I require a basic contract.
I am starting out as a mortgage broker and I want to pay professionals (real estate agents, solicitors etc) for referrals.
I plan to pay them 50% of my brokers commission for the 1st deal... a rather decent sum.
As a mortgage broker, we are open to clawback (the retraction of commission, in part or full) if a borrower breaks their loan within the first 24 months.
I want this contract to state that if the referrers borrower exits their loan within the first two years, part or all of the commission paid to the referrer is to be repaid to me.
As referrers will be reluctant to sign any contract, I need this document to be as basic, short and jargon free as possible.