Co Brokering Agreement

Co Brokering Agreement

However, following subsequent written communications, Monopoly Realty and World Business Brokers signed a co-brokerage agreement for the sale of the property. The brief written agreement stipulated that World Business Brokers would receive half of the commissions that Monopoly Realty earns from the sale of the property in question. In return for the agreement, World Business Brokers Monopoly Realty provided information that the property was for sale. The court found that the agreement had been concluded in writing and that it appeared to reflect the entire agreement between the two officers. It is also stated that “if the parties voluntarily set out their commitment in writing, in the sense that they communicate a legal obligation without uncertainty as to the object or scope of their mission, they consider consistently that the entire commitment and the extent and manner in which they commit themselves are recorded in the written pleading. No other language is allowed to show what they thought or envisioned… Complex commercial real estate transactions may require an experienced real estate agent who takes time and effort to bring about a sale. If a cooperating broker is involved, the rules of co-brokerage should be clear from the outset. While this may be the obvious, take the time to reduce yourself to writing down everything that is expected to be part of a co-brokerage agreement if you agree to share a commission with another agent. In the event of a dispute, a court cannot read implied terms in it. However, the court found that the contract between Monopoly Realty and World Business Brokers, although a “bad deal” for Monopoly Realty, was binding and enforceable on all parties. It also found that the co-brokerage contract was supported by appropriate consideration (the information that the property was for sale) and that it could not have been terminated by Monopoly Realty after receiving the information. The Court of Justice found that World Business Brokers had fulfilled its obligation under the contractual conditions and that the contract was therefore enforceable. This is apparently the extent to which World Business Brokers participated in the operation.

Monopoly Realty has accomplished all the typical sales representative tasks without the additional support of World Business Brokers….