Oregon Broker Referral Agreement

• Category: Real Estate - Referral Agreements
• State: Multi-State
• Control #: US-0196BG
• Format: Word; Rich Text

Description

Pursuant to this Agreement, Broker intends to refer to a corporate entity potential purchasers of real property. In return for referring potential purchasers to said corporate entity, it agrees to pay to Broker a referral fee under and upon the terms and conditions set forth in this Agreement. The Oregon Broker Referral Agreement is a legally binding contract entered into by real estate agents or brokers in Oregon. This agreement outlines the terms and conditions when one real estate professional refers a client or customer to another agent or broker within the same state. When a real estate agent encounters a situation where they are unable to assist a client due to various reasons such as location, property type, or expertise, they can refer the client to another agent who can best address their needs. The Oregon Broker Referral Agreement ensures that both parties involved are protected and compensated appropriately for their services. Key elements typically included in the Oregon Broker Referral Agreement are: 1. Identification of Parties: The agreement begins by clearly identifying the referring agent and the receiving agent, including their full legal names, business addresses, and contact information. 2. Client Information: This section provides detailed information about the client being referred, such as their name, contact information, specific needs, and any other relevant details. 3. Referral Fee: The agreement defines the referral fee, which is the compensation the referring agent expects to receive for referring the client. The fee is typically a percentage of the commission earned by the receiving agent upon the successful completion of the referred transaction. 4. Transaction Details: This section outlines the specific terms and conditions of the referred transaction, including the property type, location, price range, and any additional requirements or considerations. 5. Exclusivity and Duration: The agreement may specify the exclusivity of the referral, meaning that the receiving agent has the sole right to serve the referred client for a certain period. The duration of this exclusivity period is usually determined by mutual agreement. 6. Obligations and Responsibilities: This section outlines the responsibilities and obligations of both the referring and receiving agents throughout the referral process. It may include terms related to communication, updates, professional conduct, and timely responses. Different types of Oregon Broker Referral Agreements may exist depending on the nature of the referral. For example: 1. Residential Referral Agreement: This type of agreement is specific to referrals related to residential real estate transactions, such as buying or selling homes, apartments, or condominiums. 2. Commercial Referral Agreement: This agreement is tailored for referrals relating to commercial real estate transactions, such as office spaces, retail properties, industrial properties, or land. 3. Niche-Specific Referral Agreement: Real estate agents may also enter into referral agreements based on specialized niches, such as luxury properties, vacation homes, or investment properties. In summary, the Oregon Broker Referral Agreement is a crucial contract that governs the relationship between referring and receiving agents when it comes to client referrals. Its purpose is to protect the interests of both parties while ensuring fair compensation. Whether it's a residential, commercial, or niche-specific referral, this agreement provides the framework for a successful collaboration within the real estate industry.

The Oregon Broker Referral Agreement is a legally binding contract entered into by real estate agents or brokers in Oregon. This agreement outlines the terms and conditions when one real estate professional refers a client or customer to another agent or broker within the same state. When a real estate agent encounters a situation where they are unable to assist a client due to various reasons such as location, property type, or expertise, they can refer the client to another agent who can best address their needs. The Oregon Broker Referral Agreement ensures that both parties involved are protected and compensated appropriately for their services. Key elements typically included in the Oregon Broker Referral Agreement are: 1. Identification of Parties: The agreement begins by clearly identifying the referring agent and the receiving agent, including their full legal names, business addresses, and contact information. 2. Client Information: This section provides detailed information about the client being referred, such as their name, contact information, specific needs, and any other relevant details. 3. Referral Fee: The agreement defines the referral fee, which is the compensation the referring agent expects to receive for referring the client. The fee is typically a percentage of the commission earned by the receiving agent upon the successful completion of the referred transaction. 4. Transaction Details: This section outlines the specific terms and conditions of the referred transaction, including the property type, location, price range, and any additional requirements or considerations. 5. Exclusivity and Duration: The agreement may specify the exclusivity of the referral, meaning that the receiving agent has the sole right to serve the referred client for a certain period. The duration of this exclusivity period is usually determined by mutual agreement. 6. Obligations and Responsibilities: This section outlines the responsibilities and obligations of both the referring and receiving agents throughout the referral process. It may include terms related to communication, updates, professional conduct, and timely responses. Different types of Oregon Broker Referral Agreements may exist depending on the nature of the referral. For example: 1. Residential Referral Agreement: This type of agreement is specific to referrals related to residential real estate transactions, such as buying or selling homes, apartments, or condominiums. 2. Commercial Referral Agreement: This agreement is tailored for referrals relating to commercial real estate transactions, such as office spaces, retail properties, industrial properties, or land. 3. Niche-Specific Referral Agreement: Real estate agents may also enter into referral agreements based on specialized niches, such as luxury properties, vacation homes, or investment properties. In summary, the Oregon Broker Referral Agreement is a crucial contract that governs the relationship between referring and receiving agents when it comes to client referrals. Its purpose is to protect the interests of both parties while ensuring fair compensation. Whether it's a residential, commercial, or niche-specific referral, this agreement provides the framework for a successful collaboration within the real estate industry.