Brokers can use the Referral Agreement Between Brokers (TXR 2405) form to state the terms and fees associated with referring a prospective client to another broker. The form can be used for property sales or leases and includes options for how to calculate the fee. Referral Agreement Between Brokers is a new form that took effect in July and is available on texasrealestate.com, in zipForm, and with other approved Texas REALTORS® forms vendors. The form can be used with residential, commercial, and farm & ranch properties and is one of more than 150 forms exclusively available to members of Texas REALTORS®.
When a broker receives a referral of a named prospect and collects compensation on a transaction for services rendered to that prospect, the referring broker is entitled to collect the agreed upon fee. The referring broker is also entitled to collect a fee if a related party of the prospect buys or leases property during the term of the referral agreement. A related party includes family members, partners, or entities controlled by the prospect.