Date: July 5, 2022Attorney: Lawrence C. Weiner
- Any Exclusive Listing Agreement should cover both a sale and a lease. Deals change and you want to be protected for either scenario.
- The Exclusive Listing Agreement must have a definitive end date and cannot contain automatic renewals.
- As to payment of the commission on a sale, include language that the commission will be paid at closing out of the sale proceeds. This will protect your ability to claim an equitable lien on such proceeds.
- The Exclusive Listing Agreement should contain an attorneys’ fees clause and a default interest clause.
- Make sure that there is a provision that requires the owner to refer you any contacts, interest, inquiries, etc. concerning the property and that all negotiations are to be through you, the Broker.