Yes, this model has successfully been utilized by several lawyers for more than 10 years; we are now making it available to all lawyers and real estate agents in British Columbia, soon to be expanded across other provinces.
You negotiate a fee allocation with the Realtor your client chooses from the Relex Realtor directory. A typical agreement is between 25%-35% of a Realtor’s typical commission (listing or selling side) but may vary depending on the circumstances of each listing, including the nature and value of the property, complexity of potential legal issues etc.
The Relex system allows you to offer exceptional professional service to your client through the use of both a lawyer and a Realtor right from the start of your client’s sale process. You benefit by earning considerably more than the usual conveyance fee. Here’s an example, based on a 30% / 70% listing fee division, and a typical commission structure of 7% -the first $100,000, 2.5% balance of the sale price:
$4,910.22 (Sale price of $1,032,400 = Greater Vancouver median price of detached home as of December 2018)
This compares very favourably with a typical sale conveyance fee of $1000.00
Relex provides Realtors with a new source of business in the real estate transaction capable of multiple repeat sales, with no additional marketing efforts or expense.
Relex rewards Buyers and Sellers with FREE legal closing costs and the best possible representation in the real estate transaction.
We have obtained a legal opinion that the Relex concept, including the use of the RELEX precedents made available to lawyers and Realtors, are compliant with all relevant BC laws and Law Society professional rules, including those relating to fee splitting and referral fees.
We have a roster of Realtors licensed through RELEX who are eager to do business with you and your real estate clients. By working with you, they will gain access to a unique stream of potential clients they otherwise would not have. These are leads of the highest quality since you are your client’s trusted advisor.
If you know of a reputable, competent Realtor who you would like to work with to service your client’s property transactions through RELEX, encourage them to register through RELEX -it’s that simple.
a. Register through the RELEX website for FREE, and become a licenced RELEX lawyer or RELEX Realtor. A ‘per transaction’ Licence fee is payable by the RELEX lawyer only if and when a real estate transaction is completed.
b. RELEX lawyer members access and engage with the list of RELEX Realtors by agreement of a lawyer’s client. A Retainer Agreement with a lawyer’s client will automatically generate through the RELEX online platform. Have your client sign the Retainer Agreement.
c. Enter into an Engagement Agreement Letter with your chosen RELEX Realtor by accessing the online precedent; the document will be automatically generated for signature.
d. The RELEX Realtor will meet with and will sign necessary MLS documents with the lawyer’s client and provide Realtor services in conjunction with MLS and Relex engagement agreements up to the point of sale. The RELEX lawyer monitors the marketing progress of the property in conjunction with the RELEX Realtor, including ensuring all written offers, subject removal addenda etc are submitted for lawyer review on behalf of the client, prior to the acceptance and/or subject removal date.
e. The RELEX lawyer will meet with the client to sign the conveyancing documents, including the RELEX Order to Pay and the RELEX Client Account (based on the Retainer Agreement) which will be automatically generated for the lawyer through the RELEX online platform.
f. The RELEX lawyer completes the conveyance of the property and collects the Retainer Agreement fee and pays the Licence fee to Relex (approx. $250)
The RELEX system can be used for any type of property including commercial and industrial, and for both sales and purchases.
Buyers and Sellers are encouraged to contact any lawyer or Realtor and direct them to www.relexinc.ca if they are not already a member. Registration is FREE for all lawyers and Realtors.