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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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Need to compose a one page contract to secure a commission

Customer Question

Need to compose a one page contract to secure a commission or finder's fee when introducing a customer to rent a vacation home. To be a little more specific, I run a corporate concierge company and my clients ask me to find them homes for the PowerBowl, The Masters or the Sundance festival. I find those homes through a chamber of commerce or realtor who deal directly with the owner. They have their own deal structure with the owner (for ex. get 10% commission of the total rent). As I am the front contact to the renter, who I introduce to those other agents (first level agent to owner), I want to make sure I get my money. I am thinking of setting one rule/policy and impose on those agents to take my marked-up price, they take their commission on the initial quote for this rental, but the owner charges the total price with my markup, and the agent pays me the marked up amount? Where I am confused a little bit is that the deal between the chamber of commerce or the realtor is between them and the owner. I introduce the customer... Where do I collect my money? Right now it seems the Chamber of Commerce or Realtor pays me... If so, my formula might be a little complicated as they need to collect the additional marked up amount from the owner and pass it on to me...
Submitted: 1 year ago.
Category: Business Law
Expert:  MShore Law replied 1 year ago.
Thank you for the post, I am happy to assist you by answering your questions. Is the essence of your question how to structure the agreement so that when you are paid and how you are paid are clear?
Customer: replied 1 year ago.

No, I would like you to provide an agreement template.

Expert:  MShore Law replied 1 year ago.
Thank you for the clarification Andre. You should receive a message from customer service regarding the OfferMore feature shortly.Because your request is not that a question be answered, but a template be provided your request can be addressed more appropriately via OfferMore.
Expert:  MShore Law replied 1 year ago.
Thank you Andre, I will work on this and will be in touch later this afternoon.Please let me know your deadline for receipt of the template.
Customer: replied 1 year ago.

Today anytime would be perfect... Let me add this (I am a morning person, so my ideas a clearer)... The purpose of this document is to put non-scary simple terms (this is why I insist this be contained in 1 page) to clarify the point (and define the terms) we need to be compensated for our work. We have our client seeking for a home (in these three cases it is during events such as the PowerBowl, the Masters or the Sundane Film Festival) for 3 to 7 days. Our client is a VIP. The homes are represented by a realtor or in this instance the Chamber of Commerce of Augusta. These reps must understand they need to secure this payment for us if they want the business. I will also ask we're the first paid from the deposit or prepayment. As soon as they get the money from the client, we get our payment. It can be a % of the total rental or a mark=up from their negotiated price... If they are renting a home $20,000 for 4-5 days in New Orleans, we'll ask them to present it and invoice $22,000 and expect the $2,000 to be paid to us... They can take their own commissions (if 10% calculated on the $20K).


I just need this to be very very clear. If they wouldn't pay us, we would just ask our client to retract. And it would be without any cost to the client.


Thanks!

Expert:  MShore Law replied 1 year ago.
Thank you Andre, I appreciate the additional insight.
Expert:  MShore Law replied 1 year ago.

The (Realtor or Chamber) and (Your Company/You) ("Finder") agree to the following terms and conditions: 1. The Finder fully understands and agrees that he or she will be conducting work as an independent contractor at his own expenses and risk in order to obtain information about various Real Estate properties and their respective availability for lease by Finder's client. Further, Finder will contact Realtor/Chamber on behalf of such Client to determine such availability and if available, notify Client to contact Realtor/Chamber to arrange for leasing (thereby creating a "lead"). 2. If the lead results in the execution of a lease agreement between Client and a party represented by the Realtor/Broker Your Company will receive a Finder’s Fee equal to ____ percent (__%) of the value of lease, in consideration for the profitable lead. 3. The Finder’s Fee will be due and payable commensurate with execution of a lease agreement between the Client and owner of property to be leased or such other duly authorized agent of the owner. 4. In witness of the above stated terms and conditions the Finder and the Realtor/Chamber execute this agreement as of the effective date stated above and by signing below. Applicable Law This contract shall be governed by the laws of the State of __________ in __________ County and any applicable Federal Law. Please let me know if the above does not satisfy your needs.

Expert:  MShore Law replied 1 year ago.
Andre, do you have any follow up questions? If I have answered your questions, please remember to rate my answers positively. I have no control over the law unfortunately, and I DO NOT receive any credit for answering your questions unless you positively rate my answers.
Expert:  MShore Law replied 1 year ago.
Andre, do you have any follow up questions? If I have answered your questions, please remember to rate my answers positively. I have no control over the law unfortunately, and I DO NOT receive any credit for answering your questions unless you positively rate my answers.

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