The Texas Listing Agreement with Broker for Leasing of Premises with Commission Agreement is a legally binding contract between a property owner (referred to as the "Client") and a licensed real estate broker (referred to as the "Broker"). This agreement outlines the terms and conditions under which the Broker will act as an agent to lease the Client's premises, and details the commission structure for the services provided. Keywords: Texas Listing Agreement, Broker, Leasing of Premises, Commission Agreement, property owner, real estate broker, agent, commission structure. There are two main types of Texas Listing Agreement with Broker for Leasing of Premises with Commission Agreement: 1. Exclusive Right to Lease Agreement: This type of agreement grants the Broker an exclusive right to represent the Client in leasing the premises. It means that the Client cannot engage any other brokers or market the property themselves during the duration of the agreement. In this case, if the premises are leased to a tenant during the agreement period, regardless of who secures the lease, the Broker is entitled to the agreed-upon commission. 2. Non-Exclusive Agreement: Unlike the exclusive right to lease agreement, the non-exclusive agreement allows the Client to engage multiple brokers or market the property independently. In this scenario, the Client may choose to work with different brokers simultaneously and is only obligated to pay a commission to the Broker who brings in a suitable tenant and successfully leases the premises. The Texas Listing Agreement with Broker for Leasing of Premises with Commission Agreement typically includes the following components: 1. Identification of Parties: The agreement specifies the legal names and contact information of both the Client and the Broker. 2. Description of Premises: A detailed description of the premises, including the address, square footage, and any additional relevant details. 3. Listing Price and Terms: The Client and the Broker agree on the listing price, rental terms, lease duration, and any specific conditions or limitations regarding the leasing of the premises. 4. Exclusive or Non-Exclusive Terms: The agreement clearly states whether it is an exclusive or non-exclusive agreement, outlining the rights and obligations of both parties accordingly. 5. Commission Structure: The commission structure is detailed, stating the percentage or flat fee agreed upon by the Client and the Broker for successfully leasing the premises. It may also cover any additional fees or terms related to the commission. 6. Representation and Duties: This section outlines the brokerage services the Broker will provide, including marketing and advertising the premises, screening potential tenants, drafting lease agreements, conducting property showings, and negotiating lease terms. 7. Term and Termination: The duration of the agreement is specified, along with conditions for termination by either party, such as breach of contract or failure to perform. 8. Indemnification and Liability: The agreement may include provisions for indemnifying and holding harmless both the Client and the Broker from any liabilities arising from the leasing process. 9. Governing Law and Jurisdiction: The agreement mentions that it will be governed by the laws of the state of Texas and any disputes will be settled in the appropriate state or federal court. It's important to note that the above description serves as a general overview. When entering into any legal agreement, it is recommended to consult with a qualified attorney who can provide guidance based on specific circumstances and requirements.
Texas Listing Agreement with Broker for Leasing of Premises with Commission Agreement
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FAQ
An exclusive right to sell listing is the most widely-used listing agreement. Under this agreement, the broker has the exclusive right to market the property for a specified period of time.
If a person, government, or country brokers an agreement, a ceasefire, or a round of talks, they try to negotiate or arrange it.
Open listings are the most common type. Under an open listing, the property owner offers a real estate broker a commission, usually a percentage of the sale, if the the property is sold.
A purchase agreement, or sales contract, is the most common type of real estate contract. As the name suggests, this is a real estate contract that lays out an agreement between the buyer and seller of a specific property.
At a minimum, a listing agreement should contain a property description, state the required terms of sale, establish the scope o the broker's authority, and include a promise of compensation. An exclusive agency or exclusive right to sell listing must also have a termination date.
By keeping a listing in-house, even for a short while, instead of placing it with the MLS or refusing to work with a cooperating agent, a broker isn't fulfilling the fiduciary responsibility to the seller. This is the most common breach of a listing agreement.
Texas REALTORS® offers several listing agreements, the most common being the Residential Real Estate Listing Agreement, Exclusive Right to Sell (TXR 1101).
Broker-Dealer Agreement means an agreement between the Auction Agent and a Broker-Dealer, pursuant to which such Broker-Dealer agrees to follow the Auction Procedures.
An exclusive right-to-sell listing is the most common type of listing.
The brokerage agreement is a formal agreement between the buyer/seller and the broker. If any dispute should arise between these two parties, this agreement will be the source to understand which duty each party had in the agreement.