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.
Washington Lease Provisions Relating to Brokers
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US-OL29A07
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FAQ
AGENCY DISCLOSURE Washington State law requires real estate brokers to disclose to all parties to whom the broker renders real estate brokerage services whether the broker represents the seller (or lessor), the buyer (or lessee), both the seller/lessor and buyer/lessee, or neither.
For the sake of the test, who pays the commission to the agent/broker? The seller. But in reality, the seller always pays it to the listing broker, who in turn pays it to the agent.
030 - [Effective Until 1/1/2024] Duties of broker (1) Regardless of whether a broker is an agent, the broker owes to all parties to whom the broker renders real estate brokerage services the following duties, which may not be waived: (a) To exercise reasonable skill and care; (b) To deal honestly and in good faith; (c) ...
The Real Estate Brokerage Relationships Act is the Washington statute that governs real estate agency relationships. For the most part, it supersedes general agency law in the real estate context. Most agency relationships are created by express agreement (written or oral) between the principal and agent.
-The title company is responsible for writing commission checks to the brokers. To prepare for closing, license holders will supply the title company with a commission breakdown from their broker.
After close, the brokerage will receive notice of the gross commission and submit payment to the various parties involved: they take a portion as previously agreed upon, the referral agent receives their 25% (or a different agreed-upon amount), any team leads or partners receive their portion, and the referred agent ...
The listing broker is the person making the payment of commission to the buyer's broker. The fact that the escrow company writes commission checks to a number of people does not does not change the fact that the listing broker is the payor. The escrow company is just assisting the listing broker in making his payments.
The answer is the broker may, as a matter of office policy, legally set the minimum commission rate acceptable for the firm. The broker establishes compensation policies for the firm, which the salespersons employed by that broker must then follow.
