This office lease provision states that the landlord and tenant each warrant and represent to the other party that there was no broker, finder or similar person, other than those listed, entitled to a commission, fee or other compensation, instrumental in consummating the lease. It also states that no conversations or prior negotiations were had by the landlord or tenant, respectively, or anyone acting on behalf of the landlord or the tenant, respectively, with any broker, finder or similar person, other than those listed, concerning the renting of the demised premises.
Michigan Lease Provisions Relating to Brokers play a crucial role in the real estate industry. These provisions establish the rights and obligations of brokers involved in the leasing process in the state of Michigan. They ensure smooth transactions between landlords, tenants, and brokers while safeguarding the interests of all parties involved. Here are some key Michigan Lease Provisions Relating to Brokers: 1. Brokerage Agreement: This document outlines the terms and conditions of the agreement between the landlord and the broker. It specifies the scope of the broker's services, the agreed-upon commission or fees, the duration of the agreement, and any exclusivity or non-exclusivity arrangements. 2. Agency Relationships: Michigan recognizes three types of agency relationships in real estate transactions: seller's agency, buyer's agency, and dual agency. These provisions clarify the broker's role and responsibilities in each type of agency relationship and ensure compliance with disclosure requirements. 3. Commission and Fee Structure: Michigan Lease Provisions detail how brokers will be compensated for their services. They cover the commission structure, including the percentage or flat fee, and when the payment is due. It also mentions any additional fees for ancillary services like listing advertisements or property showings. 4. Duty of Care and Diligence: Brokers are expected to act in the best interest of their clients. These provisions define the standard of care and diligence brokers must exercise while handling lease transactions. They should provide accurate and updated information about the property, address any potential legal or financial risks, and conduct due diligence. 5. Conflict of Interest: Michigan Lease Provisions Relating to Brokers address the issue of conflict of interest and provide guidelines for brokers to avoid situations where their personal interests may conflict with those of their clients. It may encompass disclosing any relationships or financial interests that may influence their advice or actions. 6. Termination and Renewal: These provisions outline the conditions under which either party can terminate the brokerage agreement before its expiration. They also mention any automatic renewal clauses, notice periods, and obligations related to the return of confidential information or documents. 7. Licensing and Compliance: Michigan requires brokers to hold a valid real estate license. Lease provisions may include the obligation for brokers to maintain their license and comply with all state laws, regulations, and ethical standards governing real estate transactions. 8. Dispute Resolution: In the event of a dispute, these provisions may include a preferred method of resolution, such as mediation or arbitration. They may also specify the venue or jurisdiction where legal actions related to the leasing agreement and broker's services should be filed. It is essential for landlords, tenants, and brokers in Michigan to familiarize themselves with these Lease Provisions Relating to Brokers to ensure a smooth and legally compliant leasing process. Always consult legal professionals or experienced real estate agents to understand the specific lease provisions and their implications before entering into any lease agreements or broker relationships.
