Dalton Wade agents work on a 70/30 commission split, with a yearly Commission Cap of only $3,900. Once you have generated $13,000 in commission, you will then receive 100% of your commission dollars.
In addition to the most agent-beneficial commission structure in the real estate brokerage industry, you will receive:
– Unlimited training
– Unlimited support
– Your own IDX website
– State of the art client management system, Boomtown
– Regular leads from the Zillow Premier Buyer Lead Program
– E&O Insurance & much more!
Dalton Wade, Inc. (“Broker”) and Sales Associate or Broker Associates (“Contractor”), hereby agree as follows:
1. INDEPENDENT CONTRACTOR STATUS – Contractor agrees to work for Broker as an Independent Contractor, and not as an employee, however, Contractor understands that Broker is legally accountable for the activities of the Contractor. All costs and obligations incurred by Contractor in conducting his/her independent business shall be paid solely by Contractor, who will hold Broker harmless from any and all costs and obligations. Contractor will act independently as to the management of his/her time and efforts, and will be responsible for timely payment of all of his/her own expenses, such as industry association dues, licensing renewals, cellular telephones, signage, business cards etc., as they are incurred.
Contractor understands and agrees that, because Contractor is an Independent Contractor and not an employee of Broker, Broker will not withhold any Federal or State Income Tax, Social Security (FICA) or Unemployment (FUTA) taxes from Contractor’s commissions paid. Contractor is personally responsible for paying any and all Federal and State Income taxes, Social Security and other taxes, and for maintaining all expense records as required by law, and represents to Broker that all such amounts will be paid when due. Contractor shall indemnify and hold Broker harmless from any liability or costs thereof. Contractor further understands and acknowledges that Broker provides no Workman’s Compensation coverage. Contractor hereby specifically waives such coverage and represents to Broker that he/she understands that, if Contractor desires such coverage, Contractor must personally obtain such coverage directly from the State of Florida or an insurance carrier of Contractor’s choice, at Contractor’s sole expense.
2. AGENT INFORMATION – Agent will keep Broker updated with any changes to personal information such as mailing address, phone numbers, email, etc.
3. BROKER SUPERVISION – Contractor will be deemed to be working under Broker’s supervision only to the extent required by Chapter 475, Florida Statutes. Contractor will perform all activities, including those activities Broker requires Associate to perform independently without Broker’s supervision or control.
4. BROKER RESPONSIBILITIES – Broker will negotiate all terms and conditions of fees charged to clients including but not limited to, the amount and payment date of commissions and fees. Broker will compensate Contractor in proportion to Contractor’s output with regard to real estate-related activities and not to hours worked by Contractor. Such compensation will be solely through commissions as described below. In the event of conflict between Broker’s office policy manual and this Agreement, the terms of the office policy manual will prevail. Broker may deduct from Contractor’s compensation any amounts due from Contractor to Broker.
5. LICENSE & REALTOR STATUS – Contractor is and shall remain licensed and good standing with the Florida Department of Professional and Business Regulation, throughout the term hereof. If not currently a Realtor®, Contractor will, within 10 days of the date of this contract, become a member of an approved Association of REALTORS® and will adhere to the REALTOR® Code of Ethics and the Multiple Listing Service Rules and By-Laws. Contractor will always conduct him/herself in full compliance with the Statutes of Florida and the Rules and Regulations of the Florida Real Estate Commission and in a way which reflects the high standards of the Broker.
6. LICENSE RENEWAL; CONTINUING EDUCATION; DUES – Contractor will be responsible for timely renewing Contractor’s real estate license and for completing all legally required continuing education in a timely manner and maintaining the records that evidence such completion as required by the Florida Real Estate Commission. Contractor will be responsible for paying all license fees, membership dues and fines.
7. COMMISSIONS AND FEES – As commissions are earned from the Contractors start date and through the next 12 months, through the efforts of Contractor, 70% of the first $13,000 in commissions will be will be paid to the contractor and thereafter 100% of commissions earned will be paid to the contractor. At the end of 1 year from the Contractors start date, the above formula will renew for the next 12 months and for any successive 12 month periods. All such commissions will be promptly paid to Contractor by Broker after receipt and processing, less any amounts owing to Broker. Payment of any and all commissions is subject to Broker receiving a complete sales file. All disbursements will be made within 72 hours after complete sales file submission and funds clearing broker’s bank account.
