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.
New York Referral Agreement — Sharincommissionio— - Between Real Estate Broker and Real Estate Salesperson or Agent or Realtor In the bustling real estate market of New York, referral agreements play a vital role in facilitating collaborative efforts between brokers and salespersons or agents or realtors. These agreements outline the terms and conditions for sharing commissions earned from referring potential clients or leads. One type of New York Referral Agreement is the Standard Referral Agreement. In this agreement, a real estate salesperson, agent, or realtor, commonly referred to as the "Referring Party," agrees to refer potential clients or leads to a real estate broker or brokerage firm, known as the "Receiving Party," in exchange for a percentage share of the commission earned upon successful completion of a transaction. Another type of referral agreement is the Co-Brokerage Referral Agreement. This agreement occurs when two real estate brokers mutually agree to refer clients or leads to each other and share the resulting commission equally or based on a predetermined percentage allocation. The New York Referral Agreement typically includes the following key elements: 1. Parties Involved: Clearly identifies the Referring Party (salesperson, agent, or realtor) and the Receiving Party (broker or brokerage firm) along with their contact details. 2. Referral Compensation: Specifies the percentage or amount of referral commission that the Referring Party will receive upon successful completion of a transaction. It may include provisions for the timing and method of payment, such as in installments or upon closing. 3. Exclusivity and Term: States whether the referral agreement is exclusive or non-exclusive, restricting the Referring Party from referring clients to any other brokers or firms during the term of the agreement. The term of the agreement is typically defined, outlining the duration for which the agreement remains in effect. 4. Referral Procedures: Outlines the procedures involved in referring clients or leads, including the Referring Party's responsibility to provide accurate and complete client information to the Receiving Party. It may also require the Referring Party to obtain the client's consent for sharing their information. 5. Termination Clause: Specifies the conditions under which either party can terminate the agreement, such as breach of terms, expiration of the term, or mutual agreement. It may also include provisions for the treatment of pending referrals and commission payments in case of termination. 6. Governing Law and Jurisdiction: Determines the applicable laws and jurisdiction in case of any disputes arising from the referral agreement. It is important for both parties to carefully review and negotiate the terms of the New York Referral Agreement to ensure a fair and mutually beneficial arrangement. These agreements not only foster collaboration but also strengthen relationships within the real estate industry, allowing for a more seamless sharing of resources and expertise.New York Referral Agreement — Sharincommissionio— - Between Real Estate Broker and Real Estate Salesperson or Agent or Realtor In the bustling real estate market of New York, referral agreements play a vital role in facilitating collaborative efforts between brokers and salespersons or agents or realtors. These agreements outline the terms and conditions for sharing commissions earned from referring potential clients or leads. One type of New York Referral Agreement is the Standard Referral Agreement. In this agreement, a real estate salesperson, agent, or realtor, commonly referred to as the "Referring Party," agrees to refer potential clients or leads to a real estate broker or brokerage firm, known as the "Receiving Party," in exchange for a percentage share of the commission earned upon successful completion of a transaction. Another type of referral agreement is the Co-Brokerage Referral Agreement. This agreement occurs when two real estate brokers mutually agree to refer clients or leads to each other and share the resulting commission equally or based on a predetermined percentage allocation. The New York Referral Agreement typically includes the following key elements: 1. Parties Involved: Clearly identifies the Referring Party (salesperson, agent, or realtor) and the Receiving Party (broker or brokerage firm) along with their contact details. 2. Referral Compensation: Specifies the percentage or amount of referral commission that the Referring Party will receive upon successful completion of a transaction. It may include provisions for the timing and method of payment, such as in installments or upon closing. 3. Exclusivity and Term: States whether the referral agreement is exclusive or non-exclusive, restricting the Referring Party from referring clients to any other brokers or firms during the term of the agreement. The term of the agreement is typically defined, outlining the duration for which the agreement remains in effect. 4. Referral Procedures: Outlines the procedures involved in referring clients or leads, including the Referring Party's responsibility to provide accurate and complete client information to the Receiving Party. It may also require the Referring Party to obtain the client's consent for sharing their information. 5. Termination Clause: Specifies the conditions under which either party can terminate the agreement, such as breach of terms, expiration of the term, or mutual agreement. It may also include provisions for the treatment of pending referrals and commission payments in case of termination. 6. Governing Law and Jurisdiction: Determines the applicable laws and jurisdiction in case of any disputes arising from the referral agreement. It is important for both parties to carefully review and negotiate the terms of the New York Referral Agreement to ensure a fair and mutually beneficial arrangement. These agreements not only foster collaboration but also strengthen relationships within the real estate industry, allowing for a more seamless sharing of resources and expertise.
