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A Broker Agreement, also known as a Finder's Fee Agreement or a Referral Agreement, sets forth the terms and conditions under which a Broker will either find goods and/or services for a Buyer to purchase or interested buyers for goods and/or services being sold by a Seller. The Broker's role may be limited to just introducing a buyer and a seller, or may be more involved in the transaction between the parties and may consist of assisting with the negotiation of the final deal. In either situation, the introduction and potential transaction stem directly from the Broker's assistance, which entitles the Broker to financial compensation. This Agreement outlines the specifics of this relationship and the circumstances under which the Broker will receive a fee for their services.
Parties should use a Broker Agreement if:
By creating a written Agreement, all Parties will have their interests protected and both the Broker and Buyer/Seller can be confident that they will receive their desired compensation or outcome from the deal.
How to use this document
This Broker Agreement can be created by a Broker, a Buyer, or a Seller. The document includes various options to tailor the Agreement to meet the Parties' needs. The Agreement allows the Parties to specify how much the Broker will be paid for a making an introduction or facilitating a successful final deal. The Agreement includes the following important details that will guide the business relationship:
After inputting the required information, the Agreement should be printed out and signed by both parties, as well as then kept on file for both parties, for the entire duration of the Agreement as well as for a reasonable period of time thereafter. Once the Parties complete the Broker Agreement, they can be confident that both sides are on the same page and the Broker and Client can focus on making successful business transactions thanks to the Broker's business introductions.
Broker agreements in the United States are subject to both Federal laws and specific state laws, which cover general contract principles like formation and mutual understanding. Federal laws may restrict what services can be contracted for (for example, you may not contract for a Broker to do anything illegal) and certain broad categories, like contracting for something that looks more like a business partnership than a Broker/Client relationship, but individual state laws may govern the interpretation of the contract in case of a dispute. Further, state-specific and industry-specific laws govern licensing and qualification of Brokers in particular specialized industries. For example, in the real estate industry, the overwhelming majority of states dictate that a licensed realtor may not pay a non-licensed realtor a finder's fee. In the insurance industry, some states do not allow finder's fees. It is important, in these specialized fields, to understand the requirements and laws around finder's fees. Consider consulting with an expert if you are in one of these specialized industries.
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