Broker Agreement

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Broker Agreement Powered By Docstoc
					A Broker Agreement is a contract between a borrower and a mortgage broker. Home
buyers typically sign buyer broker agreements with their real estate brokers/agents
before writing a purchase agreement. This template Broker Agreement sets forth the
basic terms for establishing a broker relationship. The relevant terms include (but are
not limited to): broker's responsibilities, commission payments, independent contractor
status, and term. This agreement should be used by any party desiring to engage a
broker.
                                  BROKER AGREEMENT

This Broker Agreement (“Agreement”) is made and entered into this _______________
[Instructions: insert date] by _______________ [Instructions: insert name of party desiring
Broker’s services], (hereinafter “Party A” [or a different designation of User’s choice –
Instructions: if a different designation is used other than “Party A”, User will need to
change the references to “Party A” throughout the document to the new desired
designation]), located at _______________ [Instructions: insert location] and
_______________ [Instructions: insert name of Broker] located at _______________
[Instructions: insert location] (hereinafter “Broker”).

                                            Recitals
WHEREAS both parties have the legal capacity to enter into this Agreement; and

WHEREAS Party A is in the business of _______________ [Instructions: insert description
of business]; and

WHEREAS Broker desires to enter into a relationship with Party A to _______________
[Instructions: insert description of services] for Party A in accordance with Party A’s
instructions and the terms of this Agreement, and thereby earn commission income.

                                          Agreement
NOW, THEREFORE, Party A and Broker Agree as follows:

1. The above recitals are true and correct and form an integral part of this Agreement.


2. Rights and Responsibilities of Broker: The responsibilities of Broker are as follows:
   A. Broker shall _______________ [Instructions: insert description of services] for Party
      A.
   B. Broker shall at all time interact with all clients in a professional manner.
   C. Broker agrees keep abreast of all current laws, rules, and issues affecting Party A’s
       industry, in order to conduct its services at the highest level.
   D. Broker acknowledges that it does not have the authority to enter into any agreement for
      Party A, and, as such, will not take any action that will bind Party A in any manner.
   [Comment: If User desires, User may grant the broker the right to bind Party A to
   contracts]

   E. Broker shall provide worker’s compensation insurance to all Broker’s employees and
       agents.
   F. All correspondence from Party A will be treated as confidential by Broker. This
       correspondence will not be disclosed without the written permission of Party A.
   G. _______________ [Instructions: set forth any additional rights or responsibilities of
      Broker]
3. Party A’s Rights and Responsibilities: The responsibilities of Party A are as follows:
   A. _______________ [Instructions: set forth any additional rights or responsibilities of
       Party A]


4. Commission: Party A will pay to Broker fees for _______________ [Instructions: insert
   qualification for paying commission]. The following commission structure will apply:
   _______________ [Instructions: insert detailed commission structure]



5. Independent Contractor Status: Broker expressly acknowledges that Broker will be acting as
   an independent contractor and not as an employee, for all purposes, including payment of
   Social Security withholding tax and all other federal, state and local taxes. The Broker shall
   be free to set its own hours and appointments. Broker shall not hold himself out to the public
   as an employee, agent, partner or representative of Company.


6. Exclusivity: The appointment of Broker hereunder is _______________ [Instructions:
   insert either “exclusive” or “non-exclusive”] [Comment: User should explicitly set forth
   whether the arrangement is exclusive or non-exclusive.]


7. Separability and Governing Law: If any portion of this Agreement shall be found to be void
   or unenforceable, it shall in no way affect the validity or enforceability of any other portion
   hereof. This Agreement shall be interpreted according to the laws of the State of
   _______________________ [Instructions: Insert state].


8. Power of acceptance: It is understood that this agreement is only authority to solicit clients,
   and that such clients are to be brought to the attention of Party A for Party A’s approval and
   acceptance.


9. Term and Termination: The term of the Agreement shall be for ____ [one (1)]. [Comment:
   These numbers are not provided for by law, but can be any number the user chooses]
   year and shall automatically renew unless terminated by either party. Either party may
   terminate this Agreement at any time without cause upon thirty-day written notice to the
   other party.


10. Time of essence: Time is declared to be of the essence of this agreement.


This agreement has been executed by the parties on the day and year first above written.

Broker:


© Copyright 2012 Docstoc Inc.                                                                   3
________________________

By      ________________________

Its     ________________________

Date    ________________________



Party A:

________________________

By      ________________________

Its     ________________________

Date    ________________________




© Copyright 2012 Docstoc Inc.      4
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Description: A Broker Agreement is a contract between a borrower and a mortgage broker.  Home buyers typically sign buyer broker agreements with their real estate brokers/agents before writing a purchase agreement.  This template Broker Agreement sets forth the basic terms for establishing a broker relationship. The relevant terms include (but are not limited to): broker's responsibilities, commission payments, independent contractor status, and term. This agreement should be used by any party desiring to engage a broker.
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