Multiple Listing Agreement
Residential Listing — Terms of Business
Residential Listing — Terms of Business
In consideration of the services to be rendered by you as set out herein, I the undersigned ("Seller/Landlord") hereby authorize, instruct, and employ you "the Broker" solely and exclusively to negotiate a Sale/Rental of the Property ("the Property") described hereinabove or the shares in a Company whose main asset is the property for the price stated on the listing, on the terms and conditions stated herein or such other price as the Seller/Landlord may from time-to-time fix in writing.
The Broker is hereby appointed for the period stated on the listing from the date of this Agreement and thereafter, until revoked by the Seller/Landlord giving thirty (30) days' written notice to the Broker. If no time period is specified this agreement shall remain in effect indefinitely until the property has been rented/sold or until revoked by the Seller/Landlord. The Seller/Landlord acknowledges having read this Agreement before signing it and agrees to the terms herein, and confirms receipt of a copy of the Agreement.
4.01 Commission Rate Structure: The Seller/Landlord agrees to pay the Broker a commission for their services at the following rates.
On Sales: (a) the commission percentage selected on the listing of the total sale price; (b) the Broker, at their discretion, may negotiate on the commission percentage but no less than 3% of the total sale price.
On Rentals: (a) an amount equal to the first month's rent on rentals of one year and over; (b) an amount equal to the first month's rent on month-to-month rentals of indeterminate length; (c) an amount equal to one and a half month's rent on rentals of three or more years; (d) 10% of the total rent payable for the period of a fixed term rental with an upper limit of one month's rent — if the fixed term is extended, the Broker is entitled to additional commission to make up such 10% commission commensurate with the extended term; (e) on renewal of leases of one year or more, the commission will be equivalent to half a month's rent.
4.02 Commission Entitlement: The Commission will be payable based on the Commission Rate set out above on: (a) the Seller entering into an Agreement for Sale (or Share Sale Agreement) for the sale of the Property; (b) the Landlord entering into a Tenancy/Lease Agreement for rental of the Property, whether procured by the Broker, another member of AREA, the Seller/Landlord, or any other party; (c) a contract being entered into by the Seller/Landlord within one hundred and eighty (180) days after termination of this Agreement for the sale or exchange of the Property, or forty-five (45) days after termination for rentals, if upon such termination the Broker or another Member of AREA has (i) shown or negotiated the sale/rental of the Property, and (ii) notified the Seller/Landlord in writing of the names of all such persons so shown or with whom negotiations took place.
4.03 If the sale is not completed for any reason whatsoever and the Vendor forfeits the deposit, the Broker shall be entitled to the commission that would have been payable on completion of the sale at the time of forfeiture.
4.04 The Seller/Landlord agrees that, in the event of an exchange, the Broker may negotiate for and also receive commission from the other party involved in the exchange.
4.05 If the sale/exchange/rental is not completed for any reason whatsoever, the Broker shall be entitled to the commission payable on the sale/exchange/rental at the time of forfeiture.
4.06 If the Seller/Landlord enters into a rental agreement with an option to purchase, the Broker's commission for rentals shall be payable upon the earlier of receipt of the first month's rent or execution of the rental agreement. Should the option to purchase be exercised, a sales commission is payable less any rental commission already paid.
4.07 The sales commission is payable on the total sale price including any furniture, appliances, fixtures and/or fittings shown in the Inventory of Chattels which form part of the sale.
4.08 Where the rental agreement specifies that part of the price is payable for services or amortization of tenant improvements, a commission is payable on the total price including such services.
4.09 Should the Property be listed for rent and, during the period of this agreement, the Seller/Landlord accepts an offer to buy the Property, a sales commission will be payable as stated herein, and vice versa.
4.10 The Broker is entitled to deduct his full commission, in the case of a sale, from the deposit, and in the case of a rental, from the first month's rent, unless the deposit is held in escrow pursuant to Clause 5.00.
4.11 Should the Rental Agreement be terminated by either party prior to the expiry of the contracted term, the Broker shall be entitled to retain his commission notwithstanding such termination.
