The REBNY Universal New Development Brokerage Agreement was released in October 2019. It lays out the contractual terms between developers and outside brokers.
Erin Hudson, wrote in The Real Deal, “The document defines the net purchase price upon which a broker commission is calculated (it excludes concessions, but includes ancillary features, like storage or parking); caps a broker’s indemnification at the amount of their commission; and allows buyers to switch their brokers at any time.”
Main sections of the document include:
Compensation, Appointments, Registration, Unit Presentations, Withdrawal of a Unit, Purchase Agreement, Confirmation Letter, Co-Brokers of Outside Broker, Indemnification by Outside Broker, Fiduciary Duty of Outside Broker, Independent Contractor, Expenses, Information and Advertising, Termination, Communications, Further Covenants, Dispute Resolution, and more.REBNY-UNIVERSAL-NEW-DEVELOPMENT-BROKERAGE-AGREEMENT
Link to download the REBNY Universal New Development Brokerage Agreement: https://blocksandlots.com/wp-content/uploads/2020/02/REBNY-UNIVERSAL-NEW-DEVELOPMENT-BROKERAGE-AGREEMENT.pdf