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.
Texas Lease Provisions Relating to Brokers are important clauses included in lease agreements in Texas to regulate the involvement of real estate brokers in the leasing process. These provisions safeguard the rights and responsibilities of brokers, landlords, and tenants, ensuring a fair and transparent leasing transaction. The following are different types of Texas Lease Provisions Relating to Brokers: 1. Brokerage Fee: This provision outlines the broker's compensation for successfully negotiating a lease agreement. It specifies the amount or percentage of the commission, the timing of payment, and whether it falls on the landlord, tenant, or both. 2. Exclusive Right to Lease: This provision grants a specific broker the exclusive right to represent the landlord or the tenant for a defined period. It prevents the landlord or tenant from engaging other brokers during that time, ensuring loyalty and accountability. 3. Cooperation with Other Brokers: This provision encourages brokers to work together by allowing them to cooperate and share compensation. It defines the circumstances under which a cooperating broker is entitled to a part of the commission when they bring a qualified tenant or property to the leasing transaction. 4. Indemnification: This provision ensures that brokers are protected from legal claims arising from their involvement in the lease transaction. It outlines the landlord's obligation to indemnify and hold the broker harmless in case of any disputes, legal actions, or claims related to the lease agreement. 5. Acts within the Scope of License: This provision requires brokers to perform all leasing activities within the scope of their real estate license. It obligates brokers to abide by legal and ethical standards while representing landlords or tenants and prohibits engaging in any unauthorized activities. 6. Disclosure of Representation: This provision mandates brokers to disclose their agency relationship with parties involved in the lease agreement. Brokers must provide written notice to all parties, clearly stating whom they represent, to avoid any conflicts of interest and foster transparency. 7. Termination Rights: This provision outlines the conditions under which either party, the broker, landlord, or tenant, can terminate the broker's representation agreement. It specifies the notice period, valid reasons for termination, and any potential repercussions. In summary, Texas Lease Provisions Relating to Brokers encompass various clauses that ensure fair compensation, loyalty, cooperation, protection, adherence to licensing rules, disclosure, and termination rights within the leasing process. These provisions create a structured framework for leased property transactions, benefiting all parties involved.Texas Lease Provisions Relating to Brokers are important clauses included in lease agreements in Texas to regulate the involvement of real estate brokers in the leasing process. These provisions safeguard the rights and responsibilities of brokers, landlords, and tenants, ensuring a fair and transparent leasing transaction. The following are different types of Texas Lease Provisions Relating to Brokers: 1. Brokerage Fee: This provision outlines the broker's compensation for successfully negotiating a lease agreement. It specifies the amount or percentage of the commission, the timing of payment, and whether it falls on the landlord, tenant, or both. 2. Exclusive Right to Lease: This provision grants a specific broker the exclusive right to represent the landlord or the tenant for a defined period. It prevents the landlord or tenant from engaging other brokers during that time, ensuring loyalty and accountability. 3. Cooperation with Other Brokers: This provision encourages brokers to work together by allowing them to cooperate and share compensation. It defines the circumstances under which a cooperating broker is entitled to a part of the commission when they bring a qualified tenant or property to the leasing transaction. 4. Indemnification: This provision ensures that brokers are protected from legal claims arising from their involvement in the lease transaction. It outlines the landlord's obligation to indemnify and hold the broker harmless in case of any disputes, legal actions, or claims related to the lease agreement. 5. Acts within the Scope of License: This provision requires brokers to perform all leasing activities within the scope of their real estate license. It obligates brokers to abide by legal and ethical standards while representing landlords or tenants and prohibits engaging in any unauthorized activities. 6. Disclosure of Representation: This provision mandates brokers to disclose their agency relationship with parties involved in the lease agreement. Brokers must provide written notice to all parties, clearly stating whom they represent, to avoid any conflicts of interest and foster transparency. 7. Termination Rights: This provision outlines the conditions under which either party, the broker, landlord, or tenant, can terminate the broker's representation agreement. It specifies the notice period, valid reasons for termination, and any potential repercussions. In summary, Texas Lease Provisions Relating to Brokers encompass various clauses that ensure fair compensation, loyalty, cooperation, protection, adherence to licensing rules, disclosure, and termination rights within the leasing process. These provisions create a structured framework for leased property transactions, benefiting all parties involved.
