In a real estate transaction involving the lease or sale of commercial property, a real estate broker will typically play a significant role in the transaction. The broker’s compensation for the completed transaction depends upon the type — and terms — of the agency agreement executed between the broker and the property owner.
One of the most common types of agency agreements is an exclusive listing contract, which generally provides that the broker will receive a commission if the transaction sought is completed within a specified time period. The purpose of such an agreement is to motivate the broker to complete the transaction quickly and for the highest price possible. If the transaction is not completed within the time stated in the contract, the parties can choose either to part ways or to extend the term of the contract for an additional period of time.
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