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 Salt Lake City Utah referral agreement, also known as a commission sharing agreement, is a legally binding contract between a real estate broker and a real estate salesperson, agent, or realtor. This agreement outlines the terms and conditions under which the real estate salesperson can refer potential clients to the broker, and if the referral results in a sale, both parties share the commission earned from the transaction. There are a few different types of referral agreements that can be used in Salt Lake City, Utah. These agreements may have unique terms and conditions based on the specific needs and preferences of the parties involved. Some common types of referral agreements include: 1. Exclusive Referral Agreement: In this type of agreement, the real estate salesperson agrees to refer potential clients exclusively to the broker named in the agreement. This means that the salesperson cannot refer clients to any other broker and will share the commission only with the specified broker. 2. Non-Exclusive Referral Agreement: This type of agreement allows the real estate salesperson to refer potential clients to multiple brokers. The salesperson can negotiate commission sharing terms individually with each broker based on the specific referral. 3. Percentage-Based Referral Agreement: In this type of agreement, the commission share is determined by a predetermined percentage. For example, the agreement may state that the salesperson is entitled to receive 20% of the total commission earned from the referred transaction. 4. Fixed Amount Referral Agreement: This agreement specifies a fixed amount of commission that the salesperson will receive for each successful referral. This amount is typically predetermined and does not vary based on the total commission earned from the transaction. When drafting a Salt Lake City Utah referral agreement, it is important to include key details such as the names and contact information of the parties involved, the terms and conditions under which referrals will be made, the commission sharing terms, and any additional clauses or provisions that may be necessary to protect the interests of both parties. In conclusion, a Salt Lake City Utah referral agreement is a vital tool for establishing a mutually beneficial relationship between a real estate broker and a salesperson, agent, or realtor. By clearly outlining the terms and conditions for commission sharing, both parties can ensure fair compensation and a successful referral partnership.A Salt Lake City Utah referral agreement, also known as a commission sharing agreement, is a legally binding contract between a real estate broker and a real estate salesperson, agent, or realtor. This agreement outlines the terms and conditions under which the real estate salesperson can refer potential clients to the broker, and if the referral results in a sale, both parties share the commission earned from the transaction. There are a few different types of referral agreements that can be used in Salt Lake City, Utah. These agreements may have unique terms and conditions based on the specific needs and preferences of the parties involved. Some common types of referral agreements include: 1. Exclusive Referral Agreement: In this type of agreement, the real estate salesperson agrees to refer potential clients exclusively to the broker named in the agreement. This means that the salesperson cannot refer clients to any other broker and will share the commission only with the specified broker. 2. Non-Exclusive Referral Agreement: This type of agreement allows the real estate salesperson to refer potential clients to multiple brokers. The salesperson can negotiate commission sharing terms individually with each broker based on the specific referral. 3. Percentage-Based Referral Agreement: In this type of agreement, the commission share is determined by a predetermined percentage. For example, the agreement may state that the salesperson is entitled to receive 20% of the total commission earned from the referred transaction. 4. Fixed Amount Referral Agreement: This agreement specifies a fixed amount of commission that the salesperson will receive for each successful referral. This amount is typically predetermined and does not vary based on the total commission earned from the transaction. When drafting a Salt Lake City Utah referral agreement, it is important to include key details such as the names and contact information of the parties involved, the terms and conditions under which referrals will be made, the commission sharing terms, and any additional clauses or provisions that may be necessary to protect the interests of both parties. In conclusion, a Salt Lake City Utah referral agreement is a vital tool for establishing a mutually beneficial relationship between a real estate broker and a salesperson, agent, or realtor. By clearly outlining the terms and conditions for commission sharing, both parties can ensure fair compensation and a successful referral partnership.
