CONTRACT OF SALE – An agreement to sell real estate that expresses the terms of sale. TERMINATION NOTE – The landlord or tenant`s announcement that they wish to terminate the lease and evacuate the property in accordance with the terms of the lease. LOCATION EXTENSION – An agreement to extend or extend the terms of a lease for more than the expiry date. In Section 34 of the Property, Stock – Business Agent`s Act 2002 (Law), an agent who shares commissions with another person must enter into a written agreement. This written agreement must contain the names and numbers of the licensees and list the means by which the Commission is distributed. Failure to comply with such a written agreement is a violation of the law and may therefore lead to criminal prosecution. In addition, the conjunction agreement is not applicable. AUCTION AGENCY AGREEMENT – An agreement that the seller must sign if a property is listed at auction. Details on the minimum price and cost of the auction, including advertising and brokerage commission. As a general rule, the condition implies that an agent has the exclusive right to sell the property for a period during and after the auction. Note: Regardless of the type of agreement reached – conjunction, referral or otherwise – commercial agents must ensure that they continue to meet their disclosure obligations under the Property Occupancy Act. EXCLUSIVE LISTING – If only one agent is designated for the sale or rental of a property under an exclusive agreement.
Under an exclusivity agreement, the designated agent is generally entitled to commissions resulting from a transaction related to the property, even if it is sold/leased by another representative or seller for the duration of the agreement. Also known as Exclusive Agency or A Single Agency. Many of us enter into real estate conjunction contracts throughout our time. For those who are not aware, a conjunction agreement is that the agent who holds the exclusivity agreement gives another agent the right to sell the property and accepts the division of the commission. One of the mistakes made by people who enter into conjunction agreements is the evidence of the exclusive agency contract. In other words, they do not verify whether the exclusivity agreement is valid. A conjunction agreement is only as strong as the exclusive agency agreement that underlies it.