A North Dakota Broker Referral Agreement is a legal document that outlines the terms and conditions between a referring broker and a receiving broker in a real estate transaction. This agreement specifies the roles, responsibilities, and compensation arrangements of both parties involved in the referral process. In North Dakota, there are two common types of Broker Referral Agreements: the Single Party Referral Agreement and the Dual Party Referral Agreement. 1. Single Party Referral Agreement: This type of agreement occurs when a referring broker refers a buyer or seller to a receiving broker. The referring broker provides the receiving broker with the contact information of the referred party, and if a successful transaction ensues, the receiving broker compensates the referring broker with an agreed-upon referral fee. 2. Dual Party Referral Agreement: In this scenario, a referring broker refers both a buyer and a seller to a receiving broker. The referring broker acts as an intermediary and facilitates the transaction between the two parties. Any commission received from the successful transaction is then split between the referring broker and the receiving broker according to the predetermined percentage or amount outlined in the agreement. Keywords: North Dakota, broker referral agreement, legal document, terms and conditions, real estate transaction, roles, responsibilities, compensation arrangements, referring broker, receiving broker, single party referral agreement, dual party referral agreement, buyer, seller, contact information, referral fee, successful transaction, commission, intermediary, split commission.
North Dakota Broker Referral Agreement
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How to fill out North Dakota Broker Referral Agreement?
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