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.
North Carolina Lease Provisions Relating to Brokers: Explained in Detail In North Carolina, lease provisions relating to brokers play a crucial role in the real estate leasing process. These provisions are designed to protect the interests of brokers, landlords, and tenants involved in leasing transactions. Understanding these provisions is vital for all parties to ensure a smooth and legally binding lease agreement. This article provides a detailed description of North Carolina Lease Provisions Relating to Brokers, highlighting the importance of key keywords. Types of North Carolina Lease Provisions Relating to Brokers: 1. Brokerage Representation: This provision establishes the relationship between the broker and the landlord or tenant. It defines the specific role of the broker and outlines their obligations, duties, and responsibilities. The provision often includes terms regarding the broker's fiduciary duties, codes of conduct, and any authorized agency relationships. 2. Broker's Fee or Commission: This provision covers the compensation of the broker for their services. It specifies the amount or percentage of the broker's fee or commission, the method of payment, and whether it will be paid by the landlord, tenant, or both parties. The provision may also include details on when the commission becomes payable, such as upon lease signing, lease commencement, or in installments. 3. Exclusive Brokerage Agreement: This provision grants exclusivity to the broker for a specific property or leasing transaction. It ensures that the landlord or tenant will only work with the designated broker during the lease negotiation period. The agreement may specify the duration of exclusivity, conditions for termination, and any exceptions allowing the landlord or tenant to engage other brokers under certain circumstances. 4. Confidentiality and Non-Disclosure: This provision safeguards confidential information exchanged between the parties involved. It prohibits brokers from disclosing sensitive information to third parties without the consent of the disclosing party. The provision also outlines the consequences of unauthorized disclosure and may include measures for enforcing confidentiality, such as liquidated damages or injunctive relief. 5. Indemnification and Liability: This provision addresses issues related to liability and indemnification obligations of the broker. It defines the scope of the broker's responsibilities and provides assurance to the landlord or tenant that the broker will not be held liable for any actions or omissions that are outside their control or beyond the scope of their agreed-upon services. 6. Termination and Renewal: This provision outlines the conditions under which the lease agreement between the broker and the landlord or tenant can be terminated or renewed. It may include termination rights for non-performance, breach of contract, or expiration of the agreed-upon term. Additionally, the provision may detail any automatic renewal terms, notice periods for termination or non-renewal, and any applicable fees or penalties. In summary, North Carolina Lease Provisions Relating to Brokers are critical components of a successful leasing transaction. Brokers, landlords, and tenants must thoroughly understand and negotiate these provisions to protect their interests while maintaining compliance with state laws and regulations. These provisions, including brokerage representation, broker's fee or commission, exclusive brokerage agreement, confidentiality and non-disclosure, indemnification and liability, and termination and renewal, collectively guide the leasing process and foster a fair and effective relationship between all parties involved.North Carolina Lease Provisions Relating to Brokers: Explained in Detail In North Carolina, lease provisions relating to brokers play a crucial role in the real estate leasing process. These provisions are designed to protect the interests of brokers, landlords, and tenants involved in leasing transactions. Understanding these provisions is vital for all parties to ensure a smooth and legally binding lease agreement. This article provides a detailed description of North Carolina Lease Provisions Relating to Brokers, highlighting the importance of key keywords. Types of North Carolina Lease Provisions Relating to Brokers: 1. Brokerage Representation: This provision establishes the relationship between the broker and the landlord or tenant. It defines the specific role of the broker and outlines their obligations, duties, and responsibilities. The provision often includes terms regarding the broker's fiduciary duties, codes of conduct, and any authorized agency relationships. 2. Broker's Fee or Commission: This provision covers the compensation of the broker for their services. It specifies the amount or percentage of the broker's fee or commission, the method of payment, and whether it will be paid by the landlord, tenant, or both parties. The provision may also include details on when the commission becomes payable, such as upon lease signing, lease commencement, or in installments. 3. Exclusive Brokerage Agreement: This provision grants exclusivity to the broker for a specific property or leasing transaction. It ensures that the landlord or tenant will only work with the designated broker during the lease negotiation period. The agreement may specify the duration of exclusivity, conditions for termination, and any exceptions allowing the landlord or tenant to engage other brokers under certain circumstances. 4. Confidentiality and Non-Disclosure: This provision safeguards confidential information exchanged between the parties involved. It prohibits brokers from disclosing sensitive information to third parties without the consent of the disclosing party. The provision also outlines the consequences of unauthorized disclosure and may include measures for enforcing confidentiality, such as liquidated damages or injunctive relief. 5. Indemnification and Liability: This provision addresses issues related to liability and indemnification obligations of the broker. It defines the scope of the broker's responsibilities and provides assurance to the landlord or tenant that the broker will not be held liable for any actions or omissions that are outside their control or beyond the scope of their agreed-upon services. 6. Termination and Renewal: This provision outlines the conditions under which the lease agreement between the broker and the landlord or tenant can be terminated or renewed. It may include termination rights for non-performance, breach of contract, or expiration of the agreed-upon term. Additionally, the provision may detail any automatic renewal terms, notice periods for termination or non-renewal, and any applicable fees or penalties. In summary, North Carolina Lease Provisions Relating to Brokers are critical components of a successful leasing transaction. Brokers, landlords, and tenants must thoroughly understand and negotiate these provisions to protect their interests while maintaining compliance with state laws and regulations. These provisions, including brokerage representation, broker's fee or commission, exclusive brokerage agreement, confidentiality and non-disclosure, indemnification and liability, and termination and renewal, collectively guide the leasing process and foster a fair and effective relationship between all parties involved.