8. COLLECTION OF FEES – Broker will not be required to prosecute or sue any party in order to collect any fee for services performed by Contractor. However, if Broker incurs attorney’s fees and costs in the collection of or attempt to collect a fee, such amounts will be deducted from Contractor’s commission in the same proportion as provided for herein in the division of the fee.
9. ERRORS & OMISSIONS INSURANCE – The Errors and Omissions Insurance carrier shall be chosen at Broker’s discretion. Contractor understands that he/she is responsible for payment of the deductible amount (currently $5,000) upon request, for each Errors and Omissions claim. This deductible may change yearly. Contractor will be notified of any change. Contractor shall immediately notify Broker of any circumstances likely to give rise to any kind of claim or complaint against Contractor and/or Broker. In the event of a claim, lawsuit, license complaint or Arbitration demand which is not wholly covered by insurance, Broker may withhold from Contractor’s commissions payable, an amount adequate to satisfy any amounts not covered, which Broker shall place in its Claims and Disputes Retention Account, pending settlement or other disposition of the matter. Broker may, in Broker’s sole discretion, apply such sums as necessary to settle or to satisfy any such claim or award, and Contractor agrees to cooperate fully in this regard. Contractor understands that, from time to time, the Principals of Broker may deem it necessary to obtain legal consultation concerning one of Contractors transactions; Contractor agrees to reimburse and indemnify Broker for any Attorney’s fee reasonably incurred by Broker to obtain legal advice concerning such transactions(s).
10. AGENT AS A PRINCIPAL (BUYER OR SELLER OF PROPERTY) – Contractor agrees indemnity and hold Broker harmless from any claims, demands, complaints, Realtor® arbitration’s or other actions made against Broker as a result of any transaction in which Contractor acts as a principal.
11. HOLD HARMLESS – As a material provision of this agreement, agrees that, for all actions that Contractor does during his/ her contractual relationship with Broker, Contractor will forever indemnity and hold harmless Broker, their heirs, successors, spouses and assigns, from any and all claims, complaints, causes of action, Realtor® arbitration demands, damages and liabilities of every kind whatsoever, whether known or unknown, including without limitation of any action, omission, negligence or any other basis of liability or complaint, in any forum, brought by any third party against Broker. No action or complaint arising out of a real estate transaction in which Broker was involved may be brought by Contractor before anybody, against any third party, without prior written consent of the Broker. If the Broker initiates any litigation or arbitration action on behalf of the Contractor or if the Broker must defend any action of the Contractor in litigation or arbitration, Contractor will pay all related filing fees and attorney fees.
12. PROTECTION OF CONTRACTOR’S LISTINGS AND CONTRACTS – In the event that Contractor terminates his/her contractual relationship with Broker or Broker terminates his/her contractual relationship with contractor for any reason, any and all listings obtained through the efforts of Contractor during the term of this Agreement shall be withdrawn by contractor and re-listed with Contractor’s new brokerage, without penalty once any outstanding balance for dues, charges or fees due to Broker are brought up to date. Pending sales, whether seller or buyer representation will be referred to Contractor’s new brokerage with a referral fee to Broker equal to 50% of the gross commission.
13. TRANSACTION DEFINED – For purposes of this Agreement, the term “transaction” shall be defined as the recording of the deed following the sale of real estate, or the execution by all parties of a lease, where a commission is paid to Broker as a result of the efforts of Contractor. Contractor agrees that Broker has the right to hold and/or apply any commissions owing to Contractor, as may be necessary to pay for or secure any obligations of Contractor hereunder.
14. MLS FINES OR ARBITRATION– Contractor agrees to reimburse the Broker for the amount of any fine charged, arbitration or court loss charged to the Broker for any infraction caused by the Contractor, by any MLS board for infractions of board rules by cash payment or by authorization of credit card charge or commission adjustment, which is hereby granted to Broker. Broker will be compensated 20% of any arbitration award or court judgment, to compensate company for time, company legal expenses and costs accrued by such arbitration or court action.
