This office lease form is an agreement between the landlord, owner of the property, a broker and an outside broker. This Letter Agreement was written as an inducement for each of the parties to continue negotiations and to set forth the conditions of the agreement between Outside Broker, Broker and Landlord.
A Massachusetts Co Brokerage Agreement is a legally binding document that outlines the partnership between two real estate brokers or agents working together to facilitate a real estate transaction. This agreement sets forth the terms and conditions under which the brokers will cooperate and share their commissions. In Massachusetts, there are different types of Co Brokerage Agreements, each serving a specific purpose: 1. Exclusive Co Brokerage Agreement: This type of agreement establishes an exclusive relationship between the brokers, wherein they agree to work solely with each other for a particular property or transaction. This prevents either party from working with any other brokers or agents during the term of the agreement. 2. Open Co Brokerage Agreement: Under this agreement, brokers can cooperate with multiple agents or brokers simultaneously. They are not bound to work exclusively with one another and can bring other professionals into the transaction without any restrictions. 3. Compensation Co Brokerage Agreement: This agreement specifies how the cooperating brokers will divide the commission earned from the transaction. It outlines the percentage or amount that each broker is entitled to receive based on their respective contributions or efforts. 4. Referral Co Brokerage Agreement: This type of agreement is used when one broker refers a client or a listing to another broker. It establishes the terms of the referral fee, which is a percentage of the resulting commission earned by the broker who receives the referral. 5. Limited Co Brokerage Agreement: In certain situations, brokers may choose to have a limited partnership for a specific project or timeframe. This agreement outlines the scope and limitations of cooperation between the brokers. Regardless of the type of Co Brokerage Agreement in Massachusetts, it is important to include key provisions such as the duration of the agreement, the geographical area of cooperation, the responsibilities and obligations of each broker, confidentiality clauses, and dispute resolution mechanisms. Both brokers should carefully review and negotiate the terms before signing the agreement to ensure they are protected and that all legal requirements are met.
