If A Broker Is Indemnified By The Seller In A Listing Agreement The Broker Is Protected From

» Posted by on Dec 10, 2020 in Uncategorized | 0 comments

The list agreement should be clear that the broker is solely responsible for all compensation, fees, expenses and brokerage commissions, if any, due to cooperating brokers, agents or collectors who have been hired by the broker on a cooperative basis or who have participated in the acquisition or representation of a buyer of the property. The agreement should also establish that the seller assumes no responsibility for compensation, fees, expenses and brokerage commissions. The seller should only be responsible for the commission of his broker, not to exceed an agreed percentage in the sum. Perhaps the most difficult provision that can be negotiated in a listing agreement is the compensation provision. The real estate agent does not want to resurrect anyone as part of his efforts to market the seller`s property. As a result, many listing agreements contain a very comprehensive compensation provision that requires the seller to compensate the broker in the event that a claim against the broker is invoked in some way in relation to the real estate or the broker`s efforts to market the property. While this is understandable from the broker`s point of view, the seller will not want to be responsible for the behaviour of anyone except his own and the seller will only want to be responsible for his conduct, which is negligent or violates his obligations under the listing agreement or constitutes a delay. Many listing agreements require the seller to provide written information about the property and some provide that the seller gives directions or insurance or guarantees regarding the condition of the property. Both of these provisions could cause problems for the seller.

For example, the language that the seller makes available “all ownership documents” is too broad and could lead to possible liability of the seller if the seller does not accidentally divide the documents he did not disclose in his possession. Such a language could also be interpreted as allowing the seller to provide documents held by lawyers, engineers or seller management companies. And in the absence of an explicit characterization, the seller could be held liable if some of the documents, including those produced by third parties, contain false or false information. If the broker is not prepared to completely remove any obligation on the seller to provide documents, the seller should limit the requirement to the use of the seller`s “good faith efforts” to provide documents and provide that the seller`s obligation relates only to documents “in the seller`s possession.” The listing agreement should also provide that the broker must, at his own risk and peril, rely on all these documents and their contents. By law, list agreements must have a fixed term, including a specified expiry date. So what if, because of the realtor`s marketing efforts, a buyer brings a full price offer to the seller only days or weeks after the offer? To protect brokers in this case, most list agreements have a safeguard clause called “broker,” also known as an “extension clause” or “tail determination.” The broker`s safeguard clause provides that if the owner has obtained contracts to sell the property with a buyer who was obtained by the broker within a specified period after the list expires (e.g.B. 90 days), then the full commission is due.

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