Kansas 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. The Kansas Finder's Fee Agreement Regarding Real Property Sales is a legal document that outlines the terms and conditions between a finder or broker and a party seeking to purchase real estate. This agreement is used when an individual or company acts as an intermediary by locating a potential buyer for a specific property. In Kansas, there are various types of Finder's Fee Agreements Regarding Real Property Sales, including: 1. Residential Property Finder's Fee Agreement: This agreement applies to the sale of residential properties, such as single-family homes, townhouses, or condominiums. 2. Commercial Property Finder's Fee Agreement: This type of agreement is specific to the sale of commercial properties, including retail spaces, office buildings, warehouses, or industrial properties. 3. Land Finder's Fee Agreement: Used when a finder is assisting in finding a buyer or lessee for a vacant land or undeveloped property. 4. Multi-family Property Finder's Fee Agreement: Applicable when a finder is involved in locating a buyer for multi-unit residential properties, such as apartment complexes or duplexes. The Kansas Finder's Fee Agreement Regarding Real Property Sales contains several key elements and provisions that should be considered. These include: 1. Parties involved: The agreement must clearly state the names and addresses of both the finder/broker and the party seeking to purchase the property. 2. Property description: The agreement should include a detailed description of the property being sold, including the address, legal description, and any relevant survey information. 3. Exclusive or non-exclusive agreement: It must be specified whether the finder has exclusive rights to represent or locate buyers for the property or if multiple finders may be involved. 4. Compensation and fees: The agreement should clearly outline the finder's fee or commission structure, including the percentage or flat fee to be paid upon a successful sale. Additionally, it should detail how and when the payment will be made. 5. Term and termination: The agreement should state the duration of the agreement and the conditions under which either party can terminate the agreement. 6. Confidentiality and non-disclosure: This provision ensures that the finder will keep all information regarding the property and the parties involved confidential. 7. Representations and warranties: The agreement may include statements from both parties regarding their authority to enter into the agreement and any guarantees or promises made. It is crucial for both the finder and the party seeking to purchase the property to thoroughly review and understand the terms and conditions outlined in the Kansas Finder's Fee Agreement Regarding Real Property Sales. Additionally, it is advisable to seek legal counsel to ensure the agreement complies with Kansas state laws and protects the rights and interests of all parties involved.

The Kansas Finder's Fee Agreement Regarding Real Property Sales is a legal document that outlines the terms and conditions between a finder or broker and a party seeking to purchase real estate. This agreement is used when an individual or company acts as an intermediary by locating a potential buyer for a specific property. In Kansas, there are various types of Finder's Fee Agreements Regarding Real Property Sales, including: 1. Residential Property Finder's Fee Agreement: This agreement applies to the sale of residential properties, such as single-family homes, townhouses, or condominiums. 2. Commercial Property Finder's Fee Agreement: This type of agreement is specific to the sale of commercial properties, including retail spaces, office buildings, warehouses, or industrial properties. 3. Land Finder's Fee Agreement: Used when a finder is assisting in finding a buyer or lessee for a vacant land or undeveloped property. 4. Multi-family Property Finder's Fee Agreement: Applicable when a finder is involved in locating a buyer for multi-unit residential properties, such as apartment complexes or duplexes. The Kansas Finder's Fee Agreement Regarding Real Property Sales contains several key elements and provisions that should be considered. These include: 1. Parties involved: The agreement must clearly state the names and addresses of both the finder/broker and the party seeking to purchase the property. 2. Property description: The agreement should include a detailed description of the property being sold, including the address, legal description, and any relevant survey information. 3. Exclusive or non-exclusive agreement: It must be specified whether the finder has exclusive rights to represent or locate buyers for the property or if multiple finders may be involved. 4. Compensation and fees: The agreement should clearly outline the finder's fee or commission structure, including the percentage or flat fee to be paid upon a successful sale. Additionally, it should detail how and when the payment will be made. 5. Term and termination: The agreement should state the duration of the agreement and the conditions under which either party can terminate the agreement. 6. Confidentiality and non-disclosure: This provision ensures that the finder will keep all information regarding the property and the parties involved confidential. 7. Representations and warranties: The agreement may include statements from both parties regarding their authority to enter into the agreement and any guarantees or promises made. It is crucial for both the finder and the party seeking to purchase the property to thoroughly review and understand the terms and conditions outlined in the Kansas Finder's Fee Agreement Regarding Real Property Sales. Additionally, it is advisable to seek legal counsel to ensure the agreement complies with Kansas state laws and protects the rights and interests of all parties involved.