Saying all this, based on what I know, you have no obligation to pay a wire transfer, but not doing so could cause you headaches strong enough that it could actually disrupt with the closure of the property. It might be worth offering a small amount (maybe 10%?) to appease that person so you know that things will actually close. But it`s up to you. No no. In most countries, the practice of agents paying a transfer fee or “research fee” is illegal, unless the person is a real estate agent or a licensed agent. Great article. A particular transaction I am dealing with is a real estate agent/lawyer from Pa to whom I refer. A real estate agent SC a client then receives a referral fee when selling the paid property. This recommendation agreement, to which you refer in your article, was signed by the lawyer who made the recommendation. The lawyer is an advocate for the interior who has an employment contract and had an POA for this transaction, but has never informed the seller (his client/employer) that he will receive a recommendation. Is there a statute or regulation that prohibits it? Anyway, a realtor is usually: I made a recommendation and both brokers signed the agreement recommendation form. The transaction was completed two weeks ago. No messages from the other agent about when they will send the referral fee or any other message.
I sent them a follow-up email requesting an update. What timetable is traditionally acceptable for paying the agreed fees after the transaction is completed? I am sure there are other factors that can influence that. But I thought I would ask if someone else has two weeks enough time to say at least a link with the realtor, let`s send the referral fee or something. Thank you! Thanks for that comment. In fact, the recommendation is made when there is a signed recommendation agreement. In the absence of this agreement, there is no obligation to pay a referral. Question… What is the AP`s law on transfers between brokers and an agent of the owner. Agent Builders referred his clients to brokers to sell 3 homes for clients. Would it be illegal to obtain a referral fee for the owner`s agent? Should I manage the recommendation differently when I make a transfer to a commercial broker? Some additional real estate referral companies are: How fast should the referral broker secure the signature of the real estate agent who receives? Before or after the introduction to the buyer? If I change companies before the listing contract is signed, will the contract remain with my previous company or is this agent with me? This will depend entirely on the language of your contract, but in general, yes, the contract will be maintained even if you change brokerage.
In general, these referral contracts are between brokers, not agents, so if there is no clause that describes your situation, I do not expect it to come with you. Regarding your other comments on the actual vs. gross balance of your recommendations, yes, this will definitely be subject to your broker`s policies and contracts. Always a good idea to make sure you have a crystal clear picture of what it means to you as an agent before you start the recommendation process! Here is an example of the Commission using the 25% common transfer fee for a $1000,000 transaction: is there a limit to what a mover can charge as a referral fee? The National Association of Realtors also has an easy-to-use recommendation form that you can get here.