Cooperating Broker
A real estate broker who agrees to a commission split with another broker.
MLS Rules require that its members offer compensation to other members who bring them contractual offers that result in a successful closing . The selling broker (buyer’s agent) who secured the purchaser is referred to as the cooperating broker. The cooperating broker assists the listing broker in selling the property and thus must look to the listing broker for compensation. The brokers must agree to a Commission Split.
The fee paid to the buyer’s broker (cooperating broker) is usually 2 to 3.5 percent of the contract sales price. The title agent conducting the closing will be be instructed, pursuant to the purchase and sales agreement (or listing agreement), to disburse any fees due to the cooperating Broker.
- See also: Listing Broker
- See also: Exclusive Agency v. Exclusive Right-of-Sale
- See also: multiple listing service
- See also: Listing Agreement
