are different types of Mississippi Referral Agreement — Sharincommissionio— - Between Real Estate Broker and Real Estate Salesperson or Agent or Realtor based on the specific arrangement between the parties involved. Some common types are: 1. Simple Referral Agreement: This type of agreement is straightforward and essential for referring potential clients or properties to another agent. It outlines the referral fee to be paid to the referring party if the referral results in a successful transaction. 2. Buy-side Referral Agreement: In this type of agreement, the referring agent helps connect the buyer with another real estate agent who specializes in the specific property type or geographic area. The referring agent receives a referral fee if the referred agent successfully assists the buyer in purchasing a property. 3. Sell-side Referral Agreement: This agreement applies when a real estate agent refers a potential seller to another agent who specializes in listing and marketing properties. The referring agent earns a referral fee if the referred agent successfully lists and sells the property. 4. Dual Referral Agreement: In some cases, a referring agent may refer both buyers and sellers to different agents within the same transaction. This dual referral agreement specifies the commission-sharing arrangement for both the buy-side and sell-side agents. When drafting a Mississippi Referral Agreement — Sharing of Commission, it is crucial to include certain key elements to ensure the contract's enforceability: 1. Parties Involved: Clearly identify the real estate broker, real estate salesperson, agent, or realtor, using their full legal names and contact information. 2. Description of Referral Services: Specify the type of referral services that will be rendered by the referring party, whether it involves buyer referrals, seller referrals, or both. 3. Referral Fee: Outline the percentage or amount of commission that will be paid to the referring agent upon the successful completion of the transaction. Clearly state when the referral fee will be due and how it will be calculated. 4. Term and Termination: Define the duration of the referral agreement and the circumstances under which it can be terminated, such as a breach of contract or completion of the referral services. 5. Exclusivity and Non-Compete: If applicable, include any exclusivity or non-compete clauses that restrict the referring agent from referring clients or properties to other agents or brokers during the term of the agreement. 6. Dispute Resolution: Establish a mechanism for resolving disputes, such as arbitration or mediation, should any disagreements arise between the parties. It is important to consult with a legal professional when creating a Mississippi Referral Agreement to ensure it complies with state-specific regulations and addresses the specific needs and preferences of both the real estate broker and the salesperson, agent, or realtor involved.
