If you own commercial real estate, you could have a number of issues to take into consideration if you decide to sell or lease your property. Sometimes, commercial real estate owners turn to a broker for assistance with regard to selling commercial property. Before signing a brokerage agreement, you need to go over a number of issues. Make sure you safeguard your interests, carefully go over the terms of the agreement and consider action in the event of a contract breach.
When it comes to legal matters involving commercial real estate, taking the right course of action can have a significant impact on your finances and stress levels.
What is a brokerage agreement?
According to the Florida Legislature, a brokerage agreement is a written contract involving a commercial real estate owner and a broker. Under such an agreement, a broker provides certain services, such as aiding in the sale of commercial property. These contracts require commercial property owners to pay a commission to brokers for their services.
What should you go over before signing a brokerage agreement?
Before you sign a brokerage agreement, it is vital to carefully review the details of the contract and make sure that you protect your interests. Sometimes, these contracts are very complex, and commercial real estate owners do not thoroughly understand certain terminology or details of the agreement. If you have any questions or concerns, make sure you address these issues before signing.
Moreover, if you believe that a breach of contract has taken place, you need to immediately take a look into your options.