North Carolina Referral Agreement

State:
Multi-State
Control #:
US-0006BG
Format:
Word; 
Rich Text
Instant download

Description

This is a referral agreement.

How to fill out Referral Agreement?

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FAQ

Agencies typically pay referral fees of 5% to 10% of the revenue they receivebut there's plenty of nuance on how you handle it, and many agencies pay 0% in referral fees. You'll want to get advice from your lawyer on specific language, and your accountant on how to handle the money.

The North Carolina Offer to Purchase and Contract is also often called a due diligence contract. We have a due diligence period, and within this time frame, a buyer can terminate a contract for any reason. It doesn't have to be because of a bad inspection, loan, or other obvious problems.

"An agreement between an unlisted property owner and a broker to secure payment for the broker if the property is sold to the particular buyer named in the agreement; it does not create a general listing, and may not create agency at all-only compensation for a buyer's agent.

General Rules Don't accept checks payable to someone other than the broker/company unless it's a check: A) payable to an owner for a due diligence fee or option fee or B) payable to a third party escrow agent in a sales transaction.

The override clause entitles a listing agreement whose listing agreement has expired to claim a commission where that agent negotiated a sale with the buyer or showed a property to the buyer during the term of the listing agreement and that buyer ultimately purchases the property.

The formula for calculating the referral fee is as follows: Referral fee = (Item price + delivery charges + giftwrap charges) multiplied by the category referral fee rate OR applicable minimum referral fee, whichever is greater.

The terms of finder's fees can vary greatly, with some citing 5% to 35% of the total value of the deal being used as a benchmark. It's a staple of Fundera's business model. In many cases, the finder's fee may simply be a gift from one party to another, as no legal obligation to pay a commission exists.

Thus, a broker should not be representing people on the side or receiving compensation, including referral fees, from brokerage activity outside of his/her employing firm unbeknownst to his/her broker-in-charge. Company Policies Should Address Compensation of Affiliated Brokers.

Provision 1(d) of Standard Form 2-T dictates that the Due Diligence Fee must be made payable and delivered to the Seller by Effective Date of the contract. In other words, the buyer must pay the Due Diligence Fee directly to the seller at the time of contract acceptance.

Which of the following is correct concerning a broker's required record-keeping? Brokers must notify the Commission of the name of the bank in which each trust account is maintained and each account's name or number within how long of opening each account?

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North Carolina Referral Agreement