Wake North Carolina Leasing Commission Agreement

• Category: Contracts - Commissions
• State: Multi-State
• County: Wake
• Control #: US-0585BG
• Format: Word; Rich Text

Description

A leasing commission agreement is a contract between a real estate broker and an owner and/or tenant granting the broker the authority to act as the agent for the owner and/or tenant in the leasing of the property. A Wake North Carolina leasing commission agreement is a legally binding document that outlines the terms and conditions between a landlord or property management company and a real estate agent or broker regarding the payment of commission for leasing a property. This agreement serves as a written contract that protects the rights and responsibilities of both parties involved. In Wake County, North Carolina, there are different types of leasing commission agreements that are commonly used: 1. Exclusive Leasing Commission Agreement: This type of agreement grants exclusivity to a particular real estate agent or broker to market, lease, and negotiate on behalf of the landlord for a specific property or a group of properties. The exclusive agent is entitled to receive the commission once a lease is successfully executed. 2. Non-Exclusive Leasing Commission Agreement: In contrast to the exclusive agreement, this type allows multiple real estate agents or brokers to market and lease the property simultaneously. The commission is typically awarded to the agent who secures the tenant or executes the lease. 3. Flat Fee Leasing Commission Agreement: With this type of agreement, the landlord agrees to pay a fixed amount of commission to the real estate agent or broker, regardless of the lease terms or rental amount. This fee structure is often preferred for properties with consistent lease rates or when the landlord wants to avoid paying a percentage-based commission. 4. Percentage-based Leasing Commission Agreement: This is the most common type of leasing commission agreement, where the commission is calculated as a percentage of the total lease value. The specific percentage is typically negotiated between the landlord and the real estate agent or broker and is based on factors such as the property's location, market demand, and leasing terms. Key terms often included in a Wake North Carolina leasing commission agreement may encompass: — Identification of the property being leased, including its address and description. — Roles and responsibilities of the landlord and the real estate agent or broker. — Commission rate or amount, whether it is a fixed fee or a percentage of the lease value. — Conditions for commission payment, such as when it becomes due (upon lease execution or rental payment reception). — Duration and termination conditions of the agreement. — Terms for resolving disputes or breaches of contract, including any applicable laws or mediation/arbitration clauses. Understanding the specifics of a Wake North Carolina leasing commission agreement is crucial to ensure a fair arrangement between the parties involved and to comply with local real estate regulations.

A Wake North Carolina leasing commission agreement is a legally binding document that outlines the terms and conditions between a landlord or property management company and a real estate agent or broker regarding the payment of commission for leasing a property. This agreement serves as a written contract that protects the rights and responsibilities of both parties involved. In Wake County, North Carolina, there are different types of leasing commission agreements that are commonly used: 1. Exclusive Leasing Commission Agreement: This type of agreement grants exclusivity to a particular real estate agent or broker to market, lease, and negotiate on behalf of the landlord for a specific property or a group of properties. The exclusive agent is entitled to receive the commission once a lease is successfully executed. 2. Non-Exclusive Leasing Commission Agreement: In contrast to the exclusive agreement, this type allows multiple real estate agents or brokers to market and lease the property simultaneously. The commission is typically awarded to the agent who secures the tenant or executes the lease. 3. Flat Fee Leasing Commission Agreement: With this type of agreement, the landlord agrees to pay a fixed amount of commission to the real estate agent or broker, regardless of the lease terms or rental amount. This fee structure is often preferred for properties with consistent lease rates or when the landlord wants to avoid paying a percentage-based commission. 4. Percentage-based Leasing Commission Agreement: This is the most common type of leasing commission agreement, where the commission is calculated as a percentage of the total lease value. The specific percentage is typically negotiated between the landlord and the real estate agent or broker and is based on factors such as the property's location, market demand, and leasing terms. Key terms often included in a Wake North Carolina leasing commission agreement may encompass: — Identification of the property being leased, including its address and description. — Roles and responsibilities of the landlord and the real estate agent or broker. — Commission rate or amount, whether it is a fixed fee or a percentage of the lease value. — Conditions for commission payment, such as when it becomes due (upon lease execution or rental payment reception). — Duration and termination conditions of the agreement. — Terms for resolving disputes or breaches of contract, including any applicable laws or mediation/arbitration clauses. Understanding the specifics of a Wake North Carolina leasing commission agreement is crucial to ensure a fair arrangement between the parties involved and to comply with local real estate regulations.