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Mike, I guess since you own a firm you probably deal with a lot of agents who don't comply but pretty much everything is done electronically (dotloop, docusign) so when I work with clients (whether they close or not) all my paperwork is there. Anyways, that's a whole other thread, LOL!
I'm not going the attorney route...it would cost more in atty fees, time and aggravation. I did receive another email from the VP of sales and he said he wants to do the right thing and will speak to my BIC.....may HE is the UNICORN! I was shocked as his first response was pretty much the standard corporate response about policies, etc. But when I asked if it was company policy not to disclose the fee until an agent is leaving, it seemed to make him at least offer to look into it. Whether it works out in my favor or not is another thing but if it does, I'm buying a lottery ticket!
Thanks to all of you for the responses. I will keep you posted!
I would imagine that you signed some type of Broker Associate Contract.
either that document spelled it out, or only included a generic "has read and agreed to company policies". And it would be spelled out there.
Although we're all independent contractors, with the emphasis on independent ... at the end of the day the clients legally "belong" to the brokerage during the period they are under an active agency agreement. Selling or buying.
I don't think they have to disclose that they are going to do this, because all of the transactions belong them. All agreements make the transactions belong to the broker. As agents we can't do business any other way. They can keep all of it, but have decided not to in your case. I don't think you would have a case.
As far as what I think is right or wrong I would have to know more first before deciding.
Asking about this is a good idea before joining a firm. My broker does not keep listings if you leave and that was disclosed to me when I signed up. So it was disclosed that they will GIVE them to me at that time. It is always given that they belong to the broker in the first place. You can't require someone to give away something that is theirs because they didn't disclose that they would keep their own property.
I would imagine that you signed some type of Broker Associate Contract.
either that document spelled it out, or only included a generic "has read and agreed to company policies". And it would be spelled out there.
Although we're all independent contractors, with the emphasis on independent ... at the end of the day the clients legally "belong" to the brokerage during the period they are under an active agency agreement. Selling or buying.
I with Bo. I know when I associated with my brokerage I signed an independent contractor agreement. It not only had the "read and agree to company policies" language in it, but it also had an addendum attached with my split schedule spelled out. The body of the agreement also has language stating that if I were to leave that any pending transactions would be paid out at a 50% split.
If you didn't sign anything that spelled out this policy or were not shown an office policy pamphlet with it, I wouldn't think you would have to sue. You could probably file a grievance with your local Realtor board provided the office is a member.
I see what you mean and I do agree with it. I can see how he might be in the right morally, but legally? Its why I was saying before that it is a good question to ask when looking for a broker. If he tried to fight it, what case would he have?
If it's not in your independent contractor contract, I don't believe they can do it. You should look into that because your contract will tell you what will happen while you're there, and when you leave. The reason you sign a contract is so you know all the terms of what you've agreed to. You should try doing an Arbitration hearing with your Professional Standards committee. It's either run by your local board or your state board, but every state has a way to do Arbitration as I sit on the committee in Texas.
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