Rhode Island 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. Rhode Island Leasing Commission Agreement is a legally binding contract between a landlord and a real estate broker that outlines the terms and conditions for the payment of a commission to the broker for procuring a tenant for a property in Rhode Island. This agreement sets forth the specific details of the commission, rights and obligations of both parties, and other pertinent provisions related to the leasing of real estate. In Rhode Island, there are primarily two types of Leasing Commission Agreements: 1. Exclusive Leasing Commission Agreement: This type of agreement grants the broker exclusive rights to market and lease the property on behalf of the landlord for a predetermined period. The exclusive nature of this agreement prohibits the landlord from working with any other brokers during the specified period. The commission is typically paid to the broker upon the successful execution of a lease agreement. 2. Non-Exclusive Leasing Commission Agreement: This agreement allows multiple brokers to market and lease the property simultaneously. The commission is payable to the broker who brings a suitable tenant and successfully completes the lease transaction. Unlike the exclusive agreement, the landlord has the freedom to work with multiple brokers and is not bound by exclusivity. Regardless of the type of agreement, a Rhode Island Leasing Commission Agreement includes key elements such as: 1. Parties Involved: Names and contact information of the landlord, real estate broker, and any authorized representatives. 2. Property Details: Accurate description of the leased property, including address, dimensions, and any special provisions. 3. Term and Termination: The agreement's start and end dates, along with circumstances under which it can be terminated, such as breach of contract or mutual agreement. 4. Commission Structure: The agreed-upon commission rate or amount, and the conditions under which it will be paid, such as lease signing, occupancy commencement, or installment basis. 5. Broker's Duties: A comprehensive list of the broker's obligations, which may include marketing, showing the property, conducting tenant screenings, negotiating lease terms, and preparing necessary paperwork. 6. Landlord's Duties: Responsibilities assigned to the landlord, such as maintaining the property, making required disclosures, and cooperating with the broker to facilitate lease transactions. 7. Indemnification and Liability: Provisions outlining how liability will be allocated between the parties in the event of a dispute or legal issues arising from the agreement. 8. Governing Law: The agreement will specify that Rhode Island state laws govern the interpretation and enforcement of the contract. It's important to consult with a legal professional when drafting or entering into a Rhode Island Leasing Commission Agreement to ensure compliance with state-specific laws, regulations, and to protect the rights and interests of all parties involved.

Rhode Island Leasing Commission Agreement is a legally binding contract between a landlord and a real estate broker that outlines the terms and conditions for the payment of a commission to the broker for procuring a tenant for a property in Rhode Island. This agreement sets forth the specific details of the commission, rights and obligations of both parties, and other pertinent provisions related to the leasing of real estate. In Rhode Island, there are primarily two types of Leasing Commission Agreements: 1. Exclusive Leasing Commission Agreement: This type of agreement grants the broker exclusive rights to market and lease the property on behalf of the landlord for a predetermined period. The exclusive nature of this agreement prohibits the landlord from working with any other brokers during the specified period. The commission is typically paid to the broker upon the successful execution of a lease agreement. 2. Non-Exclusive Leasing Commission Agreement: This agreement allows multiple brokers to market and lease the property simultaneously. The commission is payable to the broker who brings a suitable tenant and successfully completes the lease transaction. Unlike the exclusive agreement, the landlord has the freedom to work with multiple brokers and is not bound by exclusivity. Regardless of the type of agreement, a Rhode Island Leasing Commission Agreement includes key elements such as: 1. Parties Involved: Names and contact information of the landlord, real estate broker, and any authorized representatives. 2. Property Details: Accurate description of the leased property, including address, dimensions, and any special provisions. 3. Term and Termination: The agreement's start and end dates, along with circumstances under which it can be terminated, such as breach of contract or mutual agreement. 4. Commission Structure: The agreed-upon commission rate or amount, and the conditions under which it will be paid, such as lease signing, occupancy commencement, or installment basis. 5. Broker's Duties: A comprehensive list of the broker's obligations, which may include marketing, showing the property, conducting tenant screenings, negotiating lease terms, and preparing necessary paperwork. 6. Landlord's Duties: Responsibilities assigned to the landlord, such as maintaining the property, making required disclosures, and cooperating with the broker to facilitate lease transactions. 7. Indemnification and Liability: Provisions outlining how liability will be allocated between the parties in the event of a dispute or legal issues arising from the agreement. 8. Governing Law: The agreement will specify that Rhode Island state laws govern the interpretation and enforcement of the contract. It's important to consult with a legal professional when drafting or entering into a Rhode Island Leasing Commission Agreement to ensure compliance with state-specific laws, regulations, and to protect the rights and interests of all parties involved.