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Provide a template for a Real Estate Co-Brokerage Agreement

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Real Estate Co-Brokerage Agreement Template

This template is for a Real Estate Co-Brokerage Agreement in Kenya. It is a sample and should be reviewed by a qualified legal professional before use.

1. Introduction

This Real Estate Co-Brokerage Agreement ("Agreement") is made and entered into as of [Date] by and between [Broker 1 Name], a [State of Incorporation] [Type of Entity] with its principal place of business at [Broker 1 Address] ("Broker 1"), and [Broker 2 Name], a [State of Incorporation] [Type of Entity] with its principal place of business at [Broker 2 Address] ("Broker 2").

2. Purpose

This Agreement sets forth the terms and conditions under which Broker 1 and Broker 2 agree to cooperate in the sale of the real property located at [Property Address] ("Property").

3. Co-Brokerage Relationship

Broker 1 and Broker 2 agree to act as co-brokers in the sale of the Property. This means that both Brokers will work together to find a buyer for the Property and will share the commission earned from the sale.

4. Duties and Responsibilities

4.1 Broker 1

Broker 1 will be responsible for [List Broker 1 Responsibilities].
Broker 1 will provide Broker 2 with all necessary information about the Property, including but not limited to the listing agreement, property disclosures, and any other relevant documents.
Broker 1 will keep Broker 2 informed of all developments in the sale of the Property.

4.2 Broker 2

Broker 2 will be responsible for [List Broker 2 Responsibilities].
Broker 2 will provide Broker 1 with all necessary information about the Property, including but not limited to the listing agreement, property disclosures, and any other relevant documents.
Broker 2 will keep Broker 1 informed of all developments in the sale of the Property.

5. Commission

5.1 Commission Split

The commission earned from the sale of the Property will be split as follows: [State Commission Split Percentage].

5.2 Payment of Commission

The commission will be paid to Broker 1 and Broker 2 upon the closing of the sale of the Property.

6. Marketing and Advertising

Broker 1 and Broker 2 agree to cooperate in the marketing and advertising of the Property. Both Brokers will be responsible for [List Marketing and Advertising Responsibilities].

7. Confidentiality

Broker 1 and Broker 2 agree to keep confidential all information relating to the sale of the Property, including but not limited to the listing agreement, property disclosures, and any other relevant documents.

8. Termination

This Agreement may be terminated by either Broker upon [Number] days' written notice to the other Broker.

9. Governing Law

This Agreement will be governed by and construed in accordance with the laws of Kenya.

10. Dispute Resolution

Any dispute arising out of or relating to this Agreement will be settled by binding arbitration in accordance with the Arbitration Act, 1995.

11. Entire Agreement

This Agreement constitutes the entire agreement between Broker 1 and Broker 2 with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written.

12. Severability

If any provision of this Agreement is held to be invalid or unenforceable, such provision will be struck from this Agreement and the remaining provisions will remain in full force and effect.

13. Waiver

No waiver of any breach of this Agreement will be deemed a waiver of any subsequent breach.

14. Notices

All notices and other communications hereunder will be in writing and will be deemed to have been duly given when delivered personally, sent by certified mail, return receipt requested, or sent by overnight courier service, addressed as follows:

If to Broker 1: [Broker 1 Name] [Broker 1 Address]

If to Broker 2: [Broker 2 Name] [Broker 2 Address]

15. Binding Effect

This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

[Broker 1 Signature]

[Broker 1 Name]

[Broker 2 Signature]

[Broker 2 Name]

16. Case Laws

16.1 Case Law 1

Case Name: [Case Name]
Citation: [Citation]
Facts: [Facts of the Case]
Holding: [Holding of the Court]
Relevance: [Relevance of the Case to the Agreement]

16.2 Case Law 2

Case Name: [Case Name]
Citation: [Citation]
Facts: [Facts of the Case]
Holding: [Holding of the Court]
Relevance: [Relevance of the Case to the Agreement]

17. Sources

18. TLDR

This Real Estate Co-Brokerage Agreement outlines the terms and conditions for Broker 1 and Broker 2 to cooperate in the sale of the Property. It includes details on the co-brokerage relationship, duties and responsibilities, commission split, marketing and advertising, confidentiality, termination, governing law, dispute resolution, and other relevant provisions.

19. Conclusion

This Real Estate Co-Brokerage Agreement is a legally binding document that outlines the terms and conditions of the co-brokerage relationship between Broker 1 and Broker 2. It is important to carefully review this Agreement and seek legal advice from a qualified professional before signing.

Sample Real Estate Co-Brokerage Agreement

REAL ESTATE CO-BROKERAGE AGREEMENT

WITNESSETH:

WHEREAS, Broker 1 is the listing broker for the real property located at [Property Address] ("Property"); and

WHEREAS, Broker 2 desires to cooperate with Broker 1 in the sale of the Property;

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties agree as follows:

1. Co-Brokerage Relationship

2. Duties and Responsibilities

2.1 Broker 1

Broker 1 will be responsible for providing Broker 2 with all necessary information about the Property, including but not limited to the listing agreement, property disclosures, and any other relevant documents.
Broker 1 will keep Broker 2 informed of all developments in the sale of the Property.
Broker 1 will cooperate with Broker 2 in the marketing and advertising of the Property.

2.2 Broker 2

Broker 2 will be responsible for finding a buyer for the Property.
Broker 2 will provide Broker 1 with all necessary information about the buyer, including but not limited to the buyer's financial qualifications and any other relevant information.
Broker 2 will keep Broker 1 informed of all developments in the sale of the Property.

3. Commission

3.1 Commission Split