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.
South Carolina Lease Provisions Relating to Brokers: An In-depth Overview In South Carolina, lease provisions relating to brokers play a crucial role in facilitating the smooth and professional execution of real estate leasing agreements. These provisions safeguard the interests of both the property owner and the tenant and ensure a transparent and fair interaction between the parties involved. Below, we delve into the key South Carolina lease provisions relating to brokers, highlighting their significance and providing relevant keywords. 1. Exclusivity Agreement: An exclusivity agreement, a type of lease provision, grants a broker the exclusive right to represent the property owner or the tenant in a particular leasing transaction. It prevents multiple brokers from competing to secure the same lease, thereby enabling a focused and efficient leasing process. 2. Commission: This lease provision outlines the broker's compensation structure, typically defined as a percentage of the lease value. It determines the remuneration the broker receives upon successfully procuring a tenant or negotiating a lease agreement. The commission may be paid by the property owner, tenant, or both parties, depending on the terms agreed upon. 3. Representation and Duties: Brokers have certain responsibilities and fiduciary duties. They must diligently represent the interests of their client (either the property owner or the tenant), providing accurate information and acting in good faith. This provision ensures honest and ethical conduct throughout the leasing process. 4. Non-Disclosure and Confidentiality: This lease provision emphasizes a broker's obligation to maintain confidentiality regarding sensitive information shared during the leasing process. It prevents the dissemination of proprietary or confidential details that could harm either party. 5. Indemnification: Indemnification provisions protect brokers from any claims, damages, or liabilities arising out of their actions or advice provided during the leasing process. It ensures brokers are shielded from potential legal consequences that may arise from their representation. 6. Termination and Renewal: Lease agreements often include provisions pertaining to the termination or renewal of the broker's representation. These outlines delineate the circumstances under which the broker's services can be terminated or extended, ensuring a clear understanding of the contractual obligations and potential renewal opportunities. 7. Dual Agency: Dual agency provisions address situations in which a broker represents both the property owner and the tenant simultaneously. South Carolina, however, places certain limitations on dual agency to avoid conflicts of interest, requiring brokers to obtain written consent from all parties involved. By understanding and incorporating these South Carolina lease provisions relating to brokers, both property owners and tenants can navigate the leasing process more effectively, securing their respective interests and ensuring a mutually beneficial outcome. Keywords: South Carolina lease provisions, brokers, exclusivity agreement, commission, representation and duties, non-disclosure, confidentiality, indemnification, termination, renewal, dual agency.
