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.
Mississippi Lease Provisions Relating to Brokers: When it comes to leasing property in Mississippi, there are specific legal provisions that pertain to brokers. These provisions protect the interests of both landlords and tenants, ensuring fair and lawful transactions. Mississippi Lease Provisions Relating to Brokers encompass several key aspects, including commission, duties, and disclosure requirements. 1. Commission: Brokers expect compensation for their services in facilitating lease agreements. Mississippi lease provisions outline the commission structure, which is usually a percentage of the total lease value. The terms of commission payment, such as whether it's due upon lease execution or in installment payments, can also be stipulated. 2. Broker Duties: Lease provisions may outline the obligations and responsibilities of brokers during the leasing process. These duties typically include conducting property inspections, verifying tenant qualifications, promoting the property, negotiating lease terms, and drafting lease agreements. Brokers are expected to act in the best interest of their clients and provide honest representation. 3. Disclosure Requirements: Mississippi lease provisions may require brokers to disclose certain information to both landlords and potential tenants. This includes disclosing any conflicts of interest, financial relationships, or personal connections that could potentially influence their advice or actions. Brokers must be transparent in their dealings to maintain trust and avoid legal complications. Different Types of Mississippi Lease Provisions Relating to Brokers: 1. Exclusive Listing Agreement: This type of provision grants exclusive rights to a broker to represent and lease a particular property. It prohibits landlords from engaging other brokers for the same property during the agreed-upon period. Exclusive listings usually offer brokers higher commission rates due to their exclusivity. 2. Non-Exclusive Listing Agreement: In contrast to an exclusive listing, a non-exclusive listing agreement allows landlords to engage multiple brokers simultaneously for leasing their property. The commission is usually shared among all the brokers involved, which results in a lower commission rate for each broker. 3. Termination Clause: Lease provisions may include a termination clause that allows either party, landlord or broker, to terminate the agreement under specific circumstances. These circumstances may include a breach of contract, failure to meet obligations, or unsatisfactory performance. The termination clause outlines the procedures and notice requirements to end the broker's representation. 4. Renewal Clause: Often, lease provisions include a renewal clause, allowing the broker to continue representing the landlord for subsequent lease terms. This clause typically outlines the conditions, notice period, and commission rates for renewing the lease. In conclusion, Mississippi Lease Provisions Relating to Brokers play a vital role in establishing a fair and transparent leasing process. These provisions encompass various aspects, including commission structures, broker duties, and disclosure requirements. By understanding and adhering to these provisions, both landlords and tenants can ensure a smooth and legally compliant leasing experience.
