Utah Lease Provisions Relating to Brokers

State:
Multi-State
Control #:
US-OL29A07
Format:
Word; 
PDF
Instant download

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

There are three different types of buying agency agreements. These agreements must include an expiration date, a fair housing statement, a blockbusting statement, and a signature line for both the broker and the seller.

Procuring cause is simply your right to collect a commission on the sale of a property. It refers to the interaction between a real estate agent and a buyer or seller that directly results in the sale.

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. The three types of real estate listing agreements are open listing, exclusive agency listing, and exclusive right-to-sell listing.

A buyer agency agreement, also sometimes called a buyer representation agreement or a buyer-broker agreement, is a contract between a home buyer and a real estate agent that outlines the terms and conditions of their working partnership.

Anytime a principal broker agrees to represent a client in exchange for compensation in a Utah real estate transaction, the broker and the client must have a written contract defining the terms of their relationship. This written contract is known as a brokerage agreement.

Utah requires individuals to obtain a real estate license if they are performing certain property management duties for others, including advertising homes for lease or rent, procuring prospective tenants or lessees, negotiating lease or rental terms, or executing lease or rental agreements.

(i) A person who holds or obtains a dual broker license may function as the principal broker of a property management company that is a separate entity from the person's real estate brokerage. (ii) A dual broker may not conduct real estate sales activities from the separate property management company.

A Utah buyer agency agreement is a contract that is used when a home buyer wishes to be represented by a real estate agent in pursuing the purchase of property. In ance with the agreement, the agent will seek to find a piece of real estate that suits the client's specifications and negotiate a favorable deal.

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Utah Lease Provisions Relating to Brokers