Allegheny Pennsylvania Non-Exclusive Real Estate Brokerage Agreement

• Category: Contracts - Stock Broker
• State: Multi-State
• County: Allegheny
• Control #: US-13377BG
• Format: Word; Rich Text

Description

A real estate brokerage agreement is a contract formed between a broker and their client. The brokerage agreement or broker agreement describes the duties that the broker has towards the client. It also lists the client's duties, such as the duty to pay the broker. Allegheny Pennsylvania Non-Exclusive Real Estate Brokerage Agreement is a legal contract used in the state of Pennsylvania to outline the terms and conditions between a property owner (referred to as the "Principal") and a real estate broker (referred to as the "Broker") who will assist in selling or leasing the property on behalf of the owner. In a non-exclusive agreement, the property owner retains the right to engage other brokers or sell the property themselves, while the broker is given the non-exclusive right to market the property and seek potential buyers or tenants. This non-exclusive arrangement allows the property owner to have flexibility and explore multiple avenues for selling or leasing their property. The key components of an Allegheny Pennsylvania Non-Exclusive Real Estate Brokerage Agreement include: 1. Parties: The agreement identifies the Principal (property owner) and the Broker who will be representing them. 2. Property Description: The agreement specifies the location and details of the property, including the address, size, and any unique features. 3. Listing Period: It outlines the duration of the agreement during which the Broker has the right to market the property. This period can vary based on the mutual agreement of the parties involved. 4. Listing Price: The agreement states the desired sale or lease price set by the Principal for the property. However, it is important to note that the final sale or lease price is typically determined through negotiation with potential buyers or tenants. 5. Broker's Compensation: This section explains how the Broker will be compensated for their services. Compensation can be in the form of a fixed fee, a percentage of the final sale or lease price, or a combination of both. 6. Duties and Obligations: The agreement outlines the responsibilities of both the Principal and the Broker. The Principal is expected to provide accurate information about the property while the Broker is expected to market the property diligently, seek potential buyers or tenants, and represent the Principal's best interests. 7. Termination: The agreement includes provisions for termination, which may be triggered by various events such as the property being sold, lease expiration, or mutual agreement between the Principal and the Broker. While different variations and modifications of the Allegheny Pennsylvania Non-Exclusive Real Estate Brokerage Agreement may exist, the primary goal remains the same — to establish a working relationship between the property owner and the broker based on non-exclusive rights. Other types of brokerage agreements can include exclusive agreements, where the property owner grants sole rights to one broker for a specified period. It is crucial for both parties to thoroughly review and understand the terms of the agreement before signing to ensure a smooth and mutually beneficial real estate transaction. Seeking legal advice from an experienced real estate attorney is highly recommended ensuring compliance with Pennsylvania laws and regulations.

Allegheny Pennsylvania Non-Exclusive Real Estate Brokerage Agreement is a legal contract used in the state of Pennsylvania to outline the terms and conditions between a property owner (referred to as the "Principal") and a real estate broker (referred to as the "Broker") who will assist in selling or leasing the property on behalf of the owner. In a non-exclusive agreement, the property owner retains the right to engage other brokers or sell the property themselves, while the broker is given the non-exclusive right to market the property and seek potential buyers or tenants. This non-exclusive arrangement allows the property owner to have flexibility and explore multiple avenues for selling or leasing their property. The key components of an Allegheny Pennsylvania Non-Exclusive Real Estate Brokerage Agreement include: 1. Parties: The agreement identifies the Principal (property owner) and the Broker who will be representing them. 2. Property Description: The agreement specifies the location and details of the property, including the address, size, and any unique features. 3. Listing Period: It outlines the duration of the agreement during which the Broker has the right to market the property. This period can vary based on the mutual agreement of the parties involved. 4. Listing Price: The agreement states the desired sale or lease price set by the Principal for the property. However, it is important to note that the final sale or lease price is typically determined through negotiation with potential buyers or tenants. 5. Broker's Compensation: This section explains how the Broker will be compensated for their services. Compensation can be in the form of a fixed fee, a percentage of the final sale or lease price, or a combination of both. 6. Duties and Obligations: The agreement outlines the responsibilities of both the Principal and the Broker. The Principal is expected to provide accurate information about the property while the Broker is expected to market the property diligently, seek potential buyers or tenants, and represent the Principal's best interests. 7. Termination: The agreement includes provisions for termination, which may be triggered by various events such as the property being sold, lease expiration, or mutual agreement between the Principal and the Broker. While different variations and modifications of the Allegheny Pennsylvania Non-Exclusive Real Estate Brokerage Agreement may exist, the primary goal remains the same — to establish a working relationship between the property owner and the broker based on non-exclusive rights. Other types of brokerage agreements can include exclusive agreements, where the property owner grants sole rights to one broker for a specified period. It is crucial for both parties to thoroughly review and understand the terms of the agreement before signing to ensure a smooth and mutually beneficial real estate transaction. Seeking legal advice from an experienced real estate attorney is highly recommended ensuring compliance with Pennsylvania laws and regulations.