Tennessee Finder’s Fee Agreement Regarding Real Property Sales

• Category: Real Estate - Contracts
• State: Multi-State
• Control #: US-0154BG
• Format: Word; Rich Text

Description

In a real estate context, a finder's fee may be paid for locating property, obtaining mortgage financing. or referring sellers or buyers. A finder's fee is money paid to a person for finding someone interested in selling or buying property. To conduct any negotiations of sale terms, the finder may be required to be a licensed broker or he violates the law. However, state laws, which vary by state, may also provide an exemption for certain individuals, allowing them to be compensated without the necessity of licensure. For example, one state's law allows an exemption for either a property management firm or an owner of an apartment complex to pay a finder’s fee or referral of up to $50 to a current tenant for referring a new tenant. The fee can be in the form of cash, a rental reduction or some other thing of value. The party claiming compensation under this exemption is not allowed to advertise for prospective tenants. The Tennessee Finder's Fee Agreement Regarding Real Property Sales is a legal document that outlines the terms and conditions between a finder and a party seeking to purchase or sell real property. This agreement establishes the payment structure and responsibilities of the finder in locating a potential buyer or seller for a specific real estate transaction in Tennessee. In Tennessee, there are two types of Finder's Fee Agreements related to real property sales: the buyer's finder's fee agreement and the seller's finder's fee agreement. The buyer's finder's fee agreement is entered into when a finder assists a potential buyer in finding a suitable property to purchase. The finder's role is to locate and present potential properties that meet the buyer's criteria. Once a successful purchase is made, the finder is entitled to receive a finder's fee, usually calculated as a percentage of the purchase price. On the other hand, the seller's finder's fee agreement is established when a finder assists a property owner or seller in locating a potential buyer. The finder's responsibility is to identify and introduce potential buyers to the seller with the intention of successfully selling the property. The finder's fee, in this case, is typically a percentage of the final sale price. Both types of Tennessee Finder's Fee Agreements Regarding Real Property Sales generally cover various essential elements such as the identification of the parties involved, a clear description of the real property being transacted, the commission percentage or finder's fee amount, the method of payment, the duration and termination of the agreement, and any additional terms and conditions that are agreed upon by the parties involved. It is crucial for both parties to thoroughly understand the terms of the agreement and seek legal advice if needed to ensure that all rights and obligations are clearly defined. By using a Tennessee Finder's Fee Agreement Regarding Real Property Sales, potential buyers and sellers can effectively engage the services of finders who specialize in real estate transactions, facilitating successful property sales in Tennessee's dynamic real estate market.

The Tennessee Finder's Fee Agreement Regarding Real Property Sales is a legal document that outlines the terms and conditions between a finder and a party seeking to purchase or sell real property. This agreement establishes the payment structure and responsibilities of the finder in locating a potential buyer or seller for a specific real estate transaction in Tennessee. In Tennessee, there are two types of Finder's Fee Agreements related to real property sales: the buyer's finder's fee agreement and the seller's finder's fee agreement. The buyer's finder's fee agreement is entered into when a finder assists a potential buyer in finding a suitable property to purchase. The finder's role is to locate and present potential properties that meet the buyer's criteria. Once a successful purchase is made, the finder is entitled to receive a finder's fee, usually calculated as a percentage of the purchase price. On the other hand, the seller's finder's fee agreement is established when a finder assists a property owner or seller in locating a potential buyer. The finder's responsibility is to identify and introduce potential buyers to the seller with the intention of successfully selling the property. The finder's fee, in this case, is typically a percentage of the final sale price. Both types of Tennessee Finder's Fee Agreements Regarding Real Property Sales generally cover various essential elements such as the identification of the parties involved, a clear description of the real property being transacted, the commission percentage or finder's fee amount, the method of payment, the duration and termination of the agreement, and any additional terms and conditions that are agreed upon by the parties involved. It is crucial for both parties to thoroughly understand the terms of the agreement and seek legal advice if needed to ensure that all rights and obligations are clearly defined. By using a Tennessee Finder's Fee Agreement Regarding Real Property Sales, potential buyers and sellers can effectively engage the services of finders who specialize in real estate transactions, facilitating successful property sales in Tennessee's dynamic real estate market.