I teach a separate broker course from the fee collection of commercial mortage for only $199, which comes with a model fee contract. I strongly encourage you to take this course. It can be the turning point in your career as a commercial mortgage agent. 1. The recipient undertakes to comply with all federal and municipal laws while providing services to the company for the duration of the agreement.2. For the duration of this contract, the beneficiary may not hold any other job. The company reserves the right to require Payee to terminate such another employment at the sole discretion of the company.3 Any credit transactions made by the beneficiary during the period covered by this agreement are deemed to have been made on behalf of the company and are the property of the company.4 Any transaction involving other brokerage firms or unlicensed suppliers should be approved first by the entity.5 The recipient is responsible for all fees, including, but not limited, on standard fees, assessments and credit reports ordered for the applications or credits he or she directs if these fees are not paid by the customer. All unpaid costs are deducted from unpaid compensation due to the beneficiary under this contract.6 The entity sets a standard fee for different services and the recipient must obtain prior authorization before amending one of the standard fees.7 Payee is committed to protecting all confidential documents, including prospectus data, credit transactions and corporate customer information, and will do everything in its power to ensure that this confidential material is not paid to persons outside the company.8 The recipient must read, understand and comply with all compliance rules at the federal, regional, local and corporate level.9 The recipient is responsible for the acquisition of all the training, licenses and certificates necessary to legally practice the profession of credit intermediary.10 The beneficiary releases the business and maintains unscathed losses or damages incurred by the company as a result of gross negligence or misrepresentation of the Payee during the duration of this contract.11 The recipient uses the most ethical practices while participating in a sales activity.12 Payee is committed to protecting all confidential materials, including the company`s interest data, sales data and customer information, and will do everything in its power to ensure that this confidential material will not be paid to persons outside the company.13 The whole of this agreement is governed by state laws – An important and painful lesson that almost all new commercial real estate brokers have learned is always to require a signed pricing agreement from the borrower. 5.
The whole agreement is subject to state laws – Commercial mortgage borrowers lie all the time. They lie about the fact that destination property is in the contract. They lie about the money to make the down payment. You lie about the purchase price. On refinancing, they tell great stories about the value of their commercial property. They retain vital information about their past credit problems. You`re lying. If you have a fee contract with them (you support a commercial credit), you can sue him if you lied.
You probably think that the purpose of the pricing agreement is to protect you from the borrower who refuses to pay your commission at closing. This happens occasionally, but not very often. Until most commercial mortgages are ready, most borrowers are exhausted, impatient and eager to close the deal. The borrower does not want to take the risk of starting the four-month application process again by presenting himself dishonourably to the lender. You will eventually learn this painful lesson. The only real question is whether you learn this lesson after losing only five large commissions (US$10,000) or whether you have to lose fifteen big commissions before you receive this lesson.