Georgia Lease Provisions Relating to Brokers

State:
Multi-State
Control #:
US-OL29A07
Format:
Word; 
PDF
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Description

This office lease provision states that the landlord and tenant each warrant and represent to the other party that there was no broker, finder or similar person, other than those listed, entitled to a commission, fee or other compensation, instrumental in consummating the lease. It also states that no conversations or prior negotiations were had by the landlord or tenant, respectively, or anyone acting on behalf of the landlord or the tenant, respectively, with any broker, finder or similar person, other than those listed, concerning the renting of the demised premises.

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FAQ

The qualifying broker for a firm which operates as a corporation must be an officer of the corporation. The broker or qualifying broker of any real estate firm must have signatory powers on all trust accounts which the firm maintains.

You'll need to sign a residential purchase agreement, make an offer, possibly put down a deposit, conduct inspections and close the sale. If this all sounds overwhelming to you, don't worry; your REALTOR® will guide you through each step. If you're ready to purchase the home, you must get all the details in writing.

The Georgia Brokerage Relationships in Real Estate Transactions Act provides a legal road-map for the broker engaged by a landlord. The first rule is that a broker must perform duties under the terms of the brokerage engagement made with a landlord, unless strictly prohibited by local, state or federal statutes.

(4) "Brokerage engagement" means a written contract wherein the seller, buyer, landlord, or tenant becomes the client of the broker and promises to pay the broker a valuable consideration or agrees that the broker may receive a valuable consideration from another in consideration of the broker producing a seller, buyer ...

?Customer? means a person who is not being represented by a real estate broker in an agency capacity pursuant to a brokerage engagement but for whom a broker may perform ministerial acts in a real estate transaction pursuant to either a verbal or written agreement.

A Georgia law that governs the agency relationships of brokers with sellers, buyers, landlords and tenants. BRRETA has been in effect since 1994 and was revised in 2000. Every relationship in which a real estate broker acts for or represents a client by the latter's written authority.

If the property inspection reveals any necessary repairs or other undesirable finds, the buyer normally has three options: terminate the contract and obtain their earnest money back, negotiate for repairs or a price change, or accept the property as-is.

Copies of sales contracts, brokerage engagements, closing statements, leases, and other documents related to a real estate transaction required by law to be maintained in a broker's file for three years shall be made available to authorized agents of the Commission upon reasonable request and at a reasonable cost to ...

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Georgia Lease Provisions Relating to Brokers