The exchange brokerage agreement is a legal agreement during the purchase of a real estate property between the buyer and your broker. A broker is a third person who works on behalf of either buyer or seller. Sometimes brokers can work on behalf of both buyer and seller at the same time, thus acting as a dual agent. The purpose of the brokerage agreement is efficient communication between the broker and the buyer.
What details should be mentioned in the exchange brokerage agreement?
Here are mentioned some details that should be mentioned in the exchange brokerage agreement.
- Complete name and details of the broker or agent.
- Detail and description of the industry and business.
- The services or goods for the deal or agreement are being done.
- Mention if the party requesting the services of the broker is the buyer or a seller.
- Mention any qualification or certification required for the broker according to the operating or working place.
- Address the details of the broker's fee and duties.
- Mention whether a commission is specified to the broker or a special transaction is needed.
- Define the role of the broker in the negotiation of a business deal.
- Mention the duration of the contract.
- Describe and mention the circumstances under which the contract may be terminated.
- The exchange brokerage agreement should end with the signatures of both parties.
- The agreement should be kept in record for the agreement duration and even after the termination of the contract.
Exchange Brokerage Agreement:
Here is attached a sample Exchange Brokerage Agreement for your help and needs.
This Exchange Agreement / Brokerage Arrangement “Agreement” is made and effective by date.
Between "OWNER" and the "BROKER"which OWNER desires to exchange for:
Like kind property, with no more than $_____(________________& ___/100 dollars) boot required to be paid by OWNER, and no more than $_____(_____________&___/100 dollars) boot to be received by OWNER. The transaction procured by BROKER shall qualify ...n as follows.
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