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.
Oklahoma Lease Provisions Relating to Brokers are a set of contractual clauses that define the rights, obligations, and responsibilities of brokers involved in lease transactions in Oklahoma. These provisions aim to safeguard the interests of both landlords and tenants, while also ensuring ethical conduct within the real estate industry. Here are some key types of Oklahoma Lease Provisions Relating to Brokers: 1. Brokerage Representation: This provision outlines the relationship between the broker and either the landlord or the tenant. It defines the scope of the broker's authority, whether they represent the landlord exclusively, the tenant exclusively, or both parties as a dual agent. 2. Commission: This provision specifies how the broker's commission will be calculated, when it is payable, and under what circumstances it may be earned or forfeited. It covers issues such as fees for finding a suitable tenant, facilitating lease negotiations, and handling lease renewals or extensions. 3. Exclusive Listing: This provision grants the broker an exclusive right to represent the landlord or the tenant for a specific property over a defined period. It restricts the property owner or tenant from engaging other brokers during that time, ensuring the broker's dedicated efforts towards fulfilling their client's leasing needs. 4. Confidentiality: This provision establishes the broker's duty to maintain confidentiality regarding sensitive information disclosed by the landlord or tenant during the lease transaction. It ensures that any personal or business details shared by either party are safeguarded against disclosure without proper consent. 5. Compliance with Laws and Regulations: This provision requires brokers to adhere to all applicable federal, state, and local laws, regulations, and codes when assisting in lease transactions. It includes ensuring compliance with fair housing laws, landlord-tenant regulations, and any specific industry requirements. 6. Indemnification: This provision addresses the broker's liability and holds harmless clauses, protecting them from legal claims or damages arising from their actions or representations, provided they have acted in good faith and within the scope of their authority. 7. Termination: This provision outlines the conditions under which the broker-client relationship can be terminated, such as a breach of contract, unsatisfactory performance, or completion of the lease transaction. It specifies whether termination requires written notice or involves any penalties or fees. 8. Mediation or Arbitration: This provision offers dispute resolution alternatives by requiring the parties to mediate or arbitrate any disagreements arising from the lease transaction before pursuing legal action. It promotes amicable resolutions and reduces potential litigation costs. These Oklahoma Lease Provisions Relating to Brokers form critical elements of a comprehensive lease agreement and help establish a clear understanding between the landlord, tenant, and broker involved in the leasing process.Oklahoma Lease Provisions Relating to Brokers are a set of contractual clauses that define the rights, obligations, and responsibilities of brokers involved in lease transactions in Oklahoma. These provisions aim to safeguard the interests of both landlords and tenants, while also ensuring ethical conduct within the real estate industry. Here are some key types of Oklahoma Lease Provisions Relating to Brokers: 1. Brokerage Representation: This provision outlines the relationship between the broker and either the landlord or the tenant. It defines the scope of the broker's authority, whether they represent the landlord exclusively, the tenant exclusively, or both parties as a dual agent. 2. Commission: This provision specifies how the broker's commission will be calculated, when it is payable, and under what circumstances it may be earned or forfeited. It covers issues such as fees for finding a suitable tenant, facilitating lease negotiations, and handling lease renewals or extensions. 3. Exclusive Listing: This provision grants the broker an exclusive right to represent the landlord or the tenant for a specific property over a defined period. It restricts the property owner or tenant from engaging other brokers during that time, ensuring the broker's dedicated efforts towards fulfilling their client's leasing needs. 4. Confidentiality: This provision establishes the broker's duty to maintain confidentiality regarding sensitive information disclosed by the landlord or tenant during the lease transaction. It ensures that any personal or business details shared by either party are safeguarded against disclosure without proper consent. 5. Compliance with Laws and Regulations: This provision requires brokers to adhere to all applicable federal, state, and local laws, regulations, and codes when assisting in lease transactions. It includes ensuring compliance with fair housing laws, landlord-tenant regulations, and any specific industry requirements. 6. Indemnification: This provision addresses the broker's liability and holds harmless clauses, protecting them from legal claims or damages arising from their actions or representations, provided they have acted in good faith and within the scope of their authority. 7. Termination: This provision outlines the conditions under which the broker-client relationship can be terminated, such as a breach of contract, unsatisfactory performance, or completion of the lease transaction. It specifies whether termination requires written notice or involves any penalties or fees. 8. Mediation or Arbitration: This provision offers dispute resolution alternatives by requiring the parties to mediate or arbitrate any disagreements arising from the lease transaction before pursuing legal action. It promotes amicable resolutions and reduces potential litigation costs. These Oklahoma Lease Provisions Relating to Brokers form critical elements of a comprehensive lease agreement and help establish a clear understanding between the landlord, tenant, and broker involved in the leasing process.
