The following information is for licensed Real Estate Brokers and or Agents that are interested in presenting a property that is listed with Knipe Land Company (as it pertains to all brokerages under the Knipe Land umbrella) to a Prospective Buyer. Or are interested in referring a Prospective Buyer to be represented by an agent or broker licensed with Knipe Land Company.
We offer the written policies here in with respect to compensating a Cooperating Broker for both those situations:
The terms on which a commission are split will be based on the terms of brokerage agreement for the specific property. Details of the amount will be provided on a Cooperative Broker Agrement created by Knipe Land and signed by all designated brokers involved. Fully enaging in the transaction process involving the Prospective Buyer is a requirement in order to be paid a commission.
Also, a Cooperating Broker who is not properly licensed in the state where the property is located or who is unwilling or unable to fully engage in the transaction process with the Prospective Buyer will not be eligiable to be paid a commission. They could however, be elibible to receive a referral fee.
By registering a Prospective Buyer with knipe Land Company, you may be eligible for a referral fee if you comply with the guideliens and procedures set forth herein. Our standard referral fee is 20% of the buyer’s side of a commission (i.e., the split of the commission, if any, that would have been paid to the selling broker if the selling broker was not Knipe Land). If such commission is received within one year from date of registration. The percentage adjusts to 10% for commissions received after one year. After two years the referral would be considered expired and no referral would be paid.
Circumstances may vary and we reserve the right to modify these policies as necessary to reflect a specific situation.
To be eligible to receive a commission or a referral upon the closing of a sale to a Prospective Buyer, Knipe Land Company requires adherehance to the guidelines and procedures that follow. Knipe Land reserves the right to withhold compensation if any of the guidelines and procedures are not satisfied.
Guidelines and Procedures