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 York Lease Provisions Relating to Brokers: A Comprehensive Guide Keywords: New York, lease provisions, brokers, real estate, tenant, landlord, commission, fee, representation, disclosure, negotiation, rental agreement Introduction: New York, being a bustling real estate market, incorporates specific lease provisions to regulate the relationship between landlords, tenants, and brokers involved in a lease agreement. These provisions are designed to protect the interests of all parties while ensuring fair and transparent transactions. Let's explore the different types of New York Lease Provisions Relating to Brokers: 1. Broker Representation: In some lease agreements, tenants may choose to employ brokers' services to assist in finding suitable rental properties. The provision outlines the responsibilities and obligations of the broker, including the scope of their representation, fiduciary duties, and any applicable fees or commission structures. 2. Broker Commission: When a broker assists in facilitating a lease agreement, they are typically entitled to a commission fee paid by either the tenant or the landlord. This provision specifies the amount and terms of the commission, such as whether it is a flat fee or a percentage of the lease term, and which party is responsible for its payment. 3. Dual Agency Disclosure: In New York, brokers may represent both the tenant and the landlord simultaneously, known as dual agency. Lease agreements often contain provisions requiring brokers to disclose this dual agency relationship to the parties involved. This disclosure ensures transparency and allows the tenant and landlord to make informed decisions. 4. Negotiation and Execution: Lease provisions relating to brokers also cover the negotiation and execution process. They outline the role brokers play in negotiating lease terms and conditions between the tenant and the landlord. Additionally, they may include clauses specifying how and when the lease agreement is to be executed, ensuring compliance with relevant laws and regulations. 5. Termination and Renewal: When a lease agreement reaches its expiration date, brokers' provisions may address whether the broker will continue to represent the tenant or the landlord in renewal negotiations. It may also detail any additional commission or fees associated with lease extensions or early terminations and provide provisions for broker involvement during these processes. Conclusion: New York lease provisions relating to brokers play a crucial role in ensuring transparency, fairness, and effective representation throughout the leasing process. By addressing broker representation, commissions, disclosure, negotiation, and termination/renewal, these provisions protect both tenants and landlords, facilitating smooth and successful lease agreements. It is essential for parties involved in leasing transactions to understand and adhere to these provisions to avoid disputes and ensure a positive leasing experience.
