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 Nassau New York Referral Agreement is a legally binding document that outlines the terms and conditions between a real estate broker and a real estate salesperson, agent, or realtor regarding the sharing of commission for referrals made by the salesperson. This agreement is commonly used in the real estate industry to establish a fair and mutually beneficial relationship between the parties involved. The Nassau New York Referral Agreement typically includes the following key elements: 1. Parties Involved: The agreement clearly identifies the real estate broker and the salesperson/agent/realtor, including their full legal names, addresses, and contact information. 2. Scope of Referral: The agreement specifies the types of referrals that the salesperson is allowed to make, such as residential or commercial property sales, rentals, leasing, or any other specific areas of expertise. 3. Commission Sharing: The agreement establishes the percentage or amount of commission that the salesperson will receive for each successful referral. It also outlines the payment terms, whether the commission will be paid upon closing, or in installments, and any additional conditions for commission disbursement. 4. Referral Procedures: The agreement lays out the specific procedures for making and receiving referrals. This may include the use of referral forms, the timeline for notification, and any necessary documentation or communication required. 5. Duration and Termination: The agreement states the duration of the referral agreement and the conditions under which either party can terminate the agreement, such as non-compliance with the agreed terms or violation of any applicable laws or regulations. 6. Confidentiality and Non-Disclosure: The agreement may include a confidentiality clause, which ensures that any confidential or proprietary information shared between the parties during the referral process remains protected. In addition to the general Nassau New York Referral Agreement, there might be variations of this agreement tailored for specific situations or circumstances. Some examples include: 1. Exclusive Referral Agreement: This type of agreement grants the salesperson exclusive rights to refer clients to the broker for a specific period, preventing other salespersons from making referrals during that time. 2. Non-Exclusive Referral Agreement: In contrast to the exclusive agreement, this type allows multiple salespersons to refer clients to the same broker simultaneously. The agreement specifies how the commission will be shared in such cases. 3. Referral Agreement with Multiple Brokers: This agreement is used when a salesperson wants to refer clients to more than one broker. It outlines the referral process and commission sharing terms for each broker involved. It is essential for all parties involved in a Nassau New York Referral Agreement — the real estate broker and the salesperson/agent/realtor — to carefully review and understand the agreement's terms before signing. Seeking legal advice is highly recommended ensuring compliance with relevant laws and regulations.A Nassau New York Referral Agreement is a legally binding document that outlines the terms and conditions between a real estate broker and a real estate salesperson, agent, or realtor regarding the sharing of commission for referrals made by the salesperson. This agreement is commonly used in the real estate industry to establish a fair and mutually beneficial relationship between the parties involved. The Nassau New York Referral Agreement typically includes the following key elements: 1. Parties Involved: The agreement clearly identifies the real estate broker and the salesperson/agent/realtor, including their full legal names, addresses, and contact information. 2. Scope of Referral: The agreement specifies the types of referrals that the salesperson is allowed to make, such as residential or commercial property sales, rentals, leasing, or any other specific areas of expertise. 3. Commission Sharing: The agreement establishes the percentage or amount of commission that the salesperson will receive for each successful referral. It also outlines the payment terms, whether the commission will be paid upon closing, or in installments, and any additional conditions for commission disbursement. 4. Referral Procedures: The agreement lays out the specific procedures for making and receiving referrals. This may include the use of referral forms, the timeline for notification, and any necessary documentation or communication required. 5. Duration and Termination: The agreement states the duration of the referral agreement and the conditions under which either party can terminate the agreement, such as non-compliance with the agreed terms or violation of any applicable laws or regulations. 6. Confidentiality and Non-Disclosure: The agreement may include a confidentiality clause, which ensures that any confidential or proprietary information shared between the parties during the referral process remains protected. In addition to the general Nassau New York Referral Agreement, there might be variations of this agreement tailored for specific situations or circumstances. Some examples include: 1. Exclusive Referral Agreement: This type of agreement grants the salesperson exclusive rights to refer clients to the broker for a specific period, preventing other salespersons from making referrals during that time. 2. Non-Exclusive Referral Agreement: In contrast to the exclusive agreement, this type allows multiple salespersons to refer clients to the same broker simultaneously. The agreement specifies how the commission will be shared in such cases. 3. Referral Agreement with Multiple Brokers: This agreement is used when a salesperson wants to refer clients to more than one broker. It outlines the referral process and commission sharing terms for each broker involved. It is essential for all parties involved in a Nassau New York Referral Agreement — the real estate broker and the salesperson/agent/realtor — to carefully review and understand the agreement's terms before signing. Seeking legal advice is highly recommended ensuring compliance with relevant laws and regulations.
