Texas Referral Agreement
Description
How to fill out Referral Agreement?
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FAQ
No. Under the provisions of the Real Estate License Act, she must be licensed to receive valuable consideration for referring prospects for the purchase or sale of real estate. Since she is not licensed, you cannot share fees with her or pay her any kind of referral fee.
Can I pay him a fee in return? You may give an unlicensed person a non-cash gift worth $50 or less in exchange for a referral and not violate The Real Estate License Act (TRELA) or Texas Real Estate Commission rules.
When you're writing up your agreement, make sure you define and answer these key questions:What is the relationship between you and the party giving you referrals?Will you be receiving be qualified or unqualified referrals?How will your agent will be paid?When is the commission on a referral earned?More items...?
A referral fee is a commission paid to an individual who brings new customers to your business. Sometimes, businesses pay referral fees in exchange for a client introduction. But more often, a referral fee is tied directly to a sale.
Can I pay him a fee in return? You may give an unlicensed person a non-cash gift worth $50 or less in exchange for a referral and not violate The Real Estate License Act (TRELA) or Texas Real Estate Commission rules.
The short answer to this question is yes, real estate agents can pay referral fees to licensed persons.
Referral fees become unlawful kickbacks when they are involved in a fee-generating home sale. Typically, a broker or agent earns fees as a result of services rendered here, the only service rendered in exchange for the referral fee is, well, the referral. But why are kickbacks against the law, anyway?
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.
A finder's fee isn't legally binding, so it is often simply a gift from one party to another. This is commonly seen in real estate deals. If someone is selling their home and their friend connects them with a potential buyer, the seller might give their friend a small portion of the sale when the deal is finalized.
