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.
Wayne Michigan Lease Provisions Relating to Brokers In Wayne, Michigan, lease provisions relating to brokers play a crucial role in safeguarding the interests of both landlords and tenants involved in lease agreements. These provisions outline the specific rights, responsibilities, and restrictions applicable to brokers throughout the leasing process. Brokers are licensed professionals who act as intermediaries between landlords and tenants, facilitating the negotiation and execution of lease agreements. There are several types of Wayne Michigan Lease Provisions Relating to Brokers, including: 1. Exclusive Listing Agreement: This provision grants a broker exclusive rights to represent the landlord in leasing their property. It ensures that only the designated broker can market and negotiate the property lease, preventing multiple brokers from presenting the same property to potential tenants. 2. Broker's Commission: This provision specifies the compensation owed to the broker for their role in successfully securing a tenant. The commission is typically calculated as a percentage of the lease value or a fixed fee agreed upon by the broker and landlord. It outlines when and how the payment should be made, whether it's due upon lease signing or in installments over the lease term. 3. Broker's Duties and Responsibilities: These provisions outline the obligations and responsibilities of brokers while representing both the landlord and tenant. It includes conducting property inspections, providing accurate information about the property, and adhering to ethical guidelines set by the Michigan Association of Realtors. 4. Termination or Extension of Broker Agreement: This provision discusses the circumstances under which the broker agreement can be terminated or extended. It may outline the notice period required for termination and any applicable penalties or fees associated with early termination. 5. Confidentiality and Non-Disclosure: This provision emphasizes the confidentiality obligations of brokers. It ensures that brokers handle sensitive information, such as landlord financials or tenant business strategies, with utmost confidentiality and refrain from disclosing them to third parties without permission. 6. Indemnification: This provision addresses liability and indemnity between the landlord and broker. It clarifies that the broker shall not be held responsible for any claims, damages, or losses incurred due to the actions or omissions of the landlord or tenant during the leasing process. Overall, Wayne Michigan Lease Provisions Relating to Brokers aim to establish clear guidelines, protect the interests of all parties involved, and promote transparency and professionalism in the leasing process. It is essential for landlords and tenants to review these provisions carefully and consult legal professionals to ensure compliance and a smooth leasing experience.Wayne Michigan Lease Provisions Relating to Brokers In Wayne, Michigan, lease provisions relating to brokers play a crucial role in safeguarding the interests of both landlords and tenants involved in lease agreements. These provisions outline the specific rights, responsibilities, and restrictions applicable to brokers throughout the leasing process. Brokers are licensed professionals who act as intermediaries between landlords and tenants, facilitating the negotiation and execution of lease agreements. There are several types of Wayne Michigan Lease Provisions Relating to Brokers, including: 1. Exclusive Listing Agreement: This provision grants a broker exclusive rights to represent the landlord in leasing their property. It ensures that only the designated broker can market and negotiate the property lease, preventing multiple brokers from presenting the same property to potential tenants. 2. Broker's Commission: This provision specifies the compensation owed to the broker for their role in successfully securing a tenant. The commission is typically calculated as a percentage of the lease value or a fixed fee agreed upon by the broker and landlord. It outlines when and how the payment should be made, whether it's due upon lease signing or in installments over the lease term. 3. Broker's Duties and Responsibilities: These provisions outline the obligations and responsibilities of brokers while representing both the landlord and tenant. It includes conducting property inspections, providing accurate information about the property, and adhering to ethical guidelines set by the Michigan Association of Realtors. 4. Termination or Extension of Broker Agreement: This provision discusses the circumstances under which the broker agreement can be terminated or extended. It may outline the notice period required for termination and any applicable penalties or fees associated with early termination. 5. Confidentiality and Non-Disclosure: This provision emphasizes the confidentiality obligations of brokers. It ensures that brokers handle sensitive information, such as landlord financials or tenant business strategies, with utmost confidentiality and refrain from disclosing them to third parties without permission. 6. Indemnification: This provision addresses liability and indemnity between the landlord and broker. It clarifies that the broker shall not be held responsible for any claims, damages, or losses incurred due to the actions or omissions of the landlord or tenant during the leasing process. Overall, Wayne Michigan Lease Provisions Relating to Brokers aim to establish clear guidelines, protect the interests of all parties involved, and promote transparency and professionalism in the leasing process. It is essential for landlords and tenants to review these provisions carefully and consult legal professionals to ensure compliance and a smooth leasing experience.
