REFERRAL FEE AGREEMENT

AGREEMENT: 

In consideration for receipt of prospects from Referz, Member Agent agrees to pay Referz a referral fee through Member Agent’s employing Broker as follows:

  • Prospect is a Seller: 30% of the gross commission received by Member Agent’s Broker on any real estate transaction involving prospect. Gross commission (defined the same throughout this agreement) is calculated as that received by Member Agent’s Broker prior to any split of commission with Member Agent or any other brokers on Member Agent’s side of the transaction.
  • Prospect is a Buyer: 30% of the gross commission received by Member Agent’s Broker on any real estate transaction involving prospect.
  • Prospect is a Seller AND a Buyer: 30% of the gross commission received by Member Agent’s Broker on the sale of prospect’s real estate AND 30% of the gross commission received by Member Agent’s Broker on the purchase of real estate by the prospect.

In consideration for marketing Referz.com which results in a closing (defined as a closing that results from Member Agent’s promotional efforts using Member Agent’s unique Referz-id) Referz agrees to pay Member Agent a referral fee as follows:

  • Prospect is a Seller: 20% of the gross commission received by the closing agent’s broker (defined the same throughout this agreement as the Referz agent chosen from Member Agent’s promotional efforts using Member Agent’s unique Referz-id) on each closing which results from Member Agent’s promotional efforts.
  • Prospect is a Buyer: 20% of the gross commission received by the closing agent’s broker on each closing which results from Member Agent’s promotional efforts.
  • Prospect is a Seller AND a Buyer: 20% of the gross commission received by the closing agent’s broker AND 20% of the gross commission received by the closing agent’s broker on each closing which results from Member Agent’s promotional efforts.

In consideration for enrolling a new real estate agent (“Your Team Member”) to Referz.com, Referz agrees to pay Member Agent a referral fee as follows:

  • Prospect is a Seller: 5% of the gross commission received by the closing agent’s broker on each closing which results from Your Team Member’s promotional efforts (defined the same throughout this agreement as closings which result from Your Team Member’s unique Referz-id).
  • Prospect is a Buyer: 5% of the gross commission received by the closing agent’s broker on each closing which results from Your Team Member’s promotional efforts.
  • Prospect is a Seller AND a Buyer: 5% of the gross commission received by the closing agent’s broker AND 5% of the gross commission received by the closing agent’s broker on each closing which results from Your Team Member’s promotional efforts.

PAYMENT TERMS:

  • As soon as Member Agent signs an agreement with a prospect for the purchase or sale of real estate, Member Agent shall update Referz and provide the expected closing date.
  • Any compensation owed hereunder shall be paid to Referz within 7 business days of Member Agent Broker’s receipt of its commission.
  • Payment of a referral fee by Referz to Member Agent is not due until Referz receives funds from the closing agent’s broker. Once Referz receives payment from the closing agent’s broker, Referz shall make payment to Member Agent within 7 business days.

ADDITIONAL TERMS:   

  • Member Agent is responsible for maintaining his or her real estate license and for complying with all applicable real estate laws.
  • In the event of a legal dispute, the prevailing party is entitled to recovery of its attorney’s fees and costs from the other party. This Agreement will be governed by Minnesota law, without regard to its conflict of laws provisions.
  • Member Agent agrees to indemnify and hold Referz harmless from all claims, costs, and damages incurred by Referz arising out of claims against Referz regarding the brokerage services provided by Member Agent.
  • Referz will make all reasonable efforts to track and make appropriate payments for Member Agent’s services. Referz is not liable to Member Agent for payments in the event the Referz site malfunctions, is hacked, or for other reasonable reasons which may make payment to Member Agent unfeasible.
  • Referz reserves the right to change the amount and/or allocation of the referral fee paid to Member Agent and Your Team Member at any time with 30 days’ notice. Referz agrees to provide email notification or notification on Referz.com of such change.
  • Referz reserves the right to terminate this agreement with Member Agent for any reason, at any time.
  • Member Agent agrees that the content provided on Referz.com is true and correct to the best of Member Agent’s knowledge.

      ©2016 REFERZ. Connecting real estate agents with clients in need

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