Brokerage Agreements (Commercial Real Estate)
A Practice Note discussing key considerations when engaging a real estate broker or agent for the sale or lease of commercial real estate. This Practice Note explores the qualifications and licensing requirements for brokers, the agency relationship between brokers and property owners, and the various types of brokerage agreements, including exclusive and non-exclusive arrangements. It discusses the broker's role in marketing and negotiating property transactions while emphasizing the importance of written agreements to avoid disputes over commissions. Additionally, this Practice Note examines key terms of brokerage agreements such as broker fees, duties, protection periods, and using co-brokers and cooperating brokers, provides negotiating guidance for property owners. It also addresses dual agency considerations and broker lien rights.
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