Fee Agreement Template

• Category: Real Estate - Contracts
• State: Multi-State
• County: Kings
• Control #: US-0154BG
• Format: Word; Rich Text

Description

In a real estate context, a finder's fee may be paid for locating property, obtaining mortgage financing. or referring sellers or buyers. A finder's fee is money paid to a person for finding someone interested in selling or buying property. To conduct any negotiations of sale terms, the finder may be required to be a licensed broker or he violates the law. However, state laws, which vary by state, may also provide an exemption for certain individuals, allowing them to be compensated without the necessity of licensure. For example, one state's law allows an exemption for either a property management firm or an owner of an apartment complex to pay a finder’s fee or referral of up to $50 to a current tenant for referring a new tenant. The fee can be in the form of cash, a rental reduction or some other thing of value. The party claiming compensation under this exemption is not allowed to advertise for prospective tenants. Kings New York Finder's Fee Agreement Regarding Real Property Sales is a legally binding document that outlines the terms and conditions related to the payment of finder's fees for real property sales in the Kings area of New York. The agreement is designed to protect the interests of both the finder (also known as the referring party) and the owner or broker of the property being sold. It serves as a written record of the agreement between the parties involved, ensuring transparency and clarity in the payment structure. There are several types of Kings New York Finder's Fee Agreement Regarding Real Property Sales, each catering to the specific needs and requirements of the parties involved. Some of these agreements may include: 1. Referral Fee Agreement: This type of agreement outlines the terms for payment of a referral fee from the property owner or real estate broker to the finder who brought the potential buyer or seller to the table. It includes details such as the percentage or fixed amount of the fee, any conditions or contingencies, and the timeframe for payment. 2. Exclusive Finder's Fee Agreement: This agreement grants exclusivity to the finder, ensuring that they are the only party entitled to receive a finder's fee for the successful sale of the property. It may include provisions regarding the duration of exclusivity, the obligation of the finder to actively market the property, and the marketing methods to be employed. 3. Non-Exclusive Finder's Fee Agreement: This type of agreement allows multiple finders to submit potential buyers or sellers, but only the first successful finder is entitled to receive the fee. It typically outlines the process for determining the first finder and may include provisions regarding competition among multiple finders. 4. Flat Fee Finder's Fee Agreement: In this agreement, a fixed fee is established for the finder, regardless of the final sale price of the property. This arrangement provides certainty to both parties and eliminates the need for percentage-based calculations. It is essential for all parties involved in a real property sale to carefully review and understand the terms and conditions laid out in the Kings New York Finder's Fee Agreement Regarding Real Property Sales before signing. It is also advisable to consult with legal professionals specializing in real estate law to ensure compliance with local regulations and to address any specific concerns or modifications required.

Kings New York Finder's Fee Agreement Regarding Real Property Sales is a legally binding document that outlines the terms and conditions related to the payment of finder's fees for real property sales in the Kings area of New York. The agreement is designed to protect the interests of both the finder (also known as the referring party) and the owner or broker of the property being sold. It serves as a written record of the agreement between the parties involved, ensuring transparency and clarity in the payment structure. There are several types of Kings New York Finder's Fee Agreement Regarding Real Property Sales, each catering to the specific needs and requirements of the parties involved. Some of these agreements may include: 1. Referral Fee Agreement: This type of agreement outlines the terms for payment of a referral fee from the property owner or real estate broker to the finder who brought the potential buyer or seller to the table. It includes details such as the percentage or fixed amount of the fee, any conditions or contingencies, and the timeframe for payment. 2. Exclusive Finder's Fee Agreement: This agreement grants exclusivity to the finder, ensuring that they are the only party entitled to receive a finder's fee for the successful sale of the property. It may include provisions regarding the duration of exclusivity, the obligation of the finder to actively market the property, and the marketing methods to be employed. 3. Non-Exclusive Finder's Fee Agreement: This type of agreement allows multiple finders to submit potential buyers or sellers, but only the first successful finder is entitled to receive the fee. It typically outlines the process for determining the first finder and may include provisions regarding competition among multiple finders. 4. Flat Fee Finder's Fee Agreement: In this agreement, a fixed fee is established for the finder, regardless of the final sale price of the property. This arrangement provides certainty to both parties and eliminates the need for percentage-based calculations. It is essential for all parties involved in a real property sale to carefully review and understand the terms and conditions laid out in the Kings New York Finder's Fee Agreement Regarding Real Property Sales before signing. It is also advisable to consult with legal professionals specializing in real estate law to ensure compliance with local regulations and to address any specific concerns or modifications required.