Finders Fee Agreement Real Estate: The Special Profession
Finders Fee Agreement Real Estate can be granted to people who are responsible for making the transaction possible. Finder’s fee can be applied to all kinds of transactions or deals, not exclusive to real estate only. However, the real estate can be a complicated business so having an intermediary individual or party can be quite handy – depending on your condition, really. So, what should you know about it?
About Finder’s Fee
Finder’s fee has several different names, such as referral fee or referral income. It refers to a paid commission to an intermediary party within a transaction. In generally, the intermediary is the person who brings both sellers and buyers together so they can make a deal. The assumption is that the intermediary has its own important role – without them, the parties would never meet up and make the transactions. In general, the finder’s fee can be paid up by either the seller or the buyer.
Generally, the fee for the intermediary can vary. It can be from 5% of the total value of the transaction to 35% of them. In most cases, the finder’s fee can be talked and discussed. And then based on that discussion, you can compose the agreement.
About the Profession
Not all intermediaries are compensated. In some cases, there is no legal requirement or obligation to pay the finder’s fee. For instance, you want to sell your house. Your friend, Ben, has a friend that is looking for a house. Then, Ben gives you his friend’s contact information so you can talk about it. When you finally sell the house to Ben’s friend, you don’t actually have the legal obligation to pay Ben a certain sum of money. It is up to you to give some money to Ben or to give him a gift.
However, there are some people who become professional intermediary, especially in real estate. They have the ‘talents’ to connect people with the same needs and requirements when it comes to real estate matter – for instance, meeting up people who want to sell out a house with those who are looking for one. These professionals would need to have Finders Fee Agreement Real Estate forms so they can be sure that they are paid for the service they have delivered.
If you are curious about the function, form, or template of the document, you can always find them on the net. You are welcomed to check our Finders Fee Agreement Real Estate templates.