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The REMERGE Short Sale TEAM: CONSENT TO CO-LIST
|(PLEASE PRINT)
BROKER _______________________________________________________ DRE # ______________________
Office Name: __________________________________________ E&O Insurance Carrier ____________________________
Address: ______________________________________________ City, State, Zip __________________________________
Phone: ______________________ Fax: _____________________ Email: _________________________________________
AGENT__________________________________________________________ DRE # _______________________
Phone: _____________________ Fax: ______________________ Email: _______________________________________
CO-BROKER Shelly Gorenstein, Broker DRE 00885407 E&O: CRES Insurance Services
9070 Irvine Center Drive, Suite 130 Phone: 949-502-4858
Irvine, CA 92618 Fax: 949-215-2725
Email: HYPERLINK "mailto:shelly@remerge.com" shelly@remerge.com
The REMERGE Short Sale TEAM is an ensemble independent real estate professionals that work as a unit to manage short sale transactions. The REMERGE Short Sale TEAM is comprised of You, the Broker /Agent, Shelly Gorenstein, Co-Broker, REMERGE Short Sale &Transaction Coordinators, escrow, title, termite inspection, home warranty companies that are members of The REMERGE Short Sale TEAM. Only member vendor services will be used.
The REMERGE Short Sale TEAM PER TRANSACTION PARTNERSHIP PROGRAM
The above named Broker acknowledges and gives consent to the above named Agent to engage Shelly Gorenstein, Broker as the Co-Broker in real estate listing and sale transactions. Broker and Agent are hereby notified that Shelly Gorenstein, Broker may be engaged as a Co-Broker with multiple Brokers and multiple Agents in multiple real estate transactions throughout California.
In Co-Listing, the Broker/Agent and Co-Broker consents to an equal partnership, on a per transaction basis. This partnership is entirely voluntary and applies only to the Listing Side of the transaction. The MLS credit for market share, listing and sale shall go to the Broker.
This agreement applies to each and every listing in which the above named Broker, Agent and Co-Broker voluntarily Co-List a property. The Broker/Agent can initiate a Co-Listing when registering a new listing on line at www.remerge.com or e-mail or fax or verbal notification. A Co-listing transaction may be solicited by either the Broker, Agent or the Co-Broker or by the collaborative effort of Broker/Agent and Co-Broker.
The Co-List program is in effect on a per transaction basis and shall be in effect for the full term of the listing agreement and through the close of escrow date or the date of the cancellation of the listing or the cancellation of the sale transaction. Broker or Co-Broker cannot unilaterally terminate the partnership or the terms of the partnership stated herein while a Co-Listing transaction is in Active Listing or Pending Sale status. However, Broker or Co-Broker can terminate their own participation in a Co-Listing transaction with written or e-mailed declaration of termination of participation in the Co-Listing transaction and termination of Agency Relationship with the Seller.
Broker/Agent acknowledge that Shelly Gorenstein, Broker has an ownership interest in REMERGE Transaction Coordinators. Broker/agent acknowledge that Shelly Gorenstein earns the Broker commission for her performance as the Co-Broker Negotiating Agent between the Sellers Agent/Buyer and the Lender. Shelly Gorensteins Broker activities and duties are separate and apart from the activities and duties of REMERGE Transaction Coordinators in the short sale and transaction transaction. Broker and Agent hold harmless REMERGE Transaction Coordinators and its staff for any actions taken against the separate entity Shelly Gorenstein, Broker.
(________________) (________________)
Broker Agent
Page 1 of 3
The REMERGE Short Sale TEAM: CONSENT TO CO-LIST, continued
"DIVISION OF LABOR" MODEL
The following working model shall guide the duties of Broker/Agent, Co-Broker and REMERGE Transaction Coordinators in a Co-List transaction. The duties may be modified in whole or in part, as needed and as agreed between Broker, Agent and Co-Broker.
BROKER/AGENT DUTIES: THE LISTING AGENT
1. Obtain Seller signatures on complete the Short Sale Listing Package as proscribed in Short Sale Forms section. 2. Enter the listing into the local MLS noting in Agent Remarks: Co-Listed with Shelly Gorenstein, Broker.
3. Instruct Buyers Agents in the MLS Agent Remarks to fax or e-mailed offers to Shelly Gorenstein
4. Register the listing with REMERGE Transaction Coordinators on www.remerge.com.
5. Fax or email all signed Short Sale Listing Package documents to REMERGE Transaction Coordinators.
6. Put a FOR SALE sign on the listed property.
7. Put a lockbox on the listed property.
8. Brokers Preview and Open House and other marketing venues are at the option of the Broker/Agent.
REMERGE REAL ESTATE CO-BROKER DUTIES: THE NEGOTIATING AGENT
1. Broker Review of Listing Agreement and Purchase Agreement. 2. Review and negotiate Buyers offers and manage multiple offers. 3. Interview and write Sellers Hardship Statement.
