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 South Carolina referral agreement, also known as a sharing of commission agreement, is a legal document that establishes the terms and conditions for the referral of clients between a Real Estate Broker and a Real Estate Salesperson, Agent, or Realtor. This agreement ensures transparency and fair compensation for the involved parties. In South Carolina, there are various types of referral agreements based on the specific circumstances and preferences of the parties involved. Some common types include: 1. Exclusive Referral Agreement: This type of agreement establishes an exclusive partnership between the Real Estate Broker and the Salesperson/Agent/Realtor, where only the designated individual can refer clients to the broker. 2. Non-Exclusive Referral Agreement: In this type of agreement, the Real Estate Salesperson/Agent/Realtor can refer clients to multiple brokers without any exclusivity. This provides the individual with flexibility in choosing the best fit for each referral. 3. Single Referral Agreement: This agreement is applicable when only one client is referred by the Real Estate Salesperson/Agent/Realtor to the Real Estate Broker. It outlines the specific terms and commission rates for that particular referral. 4. Multiple Referral Agreement: When multiple clients are referred by the Real Estate Salesperson/Agent/Realtor to the Real Estate Broker, a multiple referral agreement is executed to clearly define the terms and commission structure for these referrals. Regardless of the type, a South Carolina referral agreement typically includes the following key elements: a. Parties involved: Identifies the Real Estate Broker and the Real Estate Salesperson/Agent/Realtor participating in the agreement. b. Terms and conditions: Outlines the duration of the agreement, commission rates, payment terms, and any other relevant terms specific to the referral arrangement. c. Obligations of the parties: Specifies the responsibilities of each party, such as providing accurate client information, maintaining client confidentiality, and adhering to state regulations and ethical guidelines. d. Client disclosure: Requires the Real Estate Salesperson/Agent/Realtor to provide adequate information about the referred client to the Real Estate Broker, including their contact details and specific needs. e. Termination clause: States the conditions under which the agreement can be terminated by either party, such as breach of contract, non-performance, or mutual agreement. It's important for both the Real Estate Broker and the Salesperson/Agent/Realtor to carefully review and understand the terms of the referral agreement before signing. Consulting with a legal professional specializing in real estate agreements can provide additional guidance and ensure compliance with South Carolina laws and regulations.
