Exclusive Authority To Sell With Holdover Clause
Description
How to fill out Arkansas Petition For Authority To Sell Real Estate?
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FAQ
A holdover clause protects landlords if tenants fail to vacate their space promptly upon the lease's termination date. The clause's language states that if a tenant stays beyond the end of the lease, they have to pay an economic penalty. Pricewise, here's how economically damaging a holdover clause can be for a tenant.
As defined by the National Association of Realtors, an exclusive right-to-sell listing agreement is a contract between the listing agent and the owner of the home, wherein the seller agrees to compensate the agent's efforts regardless of who ultimately brings forth a buyer.
An exclusive right to sell listing agreement will usually include a term length for the duration of the contract, termination rights in the event either party wants to end the contract early, terms for the agent's compensation, and a detailed description of the property being sold.
The holdover period is a defined amount time following the expiration of a listing agreement during which the listing brokerage would be entitled to a commission if the property were sold to someone who was introduced to it while it was listed.
A holdover clause is a provision in a lease agreement that allows the landlord to charge a higher rent or take other actions if the tenant stays beyond the lease term without renewing or terminating the contract. This clause can help the landlord protect their property rights and avoid losing income from a vacant unit.