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.
An Oklahoma Referral Agreement, also known as a Sharing of Commission Agreement, is a legal contract that establishes the terms and conditions for the referral and commission sharing arrangement between a real estate broker and a salesperson, agent, or realtor. This agreement serves as a framework for specifying the responsibilities, obligations, and compensation arrangements between the parties involved in the referral process. The purpose of an Oklahoma Referral Agreement is to outline the referral process, ensure transparency in commission sharing, and protect the interests of all parties. It helps define the roles and responsibilities of the referring party (real estate broker) and the receiving party (real estate salesperson/agent/realtor) involved in the transaction. The agreement typically includes the following elements: 1. Parties Involved: The names and contact information of both the real estate broker and the salesperson/agent/realtor are mentioned at the beginning of the agreement. 2. Referral Fees: The agreement highlights the percentage or flat fee that the real estate salesperson/agent/realtor will receive as a referral commission upon the successful completion of the transaction. 3. Referral Period: The agreement may specify a defined referral period during which the referring party will be eligible to receive the referral fee. Typically, the referral period starts from the initial referral and lasts until the closing of the referred transaction. 4. Referral Conditions: Any specific conditions or requirements for the referral to be considered valid may be mentioned in the agreement. For instance, it may outline that the referring party must provide a formal written referral notice to the receiving party to initiate the referral process. 5. Responsibilities and Obligations: This section outlines the duties, responsibilities, and obligations of both parties. It may specify that the receiving party is responsible for providing regular updates to the referring party regarding the status of the referral and any subsequent transactions. 6. Confidentiality and Non-Compete: The agreement may include clauses related to maintaining the confidentiality of the referral agreement details and preventing any competitive actions that can undermine the referring party's existing business interests. Types of Oklahoma Referral Agreements: 1. Exclusive Referral Agreement: This type of agreement grants exclusive referral rights to the designated real estate salesperson/agent/realtor. It ensures that any referrals generated within a specified area or by a specific client are exclusively assigned to the designated party. 2. Open Referral Agreement: An open referral agreement allows multiple real estate salespersons/agents/realtors to receive and compete for referrals from the referring party. It provides more flexibility in choosing the receiver based on various factors like expertise, availability, or specific client requirements. In conclusion, an Oklahoma Referral Agreement is a crucial contract that establishes the terms and conditions for the referral process and commission sharing between real estate brokers and salespersons/agents/realtors. It ensures transparency, protect rights, and defines the roles and responsibilities of both parties involved. Different types of referral agreements, like exclusive and open agreements, exist depending on the specific needs and circumstances of the parties involved.An Oklahoma Referral Agreement, also known as a Sharing of Commission Agreement, is a legal contract that establishes the terms and conditions for the referral and commission sharing arrangement between a real estate broker and a salesperson, agent, or realtor. This agreement serves as a framework for specifying the responsibilities, obligations, and compensation arrangements between the parties involved in the referral process. The purpose of an Oklahoma Referral Agreement is to outline the referral process, ensure transparency in commission sharing, and protect the interests of all parties. It helps define the roles and responsibilities of the referring party (real estate broker) and the receiving party (real estate salesperson/agent/realtor) involved in the transaction. The agreement typically includes the following elements: 1. Parties Involved: The names and contact information of both the real estate broker and the salesperson/agent/realtor are mentioned at the beginning of the agreement. 2. Referral Fees: The agreement highlights the percentage or flat fee that the real estate salesperson/agent/realtor will receive as a referral commission upon the successful completion of the transaction. 3. Referral Period: The agreement may specify a defined referral period during which the referring party will be eligible to receive the referral fee. Typically, the referral period starts from the initial referral and lasts until the closing of the referred transaction. 4. Referral Conditions: Any specific conditions or requirements for the referral to be considered valid may be mentioned in the agreement. For instance, it may outline that the referring party must provide a formal written referral notice to the receiving party to initiate the referral process. 5. Responsibilities and Obligations: This section outlines the duties, responsibilities, and obligations of both parties. It may specify that the receiving party is responsible for providing regular updates to the referring party regarding the status of the referral and any subsequent transactions. 6. Confidentiality and Non-Compete: The agreement may include clauses related to maintaining the confidentiality of the referral agreement details and preventing any competitive actions that can undermine the referring party's existing business interests. Types of Oklahoma Referral Agreements: 1. Exclusive Referral Agreement: This type of agreement grants exclusive referral rights to the designated real estate salesperson/agent/realtor. It ensures that any referrals generated within a specified area or by a specific client are exclusively assigned to the designated party. 2. Open Referral Agreement: An open referral agreement allows multiple real estate salespersons/agents/realtors to receive and compete for referrals from the referring party. It provides more flexibility in choosing the receiver based on various factors like expertise, availability, or specific client requirements. In conclusion, an Oklahoma Referral Agreement is a crucial contract that establishes the terms and conditions for the referral process and commission sharing between real estate brokers and salespersons/agents/realtors. It ensures transparency, protect rights, and defines the roles and responsibilities of both parties involved. Different types of referral agreements, like exclusive and open agreements, exist depending on the specific needs and circumstances of the parties involved.