4. Review Comparable Market Analysis
5. Write Price Justification letter to lender, as needed.
6. Review and approve completed short sale package
7. Negotiate short sale price and terms with the Lender(s).
8. Obtain Buyers approval of short sale price and terms with Selling Agent in Final Addenda.
9. Broker Review sign off on purchase agreement, addenda and real estate disclosures
10. Prepare and submit Commission Disbursement to escrow.
REMERGE TRANSACTION COORDINATOR DUTIES: THE SHORT SALE/TRANSACTION COORDINATOR
1. Order Escrow Sellers HUD Net Sheet.
2. A Package the short sale application and open a short sale file with the Lender(s).
3. Weekly follow up with Lender until contact is made with the Lenders Negotiator.
4. Update short sale application, as required by the Lender
5. Weekly email update to Co-Listing Agent, Selling Agent and Seller
6. Coordinate Shelly Gorenstein with Lender Negotiator for finalizing approval.
7. On Lender Approval, open and follow-up with escrow.
8. Prepare updated real estate disclosure packages for Seller and get signatures from Agents and Buyers.
9. Follow up with all parties in the transaction from the point of Listing or Sale through close of escrow
10. Collect and log in all paperwork and maintain updated web site file.
11. Produce and deliver a D.R.E. compliant file to Broker and Co-Broker at the close of escrow.
THE FOLLOWING APPLIES TO ALL TRANSACTIONS in which Broker/Agent and Co-Broker are voluntarily engaged in a Co-Listing.
1. Broker/Agent and Co-Broker shall be named on all listing and sale agreement contracts.
2. Broker/Agent and Co-Broker shall have an Agency Relationship with the Seller, jointly and severally.
3. Broker and Co-Broker shall maintain their own current E&O insurance.
4. Co-Broker shall engage REMERGE Transaction Coordinators for short sale coordination on all Co-Listing transactions and cause payment for short sale coordination services.
5. REMERGETransaction Coordinators provides the final transaction file to Broker 7 days after close of escrow. 6. Broker and Co-Broker agree to engage Mediation and Arbitration services for dispute resolution between them.
(________________) (________________)
Broker Agent
Page 2 of 3
The REMERGE Short Sale TEAM: CONSENT TO CO-LIST, continued
COMMISSIONS and COMPENSATION
Escrow Commission Instructions shall state that commissions are paid separately to above named Broker and to Shelly Gorenstein, Broker and to REMERGE Transaction Coordinators at the close of escrow as described below. Broker/Agent or Co-Broker cannot unilaterally terminate or make adjustment to the listing-side commission or Escrow Commission Instructions without written authorization from both parties. Furthermore, no referral fee will be paid to a third Broker from the gross listing-side commission without written agreement and consent from both Broker/Agent and Co-Broker of this agreement, prior to beginning a short sale transaction. Either Broker/Agent and or Co-Broker may pay a referral from his/her 50% listing-side commission without prior written consent of the other. Shelly Gorenstein will submit the CDA to esrow with instructions to pay each Broker comission or referral fee separately at the close of escrow
LISTING SIDE COMMISSION: 50%-50% Split between Broker and Co-Broker *
The Broker and Shelly Gorenstein, Co-Broker will equally share the listing side commission 50%-50%..
BUYER SIDE COMMISSION: 100% to the Procuring Broker or Procuring Co-Broker
If the Broker or Co-Broker procures the Buyer, acting as the Buyers Agent, the Buyers Agent will earn 100% of the buyers side commission. If the Broker and Shelly Gorenstein, with prior written agreement, work the Buyers side together, the Buyer Side commission will be equally shared, 50%-50% at the close of escrow.
REFERRAL FEE: 25% of the Listing Side Commission
If the Broker cannot fully participate in the short sale transaction as defined in the BROKER/AGENT DUTIES because s/he does not have E&O insurance or is not a member of any board of Realtors or elects to not actively participate in the short sale transaction s/he may refer a short sale client and earn a referral fee of 25% of the listing side of the commission, paid through escrow at the close of escrow.
* SHORT SALE TRANSACTION LIMITS
Because of the very lengthy short sale processing time, The REMERGE Short Sale TEAM will be engaged in short sale transactions with a purchase price of $200,000 and above only. Any short sale transaction with a lower purchase price must authorized by Shelly Gorenstein, Broker. A different commission schedule may be in effect.
Broker and Agent have read the above and agree to participate as the Listing Agent member of The REMERGE Short Sale TEAM, fulfilling their Broker/Agent duties as described in the terms of the Division of Labor Model and agree to the stated Commission and Compensation. Any modifications of this agreement must be in writing and signed by all parties to be in effect.
___________________________________________________________________ _____________________
BROKER SIGNATURE PRINT NAME Date
___________________________________________________________________ _____________________
AGENT SIGNATURE PRINT NAME Date
___________________________________________________________________ _____________________
CO-BROKER Shelly Gorenstein, Broker Date
PLEASE FAX SIGNED CONSENT FORM TO: 949-215-2725
or EMAIL TO: shelly@remerge.com
A signed copy will be emailed or faxed to you for your records.
Page 3 of 3
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