15. ESCROW – Broker does NOT maintain escrow service. All escrow services should be provided by a 3rd party independent Title/Escrow Company.
16. BROKER PRICE OPINION (BPO) – Contractor agrees to turn any and all paperwork originated from conducting BPO and the BPO themselves into the office the day they are completed. Contractor agrees they are conducting BPO at their own risk and it is not encouraged by Broker unless the Contractor has been certified or trained by a state recognized institution for conducting Broker Price Opinions. Contractor will indemnify and hold Dalton Wade, Inc., broker, its officers, directors and employees harmless from all claims, demands, suits, costs and expenses, including reasonable attorneys’ fees at all levels, of whatever nature and description to the extent based on Contractors representations; acts; omissions; negligence; willful misconduct; or violation of laws, rules, regulations, codes of ethics, any and all claims from Contractor conducting Broker Price Opinions (BPO). All costs and obligations incurred by Contractor conducting his/her independent business and/or the practice of Broker Price Opinions shall be paid solely by the Contractor, who will hold Broker harmless from any and all costs and obligations.
17. FAIR HOUSING – Broker supports and practices Fair Housing principles. Contractor has been advised that failure to comply with Fair Housing principles will result in appropriate disciplinary action and possible termination of this Agreement. Contractor warrants and represents that it is Contractors intent to attend Fair Housing instructional programs, keep current on developments in Fair Housing as it affects real estate marketing and sales, and comply with the Fair Housing laws and regulations. Contractor understands this acknowledgment, warranty and representation and agrees to it voluntarily.
18. OFFICE POLICY MANUAL – In addition to this document, Contractor will receive a manual with policy and daily operation guidelines that Contractor agrees to comply with. Contractor has read and is encouraged to print a copy, and agrees to comply with the manual and such modifications, addenda and changes as may be incorporated therein from time to time.
19. CONFIDENTIALITY – Contractor acknowledges that Broker may disclose confidential information to Contractor during the course of this Agreement. Any such information that is or should be reasonably understood to be confidential or proprietary to Broker, including mailing lists, customer and client lists, sales, costs, unpublished financial information, product and business plans, projections, marketing data, computer data, computer programs and supporting documentation and Broker’s office policy manual are considered confidential property of Broker. Internet practices, marketing practices and functionality of www.joindaltonwade.com and www.daltonwade.com and any and all company websites are considered confidential information and practices of the broker. Contractor will take reasonable steps and use due care during the term of this Agreement and for 36 months after its termination to prevent the duplication or disclosure of confidential information and practices.
20. MEDIATION OF DISPUTES – In the event of a dispute involving two or contractors, all of whom are licensed with Broker, Contractor authorizes the Designated Broker for Dalton Wade, Inc. sole and absolute discretion in resolving said dispute. Contractor agrees to abide by the decision of the Designated Broker. Contractor also agrees to hold harmless and indemnify Dalton Wade, Inc. and it’s designated Broker against any claim, action or lawsuit of any kind. These shall include the following: any loss, judgment, or expense, including attorneys’ fees, arising from or relating in any way to the resolution of said dispute.
21. TERMINATION OF AGREEMENT – This Agreement may be terminated immediately by Broker for cause, or upon three calendar days written notice by Broker or Contractor. Contractor agrees that a violation of any of Contractor’s obligations hereunder shall constitute cause for immediate termination of this Agreement. In the event this Agreement is terminated by Broker for cause, Contractor agrees that any ongoing obligations of Contractor hereunder shall survive the termination of this Agreement.
22. ACCEPTANCE OF THIS AGREEMENT – Effective upon your acceptance of this agreement and all necessary documents and/or information have been received by Broker; you as the “Contractor” become an Independent Contractor for Dalton Wade, Inc.
By accepting this agreement you indicate you have read, understand and agree to be bound by this agreement. You also agree to the terms and conditions of the entire agreement with no modifications.
All parties to this agreement are bound in accordance with Dalton Wade, Inc. policy and procedures manual and as amended in the future.
Dalton Wade, Inc. reserves the right to modify this agreement and will notify all agents via email.
The undersigned agree to the terms and conditions set forth above and acknowledge receipt of a copy hereof.