First of all, you are never legally required to pay a research fee. This is a practice in the sector and no one is definitively entitled to such payments. Not agents, brokers or anyone else. You can ask, but under no circumstances do you have to pay. The expelled broker does not receive any additional fees for transactions made by the potential client recruited through the services of the other broker. In addition, the expelled broker and his agents do not do any activity after the transfer. Their participation is limited exclusively to the intermediation of the interested party. As a result, a provision in the referral fee agreement states that the expelling broker will not advise the potential client or participate in negotiations with him. Now that we are aware of what discoverers` fees are, let`s talk about why they still exist in real estate. Since research fees help make the real estate world round, you can absolutely expect to meet them during the process of business hunting or deal making. This is only part of the game.
The expelling agent must document the transfer in order to ensure the collection of the fee from the other licensee. A transfer fee agreement form is the most reliable proof of the agreement. [See Form RPI 114] Finders` Fees may have some meanings in real estate, but in general, the term refers to the part of change that an “intermediary” can take in your business….