Common use of PAYMENT OF REFERRAL FEE Clause in Contracts

PAYMENT OF REFERRAL FEE. For each Referred Client, Recipient Broker/Agent shall pay XXXX.xxx 35% of the gross compensation earned (“Referral Fee”) on any applicable side in connection with the sale and purchase of real property by such Referred Client if closing occurs within 18 months after XXXX.xxx’s Last Action Date. Last Action Dates include promotion to the Referred Client of the Recipient Broker/Agent via the Home Buyer/Seller Recommendation Report, operational/telephonic referrals and/or appointments placed with the Recipient Broker/Agent, referral action/activity in the Agent Portal, and any other correspondence reinforcing such referral. Listing Agreements and/or Buyer Representation Agreements executed within this 18-month timeline will also result in a Referral Fee owed upon closing, regardless of the closing date. In the event Recipient Broker/Agent provides the Referred Clients information to another Agent in the brokerage and the Referred Client closes with that Agent, a Referral Fee will be due and that agent shall also be considered a Recipient Agent for the purposes of this Agreement. Recipient Broker/Agent shall either (i) direct the escrow/closing agent to pay the Referral Fee to XXXX.xxx at closing or (ii) pay the Referral Fee directly to XXXX.xxx within 15 calendar days of closing. GUARANTEED DISPLAY REFERRAL FEE WAIVER: XXXX.xxx offers a paid featured agent program referred to as “Guaranteed Display.” This paid product provides the following Referral Fee benefit to the Recipient Broker/Agent: • If a closing results from a lead originated during the time, and in the zip code, that the Recipient Broker/Agent was an active Guaranteed Display sponsor, the referral fee will be discounted from the standard 35% to 30%.