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.
Virginia Lease Provisions Relating to Brokers are legally binding clauses included in lease agreements that outline the rights, obligations, and responsibilities of brokers involved in real estate transactions in Virginia. These provisions help establish clear guidelines and protect the interests of both landlords and brokers. Here are some key types of Virginia Lease Provisions Relating to Brokers: 1. Broker's Authorization: This provision states that the landlord authorizes a specific broker to represent them in the lease transaction. It includes details such as the broker's contact information, license number, and the duration of their representation. 2. Commission Agreement: This provision specifies the broker's commission or fee for their services. It outlines the payment terms, including when the commission is due, how it will be calculated (e.g., fixed fee or percentage of lease value), and if there are any additional expenses the broker may be entitled to. 3. Exclusive Representation: This type of provision grants the broker exclusive rights to represent the landlord in securing a tenant for the property. It prevents the landlord from working with other brokers during the specified period and lays out the consequences for breaching the exclusivity agreement. 4. Scope of Services: This provision defines the scope of the broker's services, including marketing the property, showing it to potential tenants, and facilitating lease negotiations. It may also include any specific requirements or conditions the landlord expects the broker to meet. 5. Indemnification and Liability: This provision outlines the extent to which the broker can be held liable for any losses or damages incurred during the lease transaction, including errors, omissions, or negligence. It may specify that the landlord will indemnify the broker against such claims. 6. Termination: This provision details the circumstances under which either party can terminate the broker's representation. It could include provisions for notice periods, termination fees, and any outstanding obligations or payments. 7. Confidentiality: This provision ensures that the broker maintains the confidentiality of any sensitive or proprietary information shared by the landlord, such as financial records or lease terms. It may also include non-disclosure requirements even after the lease transaction has concluded. 8. Governing Law: This provision specifies that any disputes or legal matters arising from the broker's representation will be governed by Virginia state laws. It is crucial to consult with a qualified real estate attorney or expert when drafting Virginia Lease Provisions Relating to Brokers to ensure they comply with applicable laws and adequately protect the interests of all parties involved.
