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 West Virginia Referral Agreement is a legal document that outlines the terms and conditions for sharing commissions between a Real Estate Broker and a Real Estate Salesperson, Agent, or Realtor. This agreement is relevant in situations where a real estate broker refers a potential client to another real estate professional and both parties agree to share the resulting commission. There are a few different types of West Virginia Referral Agreements — Sharincommissionio— - Between Real Estate Broker and Real Estate Salesperson or Agent or Realtor, including: 1. Standard Referral Agreement: This is the most common type of referral agreement where the real estate broker simply refers a client to another agent and agrees to a predetermined commission split if the referral results in a successful sale. The commission split can vary and is typically outlined in the agreement. 2. Exclusive Referral Agreement: In this type of agreement, the real estate broker agrees to exclusively refer clients to a specific salesperson or agent for a defined period of time. The commission split is usually agreed upon beforehand and remains consistent for all referred clients during the exclusivity period. 3. Non-Exclusive Referral Agreement: This agreement allows the real estate broker to refer clients to multiple salespersons or agents simultaneously. The commission split may vary depending on the referred client and is typically negotiated between the broker and the salesperson or agent on a case-by-case basis. The West Virginia Referral Agreement typically includes key terms and provisions such as: — Identification of the real estate broker and the salesperson or agent involved in the agreement. — Definition of the referral terms, including the specific client or clients being referred. — Commission split percentage or amount that will be shared between the broker and salesperson or agent upon a successful sale. — Payment terms and conditions, including when the commission will be paid and how it will be distributed. — Duration of the agreement, outlining the start and end dates or any termination conditions. — Confidentiality provisions, ensuring that all client information remains confidential and is not shared with third parties without consent. — Non-compete clauses, prohibiting the salesperson or agent from engaging in similar referral agreements with other brokers during the agreement's term. — Governing law clause, indicating that the agreement will be governed by the laws of West Virginia. — Signatures of both parties, providing legal consent and acceptance of the terms stated in the agreement. In conclusion, a West Virginia Referral Agreement — Sharincommissionio— - Between Real Estate Broker and Real Estate Salesperson or Agent or Realtor specifies the terms and conditions for sharing commissions when a real estate broker refers clients to another real estate professional. Different types of referral agreements include standard, exclusive, and non-exclusive, each with its own specific terms and conditions. It is important for all parties involved to carefully review and understand the agreement before entering into it.
