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Dear Cooperative Broker:
We understand that you are interested in presenting to a prospective buyer (the “Prospective Buyer”) a property that has been listed by Four Seasons Realty. (“Four Seasons Realty”) or you are interested in referring a Prospective Buyer for representation by Four Seasons Realty. We have set forth below our policies with respect to compensating another broker (a “Cooperative Broker”) in those situations.
A. Commission Splits. The terms on which we will split commissions vary from property to property, because the terms of listing agreements vary from property to property. Please ask the Four Seasons Realty associate that listed the specific property in question (the “Property”) for details. We will not split commissions with you unless you engage fully in the total transaction process and unless you are present for each showing or inspection involving the Prospective Buyer and at the closing of the sale of the Property to the Prospective Buyer.
B. Referrals Fees. We will not split commissions with a Cooperative Broker who is not properly licensed in the state where the property is located or who is unwilling or unable to engage fully in the total transaction process or who is not present for each showing or inspection involving the Prospective Buyer. Nevertheless, if you register the Prospective Buyer with us, you may be eligible for a referral fee if you otherwise comply with the requirements set forth herein and if it is lawful to pay you a referral fee. Our standard referral fee is 20% of the buyer’s side of a commission (i.e., the split of the commission, if any, that would have been paid to the selling broker if the selling broker was not Four Seasons Realty) if such commission is received within one year from the date of registration of the referral. The percentage adjusts to 10% for commissions received after one year and 0% for commissions received after two years. Circumstances may vary and we reserve the right to modify this as necessary to reflect each situation.
To be eligible to receive a commission split or a referral fee from Four Seasons Realty (“compensation”) upon the successful closing of a sale to a Prospective Buyer, you are required to adhere to the rules and procedures that follow. Four Seasons Realty may withhold compensation in any of these requirements is not satisfied.
1. In presenting the Property to a Prospective Buyer, you are required to use our brochure with its cover, narrative, maps, and photographs. Other information about the Property, including copies you make of our brochures or our web site pages may not be used.
2. No direct or indirect contact with the Property owner is permitted. Any direct or indirect contact with the owner of a Property or their employees, agent or family members must be channeled through our office and communicated through us. Keep in mind that employees, agents and family members may not be aware the property is listed for sale. This requirement also applies to the Prospective Buyer and any violation of this requirement by the Prospective Buyer shall be deemed a violation by you.
3. Any offer you write for a Prospective Buyer must provide that all earnest monies shall be place in Four Seasons Realty’s real estate trust accounts or held by a licensed escrow agent.
4. A Four Seasons Realty associate must be present at all showing and during any and all contacts with the owner or his/her employees, agents, or family members. You must provide us with sufficient advance notice of any showing so that a Four Seasons Realty associate can make arrangement to be present.
5. We will not split commissions with any Cooperative Broker who does not provide us a complete and accurate copy of a current, written compensation or representation agreement between the Cooperative Broker and the Prospective Buyer. We reserve the right to reduce your share of any commission split by any amount the Prospective Buyer has agreed to pay you under your compensations or representation agreement with the Prospective Buyer.
6. You are required to compensate additional brokers out of your share of any compensation if you involve additional brokers.
7. You must not advertise a property that is the subject of a Four Seasons Realty exclusive listing.
8. The Prospective Buyer must not be one who has contacted Four Seasons Realty about representation or who has had prior direct contact with Four Seasons Realty concerning any specific property prior to completion of the registration process, unless you have a written compensation or representation agreement with the Prospective Buyer.
9. Please note that some states do not allow out-of-state brokers to come into that state or to inspect the property located in that state or to be involved in negotiations related to the sale of property in that state. If such laws are violated, it may be unlawful to pay any compensation to you. In that event, we shall not be required to do so.
10. If a Cooperating Broker offers less favorable terms with respect to commission splits or referral fees, we reserve the right to compensate the Cooperating Broker under its own less favorable terms.
11. Four Seasons Realty shall not be required to pay any compensation with respect to a commission that has not been actually received by Four Seasons Realty or that is in dispute in any way. No Cooperation Party shall be entitled to receive both a commission split and a referral fee on a single transaction.
12. No compensation shall be paid with respect to a Prospective Buyer who has not been registered with Four Seasons Realty and no registration shall be considered complete until you have completed the following form, signed the same and sent a copy to Four Seasons Realty and until the form has been accepted in writing by the principal broker of Four Seasons Realty.
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