It is recommended, in the case of a sale, for the protection of the parties involved, that the deposit be held in Escrow by either the Broker or the Seller's Attorney-at-law until completion, or at least until the title is cleared and the Buyer's ability to comply with the agreement is assured. Any interest earned on the deposit shall be for the account of the party entitled to the deposit.
6.01 In consideration of the grant of this Exclusive Listing, the Broker agrees to: (a) make diligent efforts to procure a buyer/tenant; (b) advertise the Property as the Broker deems necessary on various media platforms; (c) distribute a copy of the listing through AREA's Multiple Listing Service to all eligible Members and assist them in closing a deal on request; (d) keep the Seller/Landlord informed as to progress towards consummation of a deal.
6.02 With regard to Clause 6.01(a & b), the Seller/Landlord agrees that, if the listing agreement is cancelled before the agreed listing period, they will reimburse the Broker for advertising expenses incurred in marketing the listing.
6.03 In consideration of the above services, the Seller/Landlord agrees that the Broker shall have access to the Property to show it to prospects at any reasonable hour, and will refer to the Broker all inquiries from other parties interested in the Property.
6.04 The Broker is not responsible for the custody, management, maintenance, or repair of the Property and shall not be liable for any loss, destruction or damage to the Property or its fittings, fixtures, equipment and furnishings, howsoever caused, save for gross negligence on the part of the Broker or his employees.
6.05 The Seller/Landlord understands that this agreement does not guarantee the Sale/Rental of the Property, but does guarantee that the Broker will make an earnest and continued effort to Sell/Rent the Property until this agreement is terminated.
7.01 The Seller/Landlord warrants that the information contained herein and all other information supplied is accurate in all respects, and that they are the owner of the Property or have the authority to enter into this agreement on behalf of the owner.
7.02 The Seller/Landlord warrants that they (or the owner on whose behalf they act) have a good marketable title to the Property so as to enable it to be conveyed, transferred or assigned to the buyer free and clear from all liens, charges and encumbrances except those listed on the form, and with the benefit of any right of way necessary for access subject only to such conditions as appear in the deed vesting the Property in the owner.
8.01 The Broker is not responsible for verifying good and marketable title or ownership of the Property, and the Seller hereby exonerates the Broker from any claims, demands, suits, actions, costs and liabilities in respect of any defect in title relating to the Property or any part thereof.
9.01 Any dispute or difference of any nature between the parties arising pursuant to this Agreement shall be submitted to mediation by the Dispute Resolution Centre at Columbus Circle, Westmoorings ("the Centre") within seven (7) days of one side giving written notice to the other of such dispute and the intention to refer it to mediation. A reference to mediation shall not prejudice the rights of the parties, and the cost shall be borne or fully paid by order of the Centre.
10.01 The Seller/Landlord agrees to fully indemnify the Broker for all actions, proceedings, claims, costs, losses or expenses incurred due to a breach of this Agreement or non-observance of its covenants by the Seller/Landlord.
11.01 Words in the masculine include the feminine or neuter, and words in the singular include the plural.
11.02 No variation of these terms will be valid unless confirmed in writing by both parties on or after the date of this Agreement.
11.03 If any term of this Agreement is held invalid or unenforceable by a court of competent jurisdiction, the remainder of the Agreement will remain in full force and effect as if such term had never been included.
11.04 This Agreement terminates and supersedes all prior understandings or agreements on the subject matter hereof, and may be modified only by a writing duly executed by both parties.
11.05 This Agreement shall be governed by, construed, interpreted and applied in accordance with the Laws of the Republic of Trinidad and Tobago.
11.06 By typing your full legal name below and submitting this Agreement, you acknowledge that your typed name constitutes your electronic signature and that you agree to be legally bound by the terms and conditions of this Agreement, with the same force and effect as if you had signed it by hand.
By checking the acknowledgement box, the Seller/Landlord confirms they have the authority to enter into this Agreement and have fully read and understood the terms and conditions contained herein.