The Agreement Between Brokers For Residential Lease is essential when multiple real estate brokers collaborate to facilitate residential lease transactions in the United States. This document becomes necessary when one broker holds a listing agreement with a property owner/landlord and another broker represents potential tenants. The agreement clearly defines commission sharing arrangements, establishes professional responsibilities, and ensures compliance with state licensing requirements and federal regulations such as RESPA. It protects all parties' interests while promoting efficient cooperation in the residential leasing market.
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1. Parties: Identification of the cooperating brokers and their respective licenses
2. Background: Context of the agreement and purpose of cooperation
3. Definitions: Key terms used throughout the agreement
4. Scope of Cooperation: Details of how brokers will work together
5. Commission Split: Terms of compensation sharing between brokers
6. Term and Termination: Duration of agreement and termination provisions
7. Responsibilities: Duties of each broker in the relationship
1. Exclusivity: Terms of exclusive cooperation between brokers
2. Marketing Arrangements: Specific marketing responsibilities and cost sharing between brokers
3. Dispute Resolution: Mediation and arbitration procedures for resolving conflicts
1. Commission Schedule: Detailed breakdown of commission splits for different transaction types
2. Property List: List of properties covered by the agreement, if specific
3. Broker Licenses: Copies of current broker licenses
4. Insurance Certificates: Proof of professional liability insurance
Relevant legal definitions
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