CO-BROKER COMMISSION SHARING POLICY
A. Co-Broker commission sharing requirements:
- Procuring cause. In accordance with industry standard practice in the state of Georgia aco-broker must be the party who produced the represented party in the transaction;
- Identification of agency relationship. When the very first contact with Jones Brokers Realty, LLC is initiated disclosure of the Buyer-Co-Broker relationship must be self-initiated and announced by the point of contact whether the Buyer or the Co-Broker. The name of both parties (Buyer and Co-Broker) must be provided to Jones Brokers Realty, LLC in writing via email or by way of a signed Jones Brokers Realty LLC Representation Acknowledgement Agreement;
- Transaction participation. The Co-Broker must participate in all aspects of the agency representation relationship related to the transaction including but not limited to sale or lease contracting paperwork, closing paperwork, transaction negotiation, site tours, due diligence research (i.e. sale/lease comps, demographics, etc), inspections, due diligence tasks (such as zoning meetings, environmental studies, etc.) and all communication between Seller’s Broker and Co-Broker. Jones Brokers Realty, LLC being asked by Co-Broker, Buyer’s Escrow Agent, Buyer’s legal representative’s, any other vendor, services firm, or party representing or working on behalf of Buyer, or agent of the Buyer to perform any ministerial acts through the course of the transaction will cause the commission being provided to Co-Broker to be adjusted for lack of representation performance at the Broker’s discretion.
- Late disclosure. If a Buyer tours a property listed by Jones Brokers Realty, LLC during our listing term without disclosing the Buyer-Co-Broker Agency Relationship and then later introduces this relationship no commission will be paid to the Co-Broker from Jones Brokers Realty, LLC. No exceptions.
- Agents acting as principals. Agents acting as principals in a transaction will not be recognized or compensated by Jones Brokers Realty, LLC. No exceptions.
B. Commissions and splits:
- Commission amount. All compensation provided to Co-Broker is at the sole discretion of Jones Brokers Realty, LLC. Please note commission fees and splits may change during the term of the listing as well as during the negotiation process unless provided in writing through an executed commission agreement,
- Compensation entitlement. Co-Brokers shall only be entitled to a commission where and as allowed by law;
- Separate Buyer-Co-Broker Agreement. Jones Brokers Realty, LLC is supportive of Co-Brokers seeking compensation from their clients in an agreement separate and apart from the Purchase and Sales Agreement or Lease Agreement. While not required to, Jones Brokers Realty, LLC will acknowledge and refer to separate compensation agreements between Co-Broker and their Clients in Purchase and Sale Agreements and Lease Agreements to offer additional documented recognition and clarification regarding Co-Broker’s negotiated compensation from their Client to assist in protecting the Co-Broker’s earnings;
- Co-Broker commission payments. Jones Brokers Realty, LLC is not liable for any failure on the part of the Co-Broker’s client to produce payment to Co-Broker. Jones Brokers Realty, LLC will provide any reasonable assistance in Co-Broker collecting their commission from their Client including but not limited to signed affidavits confirming the commission structures and negotiation that Jones Brokers Realty, LLC was privy to and production of related paperwork substantiating aforementioned knowledge of any commission agreements related to the transaction. It is the sole responsibility of the Co-Broker to collect any compensation due directly from their Client;
- Commission amount changes. The executed Purchase and Sale Agreement or Lease Agreement and any related subsequent Amendments will specify the amount of commission due to the Co-Broker from the Seller’s Broker in dollars or a split percentage. Any changes to commissions due from Seller’s Broker to Co-Broker may only be made as an Amendment to the Purchase and Sale Agreement or Lease Agreement. No communication of any kind written, verbal or otherwise regardless of delivery or clear meeting of the minds and agreement between Broker and Co-Broker constitutes a change to the commission begin paid to Co-Broker unless an Amendment to the Purchase and Sale Agreement or Lease Agreement is fully executed by Seller(s), Buyer(s), Co-Broker, and Broker and delivered to each party as required by the Purchase and Sale Agreement or Lease Agreement;
- Advertised co-op fees, commission, and splits. As a matter of policy Jones Brokers Realty does not list commission information on it’s advertisements or on it’s listings unless required by the listing site. Co-op fees, commissions, and split amounts may change at the sole discretion of the Broker at any time and the Broker may or may not update the advertisements. Often due to technical limitations or support limitations of listing sites the commission information cannot be updated with any reliability. This is particularly common with sites we do not directly submit our listings to. Email email@example.com or firstname.lastname@example.org and inquire as to any co-op available for up to date information but please note even after the time of your inquiry at their sole discretion Jones Brokers Realty, LLC may change or remove any co-op amount available and will not indicate that change unless a new inquiry is made.