Kentucky Leasing Commission Agreement

• Category: Contracts - Commissions
• State: Multi-State
• Control #: US-0585BG
• Format: Word; Rich Text

Description

A leasing commission agreement is a contract between a real estate broker and an owner and/or tenant granting the broker the authority to act as the agent for the owner and/or tenant in the leasing of the property. The Kentucky Leasing Commission Agreement is a legally binding contract between a landlord, also referred to as the lessor, and a real estate leasing agent, known as the lessee, operating in the state of Kentucky. This agreement outlines the specific terms and conditions under which the leasing agent will earn a commission for successfully securing a tenant for a property owned by the landlord. In Kentucky, there are primarily two types of Leasing Commission Agreements that are commonly used: 1. Exclusive Leasing Commission Agreement: This type of agreement grants exclusive rights to a single leasing agent to represent the landlord in finding suitable tenants for a specific property. The leasing agent is ensured commission only if they successfully lease the property to a tenant within the agreed-upon terms. 2. Non-Exclusive Leasing Commission Agreement: In contrast to an exclusive agreement, this type allows the landlord to engage multiple leasing agents simultaneously to find tenants for the property. The leasing agent who secures a tenant will receive a commission, regardless of how many agents were involved in the process. The Kentucky Leasing Commission Agreement typically includes the following key elements: 1. Parties Involved: This section identifies the lessor (landlord) and the lessee (leasing agent), including their legal names and contact information. 2. Property Description: A detailed description of the property that the leasing agent will be marketing and leasing to tenants, including its address, size, and any unique features. 3. Commission Terms: This outlines how the leasing agent's commission will be calculated, usually expressed as a percentage of the total rent or as a fixed fee. It also specifies when the commission should be paid (e.g., upon lease signing, first monthly rent payment, or move-in date). 4. Duration: The timeframe during which the leasing agent has the exclusive right to represent the landlord or the non-exclusive agreement remains in effect. 5. Termination: Conditions under which either party can terminate the agreement, such as breach of terms, mutual agreement, or expiration of the specified duration. 6. Obligations: The responsibilities and obligations of both parties, which may include conducting property showings, advertising, tenant screening, lease preparation, negotiations, and compliance with state laws and regulations. 7. Indemnification: A clause that protects both parties from liability for any damages, claims, or losses incurred during the performance of the agreement. 8. Governing Law: The agreement will specify that it is subject to relevant Kentucky state laws and any disputes arising from the agreement will be resolved through appropriate legal procedures. It is essential for both landlords and leasing agents in Kentucky to carefully review and understand the specific terms and conditions outlined in the Leasing Commission Agreement before signing, ensuring a clear and mutually beneficial contractual relationship.

The Kentucky Leasing Commission Agreement is a legally binding contract between a landlord, also referred to as the lessor, and a real estate leasing agent, known as the lessee, operating in the state of Kentucky. This agreement outlines the specific terms and conditions under which the leasing agent will earn a commission for successfully securing a tenant for a property owned by the landlord. In Kentucky, there are primarily two types of Leasing Commission Agreements that are commonly used: 1. Exclusive Leasing Commission Agreement: This type of agreement grants exclusive rights to a single leasing agent to represent the landlord in finding suitable tenants for a specific property. The leasing agent is ensured commission only if they successfully lease the property to a tenant within the agreed-upon terms. 2. Non-Exclusive Leasing Commission Agreement: In contrast to an exclusive agreement, this type allows the landlord to engage multiple leasing agents simultaneously to find tenants for the property. The leasing agent who secures a tenant will receive a commission, regardless of how many agents were involved in the process. The Kentucky Leasing Commission Agreement typically includes the following key elements: 1. Parties Involved: This section identifies the lessor (landlord) and the lessee (leasing agent), including their legal names and contact information. 2. Property Description: A detailed description of the property that the leasing agent will be marketing and leasing to tenants, including its address, size, and any unique features. 3. Commission Terms: This outlines how the leasing agent's commission will be calculated, usually expressed as a percentage of the total rent or as a fixed fee. It also specifies when the commission should be paid (e.g., upon lease signing, first monthly rent payment, or move-in date). 4. Duration: The timeframe during which the leasing agent has the exclusive right to represent the landlord or the non-exclusive agreement remains in effect. 5. Termination: Conditions under which either party can terminate the agreement, such as breach of terms, mutual agreement, or expiration of the specified duration. 6. Obligations: The responsibilities and obligations of both parties, which may include conducting property showings, advertising, tenant screening, lease preparation, negotiations, and compliance with state laws and regulations. 7. Indemnification: A clause that protects both parties from liability for any damages, claims, or losses incurred during the performance of the agreement. 8. Governing Law: The agreement will specify that it is subject to relevant Kentucky state laws and any disputes arising from the agreement will be resolved through appropriate legal procedures. It is essential for both landlords and leasing agents in Kentucky to carefully review and understand the specific terms and conditions outlined in the Leasing Commission Agreement before signing, ensuring a clear and mutually beneficial contractual relationship.