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The Listing Agreement is a document that establishes a contractual relationship between the owner of a property (referred to as the 'Owner') and a broker (referred to as the 'Broker'). This agreement grants the Broker the sole and exclusive right to lease the property and collect deposits on behalf of the Owner. The agreement is valid for a specified term, starting from the current date and expiring on the expiry date.
The agreement begins with a detailed introduction, clearly identifying the parties involved. Party 1, the Owner, is described as the party whose principal place of business is located at Party 1 address. Party 2, the Broker, is described as the party whose principal place of business is located at Party 2 address. The agreement states that the Owner intends to grant the Broker the exclusive right to lease the property described in the agreement.
The agreement also includes a section on lease terms. It explains that the Broker will be entitled to a leasing commission as consideration for listing and leasing the property. The leasing commission will be paid by the Owner according to the commission schedule outlined in the agreement. The commission schedule specifies that the leasing commission will be calculated based on the total gross rentals due during the initial lease term. If a tenant procuring broker is involved, the commission will be adjusted accordingly.
Additionally, the agreement includes provisions for a minimum leasing commission, which guarantees a certain amount of commission to the Broker. The minimum leasing commission is calculated based on the highest monthly rental payment amount due during the lease term. Similar to the leasing commission, the minimum leasing commission is adjusted if a tenant procuring broker is involved.
The agreement also addresses the payment of commissions, stating that they are due and payable in two installments: one-half on lease execution and payment of the deposit, and one-half on occupancy. The Broker is authorized to apply deposits held in their trust account towards the payment of a commission. Any unpaid commission will accrue interest at a rate of ten percent per annum. The agreement further states that the non-prevailing party in a legal action to enforce the agreement will be responsible for attorney's fees and legal costs.
Furthermore, the agreement covers the topic of agency and dual agency. The Owner authorizes the Broker to appoint other salespersons affiliated with them as sub-brokers to act on the Owner's behalf as needed. The Owner also consents to the Broker acting as a dual agent if the property is leased to a lessee represented by one of the Broker's salespersons. The agreement allows for different salespersons affiliated with the Broker to represent different lessors in competing transactions involving the same lessee, without it being considered adverse or detrimental to the interests of either lessor or a conflict of interest on the part of the Broker.
The agreement grants the Broker permission to show the property during specified hours and days and to place signs on the property. The Broker's signs will be the only leasing signs allowed on the property. Finally, the agreement states that if the agreement expires, it will continue on a month-to-month basis unless terminated by either party with thirty days' written notice. The Owner acknowledges receipt of a copy of the agreement and approves all information contained in it.
In summary, the Listing Agreement is a comprehensive document that establishes the rights and responsibilities of the Owner and the Broker in leasing the described property. It covers various aspects such as commission calculations, payment terms, agency relationships, and property showing permissions.
1. Enter the Contractor's and Customer's information in the agreement, including their principal place of business. This ensures that both parties are clearly identified.
2. Clearly specify the agreed price and completion date of the work to be carried out by the Contractor. This will ensure that both parties are aware of the expectations and deadlines.
3. Clearly describe the type(s) of services to be provided by the Contractor. This ensures that both parties are aware of the scope of work and can avoid any misunderstandings.
4. Both parties should agree on the length of warranty and time of payment after the completion of the work. This ensures that both parties are aware of the payment terms and the length of the warranty.
5. If the work is not completed by the completion date, specify the amount of damages per week that the Customer is entitled to. This ensures that both parties are aware of the consequences of non-completion.