This is a legal agreement between you (“Agent”) and the referrer, Fair Realty (“Agent Match”).
Please read these terms carefully.
1.1 Agent has a valid real estate license, is qualiﬁed to practice real estate, and will follow all applicable real estate laws.
1.2 Agent has not been disciplined for professional misconduct in the preceding five years.
2. Accuracy of Information
2.1 All information Agent provides to Agent Match is accurate. Should it change in the future, Agent agrees to update Agent Match within five business days. Agent shall also update Agent Match immediately regarding any changes to the status of its real estate license.
2.2 All information you provide to clients and potential clients is your responsibility and not the responsibility of Agent Match.
2.3 You or your brokerage will maintain a complete copy of all referred real estate transactions on our behalf.
3. Payment of Referral Fee
3.1 Agent agrees to pay Agent Match a referral fee for all referrals generated through our system, being the greater of either 30% of the gross commission earned by Agent on the sale of a particular property, or 30% of the Minimum Commission Amount, being 6% of the first $100,000 and 3% of the remainder of the total purchase price of the property.
3.2 In the event a co-operating brokerage commission must be paid with respect to the sale of a property for which an Agent Match referral fee is owed, such 30% referral fee shall be based on the greater of either the gross commission earned by Agent after deduction of the commission owed to the co-operating brokerage, or 3% of the first $100,000 and
1.5% of the remainder of the total purchase price of the property.
3.3 In the event an Agent Match referral results in Agent acting solely in the capacity of selling agent, the 30% referral fee shall be based on the gross commission earned by Agent, regardless of the Minimum Commission Amount set forth previously.
3.4 In calculating the gross commission for which the referral fee is to be based, Agent must not deduct payments made to Agent’s real estate company, broker, or to any other party.
3.5 If your client, an Agent Match referral, concludes both the sale of one property and the purchase of another, and you as Agent receive a commission for both transactions, you agree to pay the same fee described above for both transactions.
3.7 Agent will complete and submit any legal documentation necessary to pay a referral fee to Agent Match.
3.8 A cheque for the referral fee shall be mailed to Agent Match as soon after the sale or purchase closes, but in no event more than three business days after closing. A complete breakdown of the transaction, specifying closing date, sale price, commission rate, total commission earned, and referral fee shall be delivered to Agent Match with the cheque for the referral fee.
4. Notice to Client
4.1 You agree to notify your client that a referral fee is to be paid to Agent Match at the same time the listing agreement is signed, and you shall inform Agent Match of that notice within five business days of such notification.
5.1 During the term of this Agreement, you will not attempt to do business with, or otherwise solicit any clients found or otherwise referred by Agent Match to you for the purpose of circumventing, the result of which will be to prevent Agent Match from realizing or recognizing a referral fee. If such circumvention were to occur, Agent Match shall be entitled to any referral fee due pursuant to this Agreement, relating to
6. Continuing Referrals
6.1 The provisions of this Agreement shall apply to each referral made by
Agent Match to Agent.
7. Independent Contractors
7.1 Agent Match and Agent shall be independent contractors and nothing herein shall be construed so as to create a partnership or joint venture between the two of them. Neither Agent Match nor Agent shall act as agent for the other; guarantee the obligations of the other, or in any way become obligated for the debts or expenses of the other.
8. Voluntary Participation
8.1 Your participation with Agent Match is voluntary. Agent Match can terminate your participation at any time and without notice. You can also choose to stop participating at any time. However, termination of your participation does not negate this agreement for any referrals you’ve already received from Agent Match. If you are found in violation of this agreement, your participation may be terminated and you will be legally responsible for your actions.
9.1 Each party to this Agreement shall indemnify, defend and hold the other party (and any other relation to the other party) harmless against any and all claims of whatsoever nature arising from misrepresentation, default, misconduct, failure to perform or any other act related to this Agreement.
10.1 Agent Match agrees to hold private any information received from Agent in accordance with the terms of this Agreement. Where required by law, you agree to obtain the consent of any clients for the passing of
information to Agent Match pursuant to the terms of this Agreement.
11. Assignment and Delegation
11.1 Neither party shall assign or delegate this Agreement or any rights, duties or obligations hereunder to any other person and/or entity without prior express written approval of the other party.
12. Entire Agreement
12.1 This Agreement contains the entire agreement and understanding concerning the subject matter hereof and supersedes and replaces all prior negotiations, proposals, and actual agreements, written or oral. Neither of the parties may individually alter, amend, nor modify this Agreement except by an instrument in writing signed by both parties, or their duly authorized representatives.
13.1 In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, except in those instances where removal or elimination of such invalid, illegal, or unenforceable provision or provisions would result in a failure of consideration under this Agreement, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never been contained herein.
14.1 All notices, demands, or other communications under this Agreement shall be in writing and shall be deemed given if served personally or sent by fax, email, overnight courier, or certified mail, postage prepaid, and addressed to the known individual or corporate addresses.
15. No Waiver of Rights
15.1 Either party’s failure to insist on strict performance of any provision of this Agreement shall not be deemed a waiver of any of its rights or remedies, nor shall it relieve the other party from performing any subsequent obligation strictly in accordance with the terms of this Agreement. No waiver shall be effective unless it is in writing and signed by the party against whom enforcement is sought.
16. Counterparts and Electronic Signatures
16.1 This Agreement may be executed in counterpart, and may be executed by way of facsimile or electronic signature, and if so, shall be considered an original.
17. Successors and Assigns
17.1 This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.
18. Governing Law and Venue
18.1 This Agreement will be governed and construed in accordance with the laws of the Province of British Columbia and the courts of such province
shall have exclusive jurisdiction and venue.