How to do Conjunction Sale

We have helping a client to purchase a property, came across one that perfectly fit the client requirement.

The selling agent agreed to conjunct, and send me a form to sign, the question is I don't know their commission rate to work out what I'm entitled to.

Can I legally able to request a copy of the form 6, or is there other information I need to know before signing the conjunction form.

I've asked qld gov property industry, they told me they can give me legal advise.

Does anyone done this before, whats the standard procedure. Thanks for helping.

 

You can legally request anything. (except where criminal acts are involved!)

 

Are you a licensed real estate agent?

 

Yes, the principle licence holder.

 

A conjunction agreement usually specifies the % split eg 20/80 or 60/40. You don't need to know what their commission rate is.

 

Is you client also paying you to find them a property?

 

No, I'm just helping one of my repeat buyer for this one. I don't know this selling agent, the split rate is clear front the conjunction form he sent me, but how do I know what I'm getting at the end of sale.

 

You would want the % of comms noted on the conjunction agreement expressed as a % of a %. Eg 30% of the sales agent commission of 2.2% of contract price.

 

Can this still be done if agent has an exclusive agreement, i.e can they agree to change the agreement with vendor to accommodate this ?

 

An agent side conjunct should not require a change to the selling agency agreement, though I am not knowledgable on QLD SAA's. The comms split comes from the selling agents pocket as an introducer fee, not an additional cost to vendor.

 

Right, so is just a matter of getting agreement with sales agent, then introducing the buyer.

Probably not good in any market where there will be enough buyers likely to come along & the median is low.

 

@astoba - you've lost me on this one. If they're your client you can get paid by your client as a BA. You can't be paid by both sides if that's what you want

 

If the agreement mentions the split like 40/60 or whatever, then a phone call by the OP would be enough to know roughly what you should get ?

 

All you have to do is ask them what their percentage is? If they are happy to conjunct with you, you understand that legally you are representing the seller so can't enter into negotiations on behalf of you ex-client but you are entitled to conjunct as an 'introducing REA'

It sounds like a no brainer that you ask the original REA what his commission rate is for the sale.