Hi, 1) 9 month duration [[ is a 9 month exclusive normal or is it usually 6 months? ]] 2) "within 3 bus days of the expiration date, we shall deliver to you, in writing a list of no more than 6 prospective purchasers and 6 propective tenants who inspect the property during the term of the exclusive agreement. if within 90 days after the expiration date, a contract is signed to sell the property to... [more]
Hi,
1) 9 month duration
[[ is a 9 month exclusive normal or is it usually 6 months? ]]
2) "within 3 bus days of the expiration date, we shall deliver to you, in writing a list of no more than 6 prospective purchasers and 6 propective tenants who inspect the property during the term of the exclusive agreement. if within 90 days after the expiration date, a contract is signed to sell the property to a purchaser on said list, then xxxx shall be entitled to the commision provided for in paragraph 5 of this agreement.
[[ is this normal? ]]
3) In our effort to effect a satisfactory sale, we are autohrized by you to invite, at our own discretion, the cooperation of other license real estate brokers and to work with them on a cooperating basis for the sale of the above property.
[[ Does this mean that they can pick and choose who they want to work with? ]]
should i be crossing out any of these things? there was no mention of things they would do like open houses, pictures, brochures etc, is that normally in these agreements?
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Response by MRussell
over 15 years ago
Posts: 276
Member since: Jan 2010
1. The norm is 6 months. At the end of six months I would request another 6 month extension if it hadn't sold.
2. This is normal, but I've never heard tenants being included in that mix since they are also prospective purchasers.
3. That sounds like they can have their fellow brokers (I'm assuming at the same firm) show the apartment. Typically I let the owner know exactly who will be showing the apartment as well as introduce them to the owner. The reason for this is because sometimes there are people that only do showings or are the assistant to the broker who would be doing the showings.
Our standard agreement briefly mentions that we will do advertising in certain magazines and on websites, but does not mention open houses. You could request that that be put in the agreement if you wanted, but if your broker really wants to sell the apartment they would probably do it without being explicitly told to do so.
(Matthew Russell - Brown Harris Stevens)
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Response by generalogoun
over 15 years ago
Posts: 329
Member since: Jan 2009
A contract is an agreement between parties. If you are one of the parties, you can add or subtract whatever you like. If the other side doesn't agree, there are about 8,000,000 realtors in New York City and at least one of them ought to be willing to deal with you on your terms. (In what other market does an agent dictate terms to the principal? Only in Manhattan!) If you're not sure what's in your best interest, you could ask your lawyer, or ask friends and colleagues about their experiences and what worked for them. I've never signed this kind of contract exactly as it was presented to me because the brokers write it to benefit themselves, not you.
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Response by gcondo
over 15 years ago
Posts: 1111
Member since: Feb 2009
I would want a month to month contract so you have some control over them.
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Response by snezan
over 15 years ago
Posts: 73
Member since: May 2009
Speaking as a broker, for a rental, a month is fine. for a sale, I would allow no more than 3 months. This is New York after all.
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1. The norm is 6 months. At the end of six months I would request another 6 month extension if it hadn't sold.
2. This is normal, but I've never heard tenants being included in that mix since they are also prospective purchasers.
3. That sounds like they can have their fellow brokers (I'm assuming at the same firm) show the apartment. Typically I let the owner know exactly who will be showing the apartment as well as introduce them to the owner. The reason for this is because sometimes there are people that only do showings or are the assistant to the broker who would be doing the showings.
Our standard agreement briefly mentions that we will do advertising in certain magazines and on websites, but does not mention open houses. You could request that that be put in the agreement if you wanted, but if your broker really wants to sell the apartment they would probably do it without being explicitly told to do so.
(Matthew Russell - Brown Harris Stevens)
A contract is an agreement between parties. If you are one of the parties, you can add or subtract whatever you like. If the other side doesn't agree, there are about 8,000,000 realtors in New York City and at least one of them ought to be willing to deal with you on your terms. (In what other market does an agent dictate terms to the principal? Only in Manhattan!) If you're not sure what's in your best interest, you could ask your lawyer, or ask friends and colleagues about their experiences and what worked for them. I've never signed this kind of contract exactly as it was presented to me because the brokers write it to benefit themselves, not you.
I would want a month to month contract so you have some control over them.
Speaking as a broker, for a rental, a month is fine. for a sale, I would allow no more than 3 months. This is New York after all.