Commission Trust definition

Commission Trust means a constituted trust where all deposits and other monies received by or due to a Brokerage directed to satisfy Commission payable or damages or other compensation in lieu of Commission, plus applicable taxes, on any trade in real estate are received and held by the Brokerage in trust. Where the deposit is received by a listing Brokerage, the beneficiaries of the Commission Trust shall be the cooperating Brokerage and any listing Salesperson or listing Broker to the extent of any agreed Commission amount, and the listing Brokerage as to the balance after payment of such agreed Commission. Where the funds are received and held by the cooperating Brokerage, the beneficiaries of the Commission Trust shall be the cooperating Salesperson or cooperating Broker to the extent of any agreed Commission amount and the cooperating Brokerage as to the balance after payment of such agreed Commission.
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Commission Trust means all deposits and other monies received by or due to the Listing Brokerage directed to satisfy commission payable or damages or other compensation in lieu of commission, plus applicable taxes on any of the foregoing, in connection with the Transaction that are held by the Listing Brokerage in trust.
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Commission Trust means a constituted trust where all deposits and other monies received by or due to a Broker directed to satisfy Commission payable or damages or other compensation in lieu of Commission, plus applicable G.S.T., on any trade in real estate are received and held by the Broker in trust. Where the deposit is received by a listing Broker, the beneficiaries of the Commission Trust shall be the co-operating Broker and any listing Salesperson to the extent of any agreed Commission amount, and the listing Broker as to the balance after payment of such agreed Commission. Where the funds are received and held by the co-operating Broker, the beneficiaries of the Commission Trust shall be the co-operating Salesperson to the extent of any agreed Commission amount and the co-operating Broker as to the balance after payment of such agreed Commission. In the event that the co-operating Broker receives the deposit, the beneficiary to the Commission Trust shall be the listing Broker and any co-operating Salesperson to the extent of any agreed Commission amount, and the co-operating Broker as to the balance after payment of such agreed Commission.
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Examples of Commission Trust in a sentence

  • This agreement shall constitute a Commission Trust Agreement as defined in the MLS® Rules and shall be subject to and governed by the MLS® Rules pertaining to Commission Trust.

  • This agreement shall constitute a Commission Trust Agreement as defined in the MLS Rules and shall be subject to and governed by the MLS Rules pertaining to Commission Trust.

  • Unless otherwise agreed in writing between Seller and Listing Brokerage, any commission payable to any other brokerage shall be paid out of the commission the Seller pays the Listing Brokerage, said commission to be disbursed in accordance with the Commission Trust Agreement.

  • Said Fee shall be disbursed in accordance with the Commission Trust Agreement.

  • For the purpose of this Commission Trust Agreement, the Commission Trust Amount shall be the amount noted in Section 3 above.

  • The Listing Brokerage hereby declares that all monies received in connection with the trade shall constitute a Commission Trust and shall be held, in trust, for the Co- operating Brokerage under the terms of the applicable MLS® rules and regulations.

  • COMMISSION TRUST AGREEMENT: If the above Co-operating Brokerage is receiving payment of commission from the Listing Brokerage, then the agreement between Listing Brokerage and Co-operating Brokerage further includes a Commission Trust Agreement, the consideration for which is the Co-operating Brokerage procuring an offer for a trade of the property, acceptable to the Seller.

  • Otherwise, the provisions of the OREA recommended MLS® rules and regulations shall apply to this Commission Trust Agreement.

  • This Commission Trust Agreement shall be subject to and governed by the MLS® rules and regulations pertaining to commission trusts of the Listing Brokerage’s local real estate board, if the local board’s MLS® rules and regulations so provide.

  • Unless otherwise agreed in writing between Landlord and Listing Brokerage, any commission payable to any other brokerage shall be paid out of the commission the Landlord pays the Listing Brokerage, said commission to be disbursed in accordance with the Commission Trust Agreement.