Guam Finder’s Fee Agreement Regarding Real Property Sales

• Category: Real Estate - Contracts
• State: Multi-State
• Control #: US-0154BG
• Format: Word; Rich Text

Description

In a real estate context, a finder's fee may be paid for locating property, obtaining mortgage financing. or referring sellers or buyers. A finder's fee is money paid to a person for finding someone interested in selling or buying property. To conduct any negotiations of sale terms, the finder may be required to be a licensed broker or he violates the law. However, state laws, which vary by state, may also provide an exemption for certain individuals, allowing them to be compensated without the necessity of licensure. For example, one state's law allows an exemption for either a property management firm or an owner of an apartment complex to pay a finder’s fee or referral of up to $50 to a current tenant for referring a new tenant. The fee can be in the form of cash, a rental reduction or some other thing of value. The party claiming compensation under this exemption is not allowed to advertise for prospective tenants.

Guam Finder's Fee Agreement Regarding Real Property Sales is a legal document that outlines the terms and conditions for a finder's fee to be paid to an individual or entity for successfully locating and connecting a buyer with a seller in a real estate transaction in Guam. This agreement serves as a binding contract between the finder, also known as the facilitator or intermediary, and the party seeking the property. It ensures that both parties understand their responsibilities and obligations in the transaction. The agreement typically includes the following key components: 1. Parties: It identifies the parties involved in the agreement, including the finder and the potential buyer or seller. 2. Property Description: A detailed description of the real property, including its location, size, and any other relevant features. 3. Fee Amount: Specifies the amount of the finder's fee to be paid upon the successful completion of the real estate transaction. This fee is usually a percentage of the total sales price or a fixed monetary amount. 4. Payment Terms: Outlines the terms of payment for the finder's fee, including when and how the fee will be paid. This can be done at the closing of the sale or as agreed upon between the parties. 5. Success Clause: Defines the conditions that must be met for the finder to be eligible for the fee. This typically involves the introduction of a qualified buyer or seller to the property, resulting in a completed transaction. 6. Term and Termination: Specifies the duration of the agreement and any circumstances under which it may be terminated by either party. 7. Non-Disclosure and Confidentiality: Includes provisions to maintain the confidentiality of any sensitive information or trade secrets shared between the parties during the course of the agreement. Additional types of Guam Finder's Fee Agreement Regarding Real Property Sales may include: 1. Residential Property Sales Agreement: Specifically tailored for finder's fees related to residential real estate transactions. This type of agreement may address specific considerations or stipulations applicable to residential properties. 2. Commercial Property Sales Agreement: Designed for finder's fees associated with commercial real estate transactions, taking into account the unique factors involved in commercial properties, such as zoning restrictions or lease terms. 3. Land Sales Agreement: Focused on finder's fees related to the sale of undeveloped land or vacant lots. This type of agreement may include provisions specific to land use regulations and potential development opportunities. In conclusion, a Guam Finder's Fee Agreement Regarding Real Property Sales is a crucial legal document that establishes the terms and conditions for the payment of finder's fees in real estate transactions. Its purpose is to protect the rights and obligations of both parties involved and ensure a successful and fair transaction process.