Does this contract seem ok…It was sent to me by a company thats looking for property locators. I already have one investor who I’ve talked to but their more into subject 2, and options…pretty houses but I feel their more hands on seeing we already went to see a homeowner together.
But curious as to what others might think?
INDEPENDENT CONTRACTOR / PAYMENT AGREEMENT
This agreement is between ************(herein referred to as Company) and ____________________________________ (herein referred to as Agent).
In consideration of the mutual agreements and covenants herein contained, the parties hereto agree to the following:
- AGENCY: Company appoints the Agent as its non-exclusive agent for the following purposes:
Acquisition, solicitation and procurement of short sale candidates who are experiencing a genuine financial hardship brought on by extenuating circumstances that would otherwise render the seller unable to continue to make payments on their current property, whether homestead, investment or commercial property.
2. INDEPENDENT CONTRACTOR: This agreement shall not render the Agent an employee, partner or joint venturer with the Company for any reason. Agent is, and will remain, an independent contractor. Company shall not be responsible for withholding taxes with respect to Agents compensation. Agent shall have no claim against Company hereunder or otherwise for vacation pay, sick leave, retirement benefits, social security, workers compensation, health or disability benefits, unemployment benefits, or employee benefits of any kind.
3. DUTIES: The following duties shall be required of agent:
Agent shall, for a future percentage of the profits, perform the following duties:
a. Prospect for and identify potential short sale sellers
b. Cause to be performed a complete and accurate CMA or BPO to determine the lowest fair market price for the subject property
c. Conduct a general property inspection
d. Submit accurate photographs of property
e. Meet with seller and have all contracts/agreements signed and/or notarized.
f. Collect all necessary paperwork to complete the short sale package and follow up paperwork requested by bank, per the Company.
g. Scan and email or fax complete packages to Company.
h. Agent will be responsible for filing a Notice of Option Contract with the county in which the property is located. Agent will be responsible for the filing fees. Usual filing fees normally range anywhere from $10 - $20. Agent understands that files cannot be submitted to the bank until the Notice is filed with the county.
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COMMISSION: There shall be no commissions paid to unlicensed real estate persons for bringing buyers and/or sellers together. Agent shall be a principle to the transaction and therefore receive a percentage of the profits.
a. Agent shall be entitled to 20% of the profit derived from all transactions closed. -
CLOSINGS: All closing will take place and be administered by an approved agent of Company.
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EXPENSES: Company shall not be responsible for or obligated to reimburse Agent for any expenses incurred in the performance of services pursuant to this agreement.
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TERM/RENEWAL: This agreement shall remain active until 1 year after date signed by Agent. This agreement shall automatically renew for increments of one year unless either party gives 30 days written notice to the other party.
Company Representative Signature Agent Signature
Company Rep Printed Name Agent Name
Date Date