North Carolina 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 North Carolina Leasing Commission Agreement is a legally binding contract that establishes the terms between a landlord, or owner of a property, and a leasing agent, also known as a real estate broker or rental agent. This agreement outlines the commission payment structure for the leasing agent in the state of North Carolina. In North Carolina, there are mainly two types of Leasing Commission Agreements: 1. Exclusive Leasing Commission Agreement: This type of agreement grants exclusivity to a single leasing agent or broker to lease and market the property on behalf of the landlord. The leasing agent is entitled to receive a commission as specified in the agreement, typically a percentage of the total lease amount or a fixed fee. 2. Non-Exclusive Leasing Commission Agreement: This agreement allows multiple leasing agents or brokers to market and lease the property simultaneously, without providing exclusivity to any specific agent. In this case, the leasing commission may vary depending on the agent who successfully secures a tenant for the property. The commission is also usually based on a percentage of the lease amount or a predetermined fee in such agreements. Both types of agreements commonly include the following key components: 1. Parties: The agreement identifies the involved parties — the landlord and the leasing agent, providing their legal names, contact information, and addresses. 2. Property Description: A detailed description of the property being leased, including the address, size, number of rooms, and any other specific features. 3. Scope of Authority: The agreement outlines the leasing agent's authority to advertise, market, and show the property to potential tenants. It may also mention any restrictions or limitations imposed by the landlord. 4. Commission Structure: The commission structure specifies the commission rate or fee the leasing agent will receive upon successfully executing a lease agreement. It typically encompasses details like the percentage of the lease value, whether it applies to the entire lease term or just a specific period, and if there are any additional bonuses or incentives for achieving specific goals. 5. Lease Term: This section states the duration of the agreement, providing a start and end date or outlining terms for automatic renewal or termination. 6. Termination Clause: This clause outlines the conditions under which either party can terminate the agreement, including procedures, notice periods, and any associated penalties or fees. 7. Indemnification: The agreement may include provisions requiring one or both parties to indemnify and hold the other party harmless from any claims, losses, or damages arising from the leasing agent's conduct or performance. 8. Governing Law: It is common for Leasing Commission Agreements to specify that the agreement will be governed and interpreted according to the laws of the state of North Carolina. It is important to note that while this detailed description provides an overview of the North Carolina Leasing Commission Agreement, it is always recommended consulting with a legal professional or attorney to ensure compliance with local regulations and to address specific contractual needs.

The North Carolina Leasing Commission Agreement is a legally binding contract that establishes the terms between a landlord, or owner of a property, and a leasing agent, also known as a real estate broker or rental agent. This agreement outlines the commission payment structure for the leasing agent in the state of North Carolina. In North Carolina, there are mainly two types of Leasing Commission Agreements: 1. Exclusive Leasing Commission Agreement: This type of agreement grants exclusivity to a single leasing agent or broker to lease and market the property on behalf of the landlord. The leasing agent is entitled to receive a commission as specified in the agreement, typically a percentage of the total lease amount or a fixed fee. 2. Non-Exclusive Leasing Commission Agreement: This agreement allows multiple leasing agents or brokers to market and lease the property simultaneously, without providing exclusivity to any specific agent. In this case, the leasing commission may vary depending on the agent who successfully secures a tenant for the property. The commission is also usually based on a percentage of the lease amount or a predetermined fee in such agreements. Both types of agreements commonly include the following key components: 1. Parties: The agreement identifies the involved parties — the landlord and the leasing agent, providing their legal names, contact information, and addresses. 2. Property Description: A detailed description of the property being leased, including the address, size, number of rooms, and any other specific features. 3. Scope of Authority: The agreement outlines the leasing agent's authority to advertise, market, and show the property to potential tenants. It may also mention any restrictions or limitations imposed by the landlord. 4. Commission Structure: The commission structure specifies the commission rate or fee the leasing agent will receive upon successfully executing a lease agreement. It typically encompasses details like the percentage of the lease value, whether it applies to the entire lease term or just a specific period, and if there are any additional bonuses or incentives for achieving specific goals. 5. Lease Term: This section states the duration of the agreement, providing a start and end date or outlining terms for automatic renewal or termination. 6. Termination Clause: This clause outlines the conditions under which either party can terminate the agreement, including procedures, notice periods, and any associated penalties or fees. 7. Indemnification: The agreement may include provisions requiring one or both parties to indemnify and hold the other party harmless from any claims, losses, or damages arising from the leasing agent's conduct or performance. 8. Governing Law: It is common for Leasing Commission Agreements to specify that the agreement will be governed and interpreted according to the laws of the state of North Carolina. It is important to note that while this detailed description provides an overview of the North Carolina Leasing Commission Agreement, it is always recommended consulting with a legal professional or attorney to ensure compliance with local regulations and to address specific contractual needs.