Fergus CoBrokerageAgmt
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Transcript of Fergus CoBrokerageAgmt
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Michael J. Fergus, Realtor and Licensed AuctioneerDirect: (440) 221 7502 Fax: (440) 974 2345
CO-BROKERAGE AGREEMENTThis Co-Brokerage Agreement is entered into this _____ day of ____________, 20____ by and
between Prudential Fox & Roach and the Jeff Quintin Real Estate Super Team SuperTeam (PFRJ/QST) and
_________________________________ (Co-Broker).
BACKGROUND INFORMATION:
Co-Broker and ____________________ (Seller) are parties to a certain Exclusive Right to Sell Listing
Contract entered into on _______________________ regarding the real property located at
_____________________________ (the Property). Co-Broker and Seller wish to sell the Property through
a public auction, while maintaining their contractual relationship, and have agreed to engage PFR topromote and conduct the auction in cooperation with Co-Broker by and through Michael J. Fergus, licensed
auctioneer and real estate agent employed by PFR. Seller, by executing the Auction Addendum which modifes
the Exclusive Right to Sell Listing Contract, has consented to PRU and Co-Broker entering into this Agreement.
NOW, THEREFORE, in consideration o the Background Inormation and their mutual covenants containedherein, and or other good and valuable consideration, the receipt and sufciency o which are hereby ac-knowledged, the parties agree as ollows:
1. Co-Brokerage Established. PFR and Co-Broker agree to jointly market Sellers Property pursuant to the terms o the Exclu-sive Right to Sell Listing Contract as modifed by the Progressive Reserve Auction Addendum o event date herewith andthis Agreement.
2.Duration o Agreement. This Agreement shall take eect upon execution by the parties, and remain in eect until one othe ollowing events occurs: (a) the property is sold and the transaction closed; (b) an auction is conducted that ails toresult in the execution o a contract by Seller and a bona fde buyer or purchase/sale o the Property within 60 days ol-lowing the conclusion o the auction; (c) PFR ails to conduct the auction within 90 days ollowing the execution hereo; or(d) upon completion o legal action taken pursuant to paragraph 8, below.
3. Division o Commission. Co-Broker (Listing Broker) and Buyers Broker shall receive commission payments as stated inthe existing Listing Agreement. PFR shall be paid a Buyers Premium o 3% o the sale price. Such Buyers Premium shallbe paid by the buyer as part o the winning (accepted) bid and shall be paid rom proceeds at closing.
4. PFR Duties. PFR and the Licensed Auctioneer shall be identifed in all reasonable aspects o promoting and conduct-ing the real estate auction, including without limitation advertising, promotion, conduct o the auction, execution o thepurchase agreement by the Seller and winning bidder.
5. Co-Broker Duties. Co-Broker shall be responsible maintaining communications between the Seller, Co-Broker and PRU onall matters related to the auction transaction, but is not expressly required to do so. Co-Broker shall maintain the multiplelisting service listing and similar listing ormats, and shall modiy the inormation contained in such listings.
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Michael J. Fergus, Realtor and Licensed AuctioneerDirect: (440) 221 7502 Fax: (440) 974 2345
6. Reversion to Co-Broker upon Termination. Should this Agreement be terminated or any reason, PFR agrees that Sellershall be treated at all times as the client o the Co-Broker and its responsible agent, and shall make no eort to maintainan agency relationship with the Seller independent o the relationship previously established by the Co-Broker regardingthe sale o the Property, provided that PRUs duties under this paragraph 7 shall expire one year ollowing the terminationo this Agreement.
7. Deault by Third Party. Should the transaction envisioned by this Agreement result in a purchase/sale agreement that ailsto close through no ault o PRU or Co-Broker, or should the breach or wrongul act o any third party cause PFR and/or Co-Broker to be deprived o their commission or the sale o the Property, the parties agree to cooperate in pursuingappropriate legal action.
8. Restrictions on Assignment. Neither party, without the written consent o the other, may assign this agreement or any righthereunder to any third party, except that either party may assign this agreement to a successor entity. Any purportedassignment contrary to this provision will be void. This Agreement is binding on the successors and permitted assigns othe parties
9. Entire Agreement. This Agreement and the Exclusive Right to Sell Listing Contract as modifed by the Progressive ReserveAuction Addendum together constitute the entire understanding between the parties regarding the subject matter con-tained therein. Any modifcation shall be made in a writing signed by the parties.
PrUDeNtiaL, FOx & rOacH cO-BrOKer
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