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.
New Jersey Lease Provisions Relating to Brokers
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US-OL29A07
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FAQ
The purpose of paragraph 3A2 of the RLA is to allow Agents/Brokers to receive a commission after expiration of the Listing Agreement if the seller ultimately sells to (i)a Prospective Buyer who physically entered the property or (ii) made a written offer during the listing period.
A safety protection clause entitles a real estate broker to a commission if a sale occurs after the listing agreement expires.
In New Jersey, tenants do not pay realtor fees UNLESS they hired a realtor and signed a brokerage agreement with them directly. You cannot hire a realtor to help YOU and then make the tenant pay your commission fee. You should have hired an attorney to draft a new lease, not a realtor.
In an Exclusive-Right-To-Sell listing, if the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property.
An exclusive agency listing is similar to an exclusive right to sell listing, but under this agreement, the broker is only entitled to a commission if they are the ones that find the buyer. An open listing is an agreement where the owner can list their property with several brokers.
A real estate salesperson license is required anytime you wish to represent a buyer or seller in a real estate transaction. This includes listing, selling, purchasing, leasing, and renting real property. A salesperson license is not required to sell or buy your own home.
? A safety clause, also known as a safety protection clause or extender clause, is a provision in a listing agreement that allows the listing broker to still receive their commission fees if the property sells to a buyer they procured within a specified period after the listing expires.
A listing agreement is a contract between a property owner and a real estate broker that authorizes the broker to represent the seller and find a buyer for the property.
