REAL ESTATE CONSORTIA, INC.
TECHNOLOGY FEE AGREEMENT AND TERMS OF SERVICE
This agreement (the “Agreement”) establishes a referral arrangement between Real Estate Consortia, Inc. (“REC”) and professionally service people (“Professional”). This agreement aims to use plain English so both parties understand our arrangement. We hope to have a long and mutually beneficial relationship.
Definition of Referral
REC matches buyers and sellers of real estate (“Clients”) with Professionals who can best serve their needs. A “Referral” is defined when Professionals exchange information about a Client on the REC platform, email, text or phone call, or when one Professional introduces a Client to another Professional via the REC platform or related methods of communication.
I. LEGAL COMPLIANCE.
As required by the real estate brokerage industry, if the nature of the referral requires a license, then Professionals must be duly licensed and abide by all applicable laws and has obtained the necessary licenses.
II. TERM AND TERMINATION.
The referral fee shall be in effect per the agreement and options selected by parties on the REC system. The Professional is responsible for maintaining all necessary licenses to transact licensed real estate services.
For the term of this Agreement, REC and referring parties shall have the non-exclusive right to introduce prospective buyers and sellers to the recipient party. If the Professional does not respond to the Client within an appropriate time as determined by REC or if the Client wishes to work with another Professional, REC or the referring party reserves the right to assign the Client to another Professional.
IV. FEES AND PAYMENT.
- In consideration for Referrals, the recipient broker agrees to pay referral fees due to the referring parties;
- If the Recipient or Anchor Broker sub-refers the business to another recipient broker or agent, the aforementioned fees to Referring party are still due and payable at closing or post-closing. If referral fees are not paid promptly, additional collection and legal fees may be incurred and recipient broker or agent may be removed from the Real Estate Consortia platform;
- For referral fees due to the referring parties, the Client shall successfully close escrow for the purchase or sale of real estate within time frame mutually agreed upon. If the principal does not enter into a transaction within referral period, the referring parties and agent shall not receive payment;
- The referral fee is set by either the referring broker or agent or mutually by all parties;
- The referral fee is paid from the gross commission earned on either the buy or sell side of the transaction for which the referral was made;
- In the event that this contract or the contract between Referring parties, Receiving parties or Anchor Broker or Company are canceled, all referral and company fees are still due to all parties of the transaction or referral;
- Upon determination of referrer fees due, the Broker may utilize the REC settlement platform to initiate and approve payment to REC through the REC referral payment system. If the referral fee is not paid on the REC referral platform, the referral payment shall be due net thirty (30) days from the date of the invoice;
During the term of this Agreement, the recipient broker and agent will not attempt to do business with, or otherwise solicit any buyers found or otherwise referred by Referrer to the Client for the purpose of circumventing, the result of which shall be to prevent the Referrer from realizing or recognizing a commission or Referrer's fee. If such circumvention shall occur, the circumventing party shall not be entitled to any commissions due pursuant to this Agreement or Referrer's fee relating to such transaction. Circumventing the terms of this agreement or non-payment of the REC technology fee or the referral fee due to the referring broker and agent may result in reporting to the recipient broker’s local REALTOR(R) board and/or the state licensing regulatory entities and removal from the REC system.
VI. FINAL AGREEMENT.
This Agreement represents the entire agreement with respect to the subject matter hereof and terminates and supersedes all prior understandings or agreements with respect to such matters. This Agreement may be amended only in writing signed by both parties.
VII. LEGAL CONSTRUCTION.
In the event any one or more of the provisions contained in this Agreement shall for any reason be held invalid, illegal, or unenforceable in any respect, that invalidity, illegality, or unenforceability shall not affect any other provisions. This Agreement shall be construed as if the invalid, illegal, or unenforceable provision had never been contained in it. In the unlikely event of the legal dispute between REC and the Professional, the prevailing party will be entitled to recover its attorney’s fees and costs from the other party.
Mediation and Arbitration. Any dispute arising under this Agreement shall be resolved through mediation - arbitration approach. The parties agree to select a mutually agreeable, neutral third party to help them mediate any dispute that arises under the terms of this Agreement. Costs and fees associated with the mediation shall be shared equally by the parties. If the mediation is unsuccessful, the parties agree that the dispute shall be decided by a single arbitrator by binding arbitration under the rules of the American Arbitration Association in San Francisco, California. The decision of the arbitrator shall be final and binding on the parties and may be entered and enforced in any court of competent jurisdiction by either party. The prevailing party in the arbitration proceedings shall be awarded reasonable attorney fees, expert witness costs and expenses, and all other costs and expenses incurred directly or indirectly in connection with the proceedings, unless the arbitrator shall for good cause determine otherwise.
VIII. GOVERNING LAW.
This Agreement shall be governed by the laws of California, without giving effect to principles of conflicts of law.
Comments and questions should be directed to firstname.lastname@example.org.
IV. Acceptance of Terms
Thank you for your business! REC is grateful to be of service to the real estate community!
Updated August 20, 2019