South Carolina Listing Agreement with Broker for Leasing of Premises with Commission Agreement

• Category: Real Estate - Listing Agreements
• State: Multi-State
• Control #: US-0584BG
• Format: Word; Rich Text

Description

This form is a listing agreement with a broker for the leasing of real property and contains a commission agreement. South Carolina Listing Agreement with Broker for Leasing of Premises with Commission Agreement is a legal document that establishes a formal relationship between a property owner (referred to as the "Principal") and a real estate broker (referred to as the "Broker"). This agreement sets out the terms and conditions under which the Broker will market, advertise, and secure tenants for the Principal's premises in South Carolina, in exchange for a commission. Key elements of the South Carolina Listing Agreement with Broker for Leasing of Premises with Commission Agreement include: 1. Parties and Property Details: The agreement begins by identifying the Principal and Broker, along with their contact information. Additionally, it specifies the details of the premises such as the address, size, and any restrictions or special features. 2. Exclusive Right to Lease: This clause states that the Principal grants the Broker exclusive rights to lease the property for a specified period of time. It ensures that the Principal will not engage any other brokers or attempt to lease the property independently during this period. 3. Terms of Engagement: This section outlines the duration of the agreement, specifying the start and end dates. It may also include provisions for renewals or extensions upon mutual agreement. 4. Broker's Duties and Responsibilities: The agreement clearly defines the obligations of the Broker, which typically involve marketing the premises, screening potential tenants, arranging property viewings, negotiating lease terms, and executing lease agreements on behalf of the Principal. The Broker is expected to work diligently and in compliance with applicable laws and regulations. 5. Commission and Payment Terms: This clause explains the commission structure agreed upon by the Principal and Broker. It may indicate a percentage or flat fee based on the lease amount, and specify whether the commission is payable upon lease execution, tenant occupancy, or in installments. The agreement may also cover the reimbursement of any expenses incurred by the Broker during the leasing process. 6. Termination and Exclusivity: This section outlines the circumstances under which the agreement may be terminated, such as breach of contract, mutual consent, or completion of the leasing process. It also establishes the exclusivity of the agreement by prohibiting the Principal from leasing the premises through another broker or by themselves during the agreement's term. Some variations or types of South Carolina Listing Agreement with Broker for Leasing of Premises with Commission Agreement may include: 1. Open Listing Agreement: An agreement where the Principal can engage multiple brokers simultaneously, and the broker who secures a lease receives the commission. 2. Exclusive Agency Listing Agreement: In this arrangement, the Principal grants' exclusivity to the Broker, meaning that only the Broker will receive a commission unless the Principal directly leases the premises on their own. 3. Net Listing Agreement: An agreement wherein the commission for the broker is determined as the difference between the lease value and a specified minimum amount agreed upon by the Principal and Broker. It is important for both the Principal and Broker to review and understand the terms and conditions of the South Carolina Listing Agreement with Broker for Leasing of Premises with Commission Agreement, seeking legal counsel if necessary, to ensure all parties are protected and their rights and obligations are properly defined.

South Carolina Listing Agreement with Broker for Leasing of Premises with Commission Agreement is a legal document that establishes a formal relationship between a property owner (referred to as the "Principal") and a real estate broker (referred to as the "Broker"). This agreement sets out the terms and conditions under which the Broker will market, advertise, and secure tenants for the Principal's premises in South Carolina, in exchange for a commission. Key elements of the South Carolina Listing Agreement with Broker for Leasing of Premises with Commission Agreement include: 1. Parties and Property Details: The agreement begins by identifying the Principal and Broker, along with their contact information. Additionally, it specifies the details of the premises such as the address, size, and any restrictions or special features. 2. Exclusive Right to Lease: This clause states that the Principal grants the Broker exclusive rights to lease the property for a specified period of time. It ensures that the Principal will not engage any other brokers or attempt to lease the property independently during this period. 3. Terms of Engagement: This section outlines the duration of the agreement, specifying the start and end dates. It may also include provisions for renewals or extensions upon mutual agreement. 4. Broker's Duties and Responsibilities: The agreement clearly defines the obligations of the Broker, which typically involve marketing the premises, screening potential tenants, arranging property viewings, negotiating lease terms, and executing lease agreements on behalf of the Principal. The Broker is expected to work diligently and in compliance with applicable laws and regulations. 5. Commission and Payment Terms: This clause explains the commission structure agreed upon by the Principal and Broker. It may indicate a percentage or flat fee based on the lease amount, and specify whether the commission is payable upon lease execution, tenant occupancy, or in installments. The agreement may also cover the reimbursement of any expenses incurred by the Broker during the leasing process. 6. Termination and Exclusivity: This section outlines the circumstances under which the agreement may be terminated, such as breach of contract, mutual consent, or completion of the leasing process. It also establishes the exclusivity of the agreement by prohibiting the Principal from leasing the premises through another broker or by themselves during the agreement's term. Some variations or types of South Carolina Listing Agreement with Broker for Leasing of Premises with Commission Agreement may include: 1. Open Listing Agreement: An agreement where the Principal can engage multiple brokers simultaneously, and the broker who secures a lease receives the commission. 2. Exclusive Agency Listing Agreement: In this arrangement, the Principal grants' exclusivity to the Broker, meaning that only the Broker will receive a commission unless the Principal directly leases the premises on their own. 3. Net Listing Agreement: An agreement wherein the commission for the broker is determined as the difference between the lease value and a specified minimum amount agreed upon by the Principal and Broker. It is important for both the Principal and Broker to review and understand the terms and conditions of the South Carolina Listing Agreement with Broker for Leasing of Premises with Commission Agreement, seeking legal counsel if necessary, to ensure all parties are protected and their rights and obligations are properly defined.