New York 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 New York Leasing Commission Agreement is a legal document that outlines the terms and conditions between a real estate broker and a property owner for the purpose of leasing a property. This agreement dictates the commission structure and payment terms for the broker's services rendered in finding a suitable tenant for the property. Key terms in a New York Leasing Commission Agreement include: 1. Commission Structure: The agreement will specify the percentage or flat fee commission the broker is entitled to upon successfully securing a tenant for the property. This commission is typically based on a percentage of the total lease value. 2. Tenant Procurement: The agreement will outline the broker's responsibility in finding and screening prospective tenants. It may require the broker to advertise the property, conduct showings, and perform background checks on potential tenants. 3. Exclusive Representation: In some cases, a property owner may grant exclusive representation to a single broker, meaning that only that broker is authorized to market and lease the property. This restricts the owner from engaging other brokers during the agreement's term. 4. Termination Clause: The agreement should include provisions for terminating the contract. This may include circumstances such as breach of contract, failure to perform, or mutual agreement to terminate the agreement early. 5. Payment Terms: The agreement will specify when and how the broker's commission payment will be made. This typically occurs upon lease execution or when the tenant occupies the property. Different types of New York Leasing Commission Agreements may include: 1. Residential Leasing Commission Agreement: This type of agreement applies to residential properties such as apartments, condos, or houses. 2. Commercial Leasing Commission Agreement: This agreement is used for commercial properties, including office spaces, retail stores, industrial buildings, or warehouses. 3. Exclusive Leasing Commission Agreement: This agreement grants exclusive representation to a single broker, preventing the owner from working with other brokers. 4. Non-Exclusive Leasing Commission Agreement: This type of agreement allows the property owner to engage multiple brokers simultaneously to increase the chances of finding a suitable tenant sooner. In conclusion, a New York Leasing Commission Agreement is a crucial legal document in the real estate industry. It establishes the terms and conditions for a broker's services in finding a tenant for a property, including the commission structure, payment terms, and other relevant provisions. Different types of leasing agreements may exist based on the nature of the property and the type of representation granted to the broker.

The New York Leasing Commission Agreement is a legal document that outlines the terms and conditions between a real estate broker and a property owner for the purpose of leasing a property. This agreement dictates the commission structure and payment terms for the broker's services rendered in finding a suitable tenant for the property. Key terms in a New York Leasing Commission Agreement include: 1. Commission Structure: The agreement will specify the percentage or flat fee commission the broker is entitled to upon successfully securing a tenant for the property. This commission is typically based on a percentage of the total lease value. 2. Tenant Procurement: The agreement will outline the broker's responsibility in finding and screening prospective tenants. It may require the broker to advertise the property, conduct showings, and perform background checks on potential tenants. 3. Exclusive Representation: In some cases, a property owner may grant exclusive representation to a single broker, meaning that only that broker is authorized to market and lease the property. This restricts the owner from engaging other brokers during the agreement's term. 4. Termination Clause: The agreement should include provisions for terminating the contract. This may include circumstances such as breach of contract, failure to perform, or mutual agreement to terminate the agreement early. 5. Payment Terms: The agreement will specify when and how the broker's commission payment will be made. This typically occurs upon lease execution or when the tenant occupies the property. Different types of New York Leasing Commission Agreements may include: 1. Residential Leasing Commission Agreement: This type of agreement applies to residential properties such as apartments, condos, or houses. 2. Commercial Leasing Commission Agreement: This agreement is used for commercial properties, including office spaces, retail stores, industrial buildings, or warehouses. 3. Exclusive Leasing Commission Agreement: This agreement grants exclusive representation to a single broker, preventing the owner from working with other brokers. 4. Non-Exclusive Leasing Commission Agreement: This type of agreement allows the property owner to engage multiple brokers simultaneously to increase the chances of finding a suitable tenant sooner. In conclusion, a New York Leasing Commission Agreement is a crucial legal document in the real estate industry. It establishes the terms and conditions for a broker's services in finding a tenant for a property, including the commission structure, payment terms, and other relevant provisions. Different types of leasing agreements may exist based on the nature of the property and the type of representation granted to the broker.