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.
New Mexico Lease Provisions Relating to Brokers: Understanding the Key Aspects When entering into a lease agreement in New Mexico, it is crucial to familiarize yourself with the lease provisions relating to brokers. These provisions are designed to protect the interests of both the landlord and the tenant and outline the specific roles, responsibilities, and obligations of brokers involved in the leasing process. By understanding these provisions and the various types associated with them, you can ensure a smooth and legally compliant lease transaction. 1. Exclusive Right to Lease: This type of broker provision grants exclusive rights to a specific broker to lease the property. It means that the landlord cannot engage any other broker or attempt to lease the property independently during the specified term. 2. Non-Exclusive Broker: In contrast to an exclusive right to lease provision, a non-exclusive broker provision allows multiple brokers to represent the landlord in finding tenants for the property. This provision gives the landlord more flexibility in engaging different brokers simultaneously. 3. Fee Agreement: This provision specifies the compensation structure for brokers involved in the lease transaction. It outlines the commission percentage or flat fee a broker is entitled to upon successfully leasing the property. It also details the circumstances under which the broker becomes eligible for compensation. 4. Authority to Advertise and Market: This provision grants the broker the authority to advertise and market the property on behalf of the landlord. It delineates the mediums (online platforms, local listings, etc.) the broker may use and the expenses that may be passed on to the landlord for marketing efforts. 5. Broker's Duties and Obligations: These provisions outline the specific duties and obligations of the broker during the leasing process. They typically include conducting market research, screening potential tenants, negotiating lease terms, facilitating paperwork, and ensuring compliance with applicable laws and regulations. 6. Broker's Liability and Indemnification: This provision addresses the liabilities and indemnification of the broker. It clarifies the broker's responsibility for any misrepresentations or non-disclosures made during the lease transaction and provides a framework for potential legal remedies. 7. Termination of Brokerage Relationship: This provision defines the circumstances under which the brokerage relationship can be terminated by either party. It outlines the notice periods, obligations for commission payment after termination, and any relevant provisions for post-termination cooperation. When dealing with New Mexico lease provisions relating to brokers, it is crucial to consult with a qualified real estate attorney or broker to ensure compliance with state laws and regulations. Additionally, both landlords and tenants should carefully review and negotiate these provisions to protect their respective interests and expectations. By having a clear understanding of the various types of New Mexico lease provisions relating to brokers, you can confidently navigate the leasing process and enter into a fair and mutually beneficial agreement.
