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This legal agreement for Property Broker Commission Agreement outlines the terms and conditions between a property owner and a sales agent for exclusive brokerage services. It includes the initial term, termination, pending matters, services, advertising, sale expenses, and commissions payable to the agent.
The agreement also outlines the rights and obligations of the parties and their representatives, as well as the procedures for negotiating with prospective tenants or buyers. The property owner agrees to engage the agent as its exclusive broker for leasing and selling the property, while the agent agrees to perform the services in accordance with professional standards.
How to use this document:
Parties: Identify the parties involved in this agreement, including the Owner and the Agent. Ensure that their names, addresses, and contact information are accurately stated in the agreement.
Commissions: Review Schedule A to understand the commission rates that the Owner will pay to the Agent for various transactions, including those involving cooperating brokers.
Advertising and Sale Expenses: Review Sections 2.2 and 2.3 to understand the requirements and costs for advertising and promoting the Property, as well as any expenses related to negotiating the sale of the Property.
Approval and Authorization: Note that the Owner must approve any marketing plans and promotional material created by the Agent, and that the Agent has no authority to obligate the Owner without express written authorization
Execution and Delivery: Once both parties have reviewed and agreed to the terms of this agreement, sign and date the document in the spaces provided. Make copies for both parties and retain them for future reference.