A New York Brokerage Agreement for Services to Tenant is a legally binding document that outlines the terms and conditions under which a real estate broker will provide services to a tenant in the state of New York. This agreement is typically entered into by a tenant seeking to lease or rent a property and a licensed real estate broker who will assist in the process. The purpose of the New York Brokerage Agreement for Services to Tenant is to establish a professional relationship between the tenant and the broker, clearly defining the rights and responsibilities of both parties throughout the leasing process. It ensures that the tenant receives personalized assistance and representation from the broker while providing the broker with a clear understanding of the tenant's needs and preferences. Some key components covered in the agreement include: 1. Brokerage Services: The agreement should specify the services that the broker will provide to the tenant. This may include property searches, arranging property viewings, negotiating lease terms, and assisting with paperwork and documentation. 2. Exclusive or Non-Exclusive Representation: The agreement will outline whether the tenant will exclusively work with the broker or if the tenant has the freedom to engage with multiple brokers simultaneously. 3. Terms and Duration: The agreement should specify the duration for which the broker will provide services to the tenant. This can be a fixed term or extend until a lease agreement is successfully signed. 4. Fees and Compensation: The agreement will outline the broker's fees, which are usually a percentage of the lease value or a predetermined flat fee. It should also mention how and when the fees will be paid. 5. Obligations of the Tenant: The agreement may include the tenant's obligations, such as providing accurate information, cooperating with the broker, and promptly notifying the broker of any changes in their rental requirements. 6. Termination: The agreement should detail the conditions under which either party can terminate the agreement. This may include circumstances such as the completion of the tenant's search or if either party fails to fulfill their obligations. Different types of New York Brokerage Agreements for Services to Tenant may exist based on specific requirements or preferences. These can include: 1. Exclusive Tenant Representation Agreement: This type of agreement provides the tenant with exclusive representation by a particular broker. The tenant agrees not to engage with any other brokers for a specified duration. 2. Non-Exclusive Tenant Representation Agreement: This agreement allows the tenant to work with multiple brokers simultaneously, but the broker in question is entitled to compensation if they successfully lease a property to the tenant. 3. Open Listing Agreement: In an open listing agreement, the tenant has the freedom to engage with any number of brokers, and the broker who successfully leases the property is entitled to the agreed-upon compensation. In conclusion, a New York Brokerage Agreement for Services to Tenant is a vital contract that establishes the relationship between a tenant and a broker when seeking a rental property. It ensures that the tenant receives professional assistance while protecting the rights and responsibilities of both parties involved.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.