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.
Missouri Lease Provisions Relating to Brokers: In Missouri, lease provisions relating to brokers are crucial aspects of leasing agreements. These provisions aim to protect the rights and responsibilities of both landlords and tenants, while ensuring that brokers involved in the process are duly compensated. Understanding these provisions is essential for all parties involved in leasing transactions in Missouri. 1. Commission Agreement: One of the most common lease provisions in Missouri is the commission agreement between the landlord and the broker. This provision outlines the terms and conditions under which the broker will be entitled to receive a commission for their services. It specifies the amount or percentage of the commission, whether it is a flat fee or based on the lease duration or rent amount, and when the payment is due — usually upon signing the lease or when the tenant takes occupancy. 2. Exclusive Representation: This lease provision grants a broker exclusive rights to represent the landlord in leasing negotiations. This means that only the appointed broker has the authority to market and lease the property during the agreed-upon period. Landlords may choose this provision to streamline the leasing process and ensure consistent representation, while brokers benefit from having exclusive access to leasing opportunities. 3. Tenant Representation: On the other hand, tenant representation lease provisions engage a broker to represent the tenant throughout the leasing process. This provision ensures that the tenant's interests are represented in negotiations with the landlord and helps the tenant find suitable rental properties satisfying their specific needs. Tenant representation provisions often include details of the commission structure, which can be either paid by the tenant or shared between the landlord and the tenant. 4. Release Agreement: Missouri lease agreements may also include release provisions that determine when a broker is released from their duties and responsibilities. This provision outlines the circumstances under which the broker is entitled to a commission despite the termination of their agency relationship with the landlord or tenant. Typically, the release agreement specifies a time frame within which the broker should be informed of an upcoming lease or sale to uphold their commission rights. 5. Indemnity and Liability: Lease provisions relating to indemnity and liability protect both landlords and tenants from potential legal disputes arising from the actions or omissions of their respective brokers. These provisions outline the responsibilities and liabilities of the brokers involved and provide a mechanism for resolving any disputes that may arise during the leasing process. Understanding and including these lease provisions in Missouri rental agreements can help establish a clear framework for broker involvement, ensuring fair compensation, and protecting the rights and interests of all parties involved. It is always recommended consulting with legal professionals to ensure the lease provisions comply with Missouri state laws and meet the specific requirements of the leasing transaction.
