Wayne Michigan Listing Agreement with Broker for Leasing of Premises with Commission Agreement

• Category: Real Estate - Listing Agreements
• State: Multi-State
• County: Wayne
• 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. Wayne, Michigan Listing Agreement with Broker for Leasing of Premises with Commission Agreement is a legal document that establishes a contractual relationship between a property owner (referred to as the "Principal") and a licensed real estate broker (referred to as the "Broker") in Wayne, Michigan, for the purpose of leasing a specific property. This agreement outlines the terms and conditions under which the Broker will act as the exclusive leasing agent for the Principal's premises, securing tenants and negotiating lease agreements on their behalf. It is crucial to have such an agreement in place to ensure clarity and protect the interests of both parties involved. The Wayne, Michigan Listing Agreement with Broker for Leasing of Premises may include the following key details: 1. Identification of the Principal and Broker: The agreement should clearly state the names, addresses, and contact details of both the Principal and the Broker. 2. Exclusive Agency: This agreement typically establishes an exclusive agency relationship, meaning that the Principal gives the Broker the exclusive right to find suitable tenants for the premises, excluding the Principal's personal efforts or other brokers. Different types of arrangements, such as open listings or net listings, might also be available, but the exclusive agency is the most common type used in Wayne, Michigan. 3. Property Description: A detailed description of the premises to be leased, including the address or legal description, size, amenities, and any specific restrictions or limitations. 4. Leasing Terms: The agreement should outline the desired leasing terms, including the proposed rental price, lease duration, security deposit requirements, and any other relevant conditions or preferences set by the Principal. 5. Commission Structure: The commission agreement establishes the compensation that the Broker will receive for successfully securing a tenant and facilitating the leasing process. The agreement should clearly state the commission percentage or flat fee, as well as when and how the commission will be paid (e.g., upon lease signing or tenant occupancy). 6. Termination Provisions: The agreement should outline the conditions under which either party can terminate the agreement, including any notice periods or specific circumstances that may warrant termination. Some variations of the Wayne, Michigan Listing Agreement with Broker for Leasing of Premises with Commission Agreement might include modifications to the commission structure, additional clauses addressing property maintenance or responsibilities during the leasing period, or special provisions for short-term leases or commercial properties. In conclusion, the Wayne, Michigan Listing Agreement with Broker for Leasing of Premises with Commission Agreement is a legally binding document that formalizes the relationship between a property owner and a real estate broker. It establishes the terms and conditions under which the broker will lease the premises, outlines the commission structure, and provides a framework for protecting the interests of both parties.

Wayne, Michigan Listing Agreement with Broker for Leasing of Premises with Commission Agreement is a legal document that establishes a contractual relationship between a property owner (referred to as the "Principal") and a licensed real estate broker (referred to as the "Broker") in Wayne, Michigan, for the purpose of leasing a specific property. This agreement outlines the terms and conditions under which the Broker will act as the exclusive leasing agent for the Principal's premises, securing tenants and negotiating lease agreements on their behalf. It is crucial to have such an agreement in place to ensure clarity and protect the interests of both parties involved. The Wayne, Michigan Listing Agreement with Broker for Leasing of Premises may include the following key details: 1. Identification of the Principal and Broker: The agreement should clearly state the names, addresses, and contact details of both the Principal and the Broker. 2. Exclusive Agency: This agreement typically establishes an exclusive agency relationship, meaning that the Principal gives the Broker the exclusive right to find suitable tenants for the premises, excluding the Principal's personal efforts or other brokers. Different types of arrangements, such as open listings or net listings, might also be available, but the exclusive agency is the most common type used in Wayne, Michigan. 3. Property Description: A detailed description of the premises to be leased, including the address or legal description, size, amenities, and any specific restrictions or limitations. 4. Leasing Terms: The agreement should outline the desired leasing terms, including the proposed rental price, lease duration, security deposit requirements, and any other relevant conditions or preferences set by the Principal. 5. Commission Structure: The commission agreement establishes the compensation that the Broker will receive for successfully securing a tenant and facilitating the leasing process. The agreement should clearly state the commission percentage or flat fee, as well as when and how the commission will be paid (e.g., upon lease signing or tenant occupancy). 6. Termination Provisions: The agreement should outline the conditions under which either party can terminate the agreement, including any notice periods or specific circumstances that may warrant termination. Some variations of the Wayne, Michigan Listing Agreement with Broker for Leasing of Premises with Commission Agreement might include modifications to the commission structure, additional clauses addressing property maintenance or responsibilities during the leasing period, or special provisions for short-term leases or commercial properties. In conclusion, the Wayne, Michigan Listing Agreement with Broker for Leasing of Premises with Commission Agreement is a legally binding document that formalizes the relationship between a property owner and a real estate broker. It establishes the terms and conditions under which the broker will lease the premises, outlines the commission structure, and provides a framework for protecting the interests of both parties.