Virgin Islands 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. The Virgin Islands Listing Agreement with Broker for Leasing of Premises with Commission Agreement is a legal document that outlines the terms and conditions between a property owner (referred to as the Listed Party) and a licensed real estate broker (referred to as the Broker) in the leasing of premises in the Virgin Islands. This agreement is specifically designed for leasing arrangements and includes provisions for the payment of commission to the Broker upon a successful lease transaction. The agreement covers various aspects such as the rights and responsibilities of both parties, the duration of the agreement, and the terms for commission payment. In the Virgin Islands, there are two primary types of Listing Agreements with Brokers for Leasing of Premises with Commission Agreement commonly used: 1. Exclusive Listing Agreement: This type of agreement grants the Broker the exclusive right to represent and lease the premises on behalf of the Listed Party. The Named Broker or the specific brokerage firm mentioned in the contract holds exclusive rights to marketing, negotiating, and completing lease transactions for the premises. 2. Open Listing Agreement: In an open listing agreement, the Listed Party grants multiple Brokers or firms the authority to market and lease the premises simultaneously. The first Broker who secures a tenant and successfully completes the lease is entitled to the commission payment. Both types of agreements typically include provisions regarding the listing period, agreed upon rental rate, lease term, termination clauses, and the commission amount or percentage to be paid to the Broker upon lease execution. It is essential to note that the terms and specifics of the Virgin Islands Listing Agreement with Broker for Leasing of Premises with Commission Agreement may vary based on individual agreements and preferences of the parties involved. It is highly recommended seeking legal advice to draft or review such agreements to ensure compliance with local laws and regulations.

The Virgin Islands Listing Agreement with Broker for Leasing of Premises with Commission Agreement is a legal document that outlines the terms and conditions between a property owner (referred to as the Listed Party) and a licensed real estate broker (referred to as the Broker) in the leasing of premises in the Virgin Islands. This agreement is specifically designed for leasing arrangements and includes provisions for the payment of commission to the Broker upon a successful lease transaction. The agreement covers various aspects such as the rights and responsibilities of both parties, the duration of the agreement, and the terms for commission payment. In the Virgin Islands, there are two primary types of Listing Agreements with Brokers for Leasing of Premises with Commission Agreement commonly used: 1. Exclusive Listing Agreement: This type of agreement grants the Broker the exclusive right to represent and lease the premises on behalf of the Listed Party. The Named Broker or the specific brokerage firm mentioned in the contract holds exclusive rights to marketing, negotiating, and completing lease transactions for the premises. 2. Open Listing Agreement: In an open listing agreement, the Listed Party grants multiple Brokers or firms the authority to market and lease the premises simultaneously. The first Broker who secures a tenant and successfully completes the lease is entitled to the commission payment. Both types of agreements typically include provisions regarding the listing period, agreed upon rental rate, lease term, termination clauses, and the commission amount or percentage to be paid to the Broker upon lease execution. It is essential to note that the terms and specifics of the Virgin Islands Listing Agreement with Broker for Leasing of Premises with Commission Agreement may vary based on individual agreements and preferences of the parties involved. It is highly recommended seeking legal advice to draft or review such agreements to ensure compliance with local laws and regulations.