Sonoture Referrals

 

Updated February 22, 2022

The Definition of Referral

Sonoture matches exclusive listings agents of mixed-use and multifamily properties with prospective buyers. A “Referral” is defined as when Sonoture has recommended and provided a list of propsective buyers of the exclusively represented property, (“Subject Property”) to the Agent and/or Broker

Referral Fee

In consideration for Referrals, the Broker agrees to pay Sonoture as follows:

  • A referral fee is triggered when a transaction is fully executed and closes within twelve months of the date of the Referral for the Subject Property.

  • The referral fee shall be ten percent (10%), (“Referral Fee”) of the Broker’s commission based on the property or properties selling price.

  • If a Broker represents a buyer, seller, or both on the same transaction where either party is a Sonoture Referral, the referral fee will be 10% fee of Broker’s commission.

  • No fee shall apply to transactions after twelve months.

  • No fee shall apply if the Broker and/or exclusive listing agent has already, within four weeks, engaged in meaningful conversation with a buyer sourced by Sonoture. “Meaningful conversation” is defined as, when a listing agent has provided and executed; letters of engagement, pro-forma, or any real estate related activity governed by NYDOS Division of Licensing.

  • After the signing of a contract for a transaction resulting from a referral, the broker and/or listing agent will promptly notify Sonoture via email and indicate the “on-or-about” closing date. The broker and/or listing agent will have the resulting success fee paid from escrow or by the employing agent within seven business days from closing.

Voluntary Participation

  • The Agent’s participation in Sonoture service is voluntary and can be terminated by either party at any time with written notice. However, any Referrals made prior to such termination are still bound by this agreement, and referral fees will be due upon close of any transactions resulting from such Referrals.

Additional Terms

  • The Agent is responsible for maintaining his or her real estate license and for following all applicable real estate laws regarding disclosures, documentation and other broker responsibilities.

  • In the highly unlikely event of a legal dispute between Sonoture and the Agent, the prevailing party will be entitled to recover its attorneys’ fees and costs from the other party. This Agreement will be governed by New York law, without regard to its conflict of laws provisions.

  • The Agent is responsible for the real estate brokerage services provided to the Clients. The Agent agrees to indemnify and hold Sonoture harmless from any claims, costs, and damages incurred by Sonoture arising from claims by Clients regarding the brokerage services provided by the Agent.

  • Any notices between Sonoture and the Agent are to be sent to the email addresses below unless such address is changed in writing.