Missouri Lease Provisions Relating to Brokers

State:
Multi-State
Control #:
US-OL29A07
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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

Under California law, a real estate broker has a fiduciary duty to their client. The broker's fiduciary duty to the client requires the utmost good faith and undivided service and loyalty. The broker fiduciary duty is greater than the negligence standard of due care of under Civil Code § 2079.

A transaction broker is a broker who provides limited representation to a buyer, a seller, or both, but who does not represent either in a fiduciary capacity or as a single agent.

Responsibilities of a Transaction Broker Disclose all facts known to the realtor to his client. Deal honestly and fairly. Use, skill, care and diligence. Present all offers and counteroffers to his client.

A transaction broker must disclose any adverse material facts which are actually know about the property.

A licensee is required to disclose all material facts. A material fact is any information about the property which could affect a seller's willingness to sell or a buyer's willingness to buy. Material facts must be disclosed to both clients and customers.

The duty to disclose all known facts that materially affect the value of residential real property that are not readily observable to the buyer is a single agent duty, a transaction broker duty, and a no brokerage relationship duty.

Chapter 339 - Real Estate Agents, Brokers, Appraisers and Escrow Agents.

The agreement must contain all terms, conditions, a definite expiration date, and signatures of all parties. All information contained on the agreement shall be carefully investigated for accuracy by the listing agent.

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Missouri Lease Provisions Relating to Brokers