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 Wisconsin Referral Agreement is a legally binding agreement that outlines the terms and conditions for the sharing of commission between a real estate broker and a real estate salesperson, agent, or realtor. This agreement is important when one party refers a client to another and expects to receive a portion of the commission as compensation. By having a written referral agreement in place, both parties can ensure that their rights, responsibilities, and compensation are clearly defined and recognized. In the state of Wisconsin, there are primarily two types of referral agreements commonly used in the real estate industry: 1. Independent Referral Agreement: This type of agreement is used when a real estate broker refers a client to another real estate salesperson, agent, or realtor who operates independently. The referring broker usually receives a predetermined percentage of the commission once the referred client successfully completes a transaction. This agreement typically includes details such as the commission percentage, the duration of the agreement, termination conditions, and any other relevant terms. 2. Intercompany Referral Agreement: In certain cases, a referral may occur within the same real estate brokerage firm, where one agent refers a client to another agent within the same company. This type of referral agreement is commonly used when an agent wants to involve a colleague or specialist in a particular type of transaction. The agreement will outline the commission split between the referring agent and the receiving agent, along with any other relevant terms. When drafting a Wisconsin Referral Agreement, it is crucial to include key details such as the names of the parties involved, the effective date of the agreement, the scope of referrals, the specific commission split percentage, the duration of the agreement, and any exclusions or exceptions. Furthermore, it is important to state the terms for termination or modification of the agreement. Keywords: Wisconsin, Referral Agreement, Sharing of Commission, Real Estate Broker, Real Estate Salesperson, Real Estate Agent, Realtor, Independent Referral Agreement, Intercompany Referral Agreement, Commission Split, Agreement Terms, Duration, Termination.
