Hey everybody! Dana Sparks, Broker of Maximal in Greater Atlanta Realtors, and this one's contract tip has to do with the Commission instructions in the contract between the listing broker and the selling broker. This form is needed for the closing attorney to know what commission to put on the closing statement for each broker. To begin, let's discuss the forms. The form used is GAR form F 32, instructions to closing attorney. This is the form that needs to be filled out. Now, let's talk about the commission in general. The commission starts from the seller, as they are the ones who initiate all commission in a real estate transaction. Where is this commission detailed? It is specified in the listing agreement. The seller agrees to pay the listing broker the total amount of commission when the property closes. Within the listing agreement, there is a portion where the seller and listing broker agree to share a certain part of the commission with the selling broker, should they be the procuring cause of the sale. Any modifications or changes to the commission need to be agreed upon between the seller and the listing broker. For example, if there is no other broker or agent involved, is there any difference in payment? These details should be written out, agreed upon, and signed in the listing agreement. Moving on to closing, once the property and transaction close, the commission is transferred from the seller to the listing broker. It is then the responsibility of the listing broker to pay the selling broker their commission. This is all stated and specified in a separate form called instructions to the closing attorney in the GAR form package, as well as commission acknowledgment in the RE forms package. Now, let's touch upon the fact...
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Statutory broker Form: What You Should Know
Form U5 Formats Form U 5, in addition to other forms used and utilized by FINRA and its authorized representatives, may also be used in the following formats: 1. Final Notice for Termination of Employment. 2. Final Restraining Order. 3. Notice of Termination of Membership. 4. Form 2 — Notice of Termination of Membership. Form U Filed After the termination date. Form U Filed before the termination date. Form U Filed when an individual leaves for any reason. Form U 4 Filed by a representative at the firm during the termination period. In the event of change of name or address, the Form U 4 must be updated on the Form U5 Formats. This form is also called: Form U4. All Form U Filed after the date of filing must state the name and address of the new legal entity, and also provide the number to complete on the form the following information: 1. Name 2. City and State 3. Street Address 4. Telephone Number 5. Email Address The Form U4 is updated to include the number and date of change of legal entity on the Form U5 Filed within the required time. However, if Form U 5 is filed between two years prior and an individual leaves prior to two years from the date of filing of Form U4 for legal entity changes, the Form U5 Formats are not required to be updated. 3. FINRA Form U 5 must be filed within 30 days of a termination, and it requires a firm to provide accurate answers to various questions in a timely manner. What's All The Buzz About The New FINRA Form U 5? “FINRA is going to be giving a lot of attention to the new Form U 5.” — C.E.E. “...we've found that the form is not filled out correctly. . . It has questions that are not necessary.” — C.E.E. “The form may be more user-friendly — but it is far from user-friendly from a compliance perspective.” — C.E.E. “The only thing more problematic is that it is not even being signed by the person being terminated. . . “ — C.E.E. “If you are in the U.S., you'll have no need for Form U5. . . “ — C.E.E.
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