Salesperson Contract - Percentage Contract - Asset Purchase Transaction
What is this form?
The Salesperson Contract - Percentage Contract - Asset Purchase Transaction is a legal document that outlines the relationship between a salesperson and a broker. This contract specifies the salesperson's obligations to promote the broker’s interests and secure sales. It is important for those working in real estate or similar fields, distinguishing itself from standard employment contracts by focusing on commission and service fees related to sales activities.
Main sections of this form
- Salesperson’s commitment to use best efforts to promote the employer's interests.
- Details on monthly service fees and what they cover, such as office resources and marketing expenses.
- Commission split structure, including details after franchise fee deductions.
- Provisions for handling additional agreements and expenses related to closing sales.
- Advertising obligations of the broker with specified ad placements.
When to use this form
This form is essential when entering into a commission-based sales relationship with a broker. It is appropriate for situations involving real estate transactions, asset purchases, or any scenario where a salesperson will be earning a percentage of sales. This contract helps clarify roles, compensation, and cost-sharing arrangements to prevent misunderstandings.
Intended users of this form
- Salespersons seeking to formalize their relationship with a broker.
- Brokers looking to define the terms of commission and service expectations with their agents.
- Real estate professionals needing a structured agreement for sales transactions.
How to complete this form
- Identify and enter the names of the parties involved in the contract.
- Specify the monthly servicing fee that the salesperson will pay.
- Detail the agreed commission split and any applicable franchise fee deductions.
- Outline the broker's obligations for advertising and how those costs will be covered.
- Include any additional agreements or provisions relevant to shared expenses at closing.
Does this document require notarization?
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
Common mistakes
- Failing to specify the monthly service fee, which can lead to disputes.
- Not outlining the exact commission split, resulting in confusion over payment.
- Omitting details about advertising obligations, which can affect marketing efforts.
Benefits of completing this form online
- Convenient access to a customizable contract that meets specific needs.
- Editable templates that allow for quick updates to reflect changes in agreements.
- Reliable legal language drafted by licensed attorneys, ensuring compliance with legal standards.
Legal requirements by state
This form is a general template that may be used in several states. Because requirements differ, review your state’s laws and adjust the document before using it.
Form popularity
FAQ
There are essentially four types of real estate contracts: purchase agreement contracts, contracts for deed, lease agreements, and power of attorney contracts. They each have different uses and stipulations.
A real estate transaction is the process that occurs when a seller offers their home for sale, and a buyer agrees to purchase that property.Before the closing can take place, and before the title of the property transfers to the buyer, a multitude of activities and tasks must be completed on time.
There are 3 main types of real estate investment; Commercial Real Estate, Residential Real Estate, and Land. Each type has multiple sub categories.
A real estate transaction is the process that occurs when a seller offers their home for sale, and a buyer agrees to purchase that property.Before the closing can take place, and before the title of the property transfers to the buyer, a multitude of activities and tasks must be completed on time.
Pre-Approval Is a Good Idea. Open an Escrow Account. Title Search and Insurance. Hire an Attorney. Negotiate Closing Costs. Complete the Home Inspection. Get a Pest Inspection. Renegotiate the Offer.
Residential real estate. includes both new construction and resale homes. Commercial real estate. Industrial real estate. vacant land. Types of Real Estate & Investing. The Risks of Real Estate Sector Funds.
Before you can even start the process of buying a house, you need to involve your bank, financial advisor, and mortgage lender. During the home buying process, a Realtor® will help you gather your paperwork and work through each step of buying a home.
Pre-Approval Is a Good Idea. Open an Escrow Account. Title Search and Insurance. Hire an Attorney. Negotiate Closing Costs. Complete the Home Inspection. Get a Pest Inspection. Renegotiate the Offer.
