Commercial Property Listing Agreement

Commercial Property Listing Agreement

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This problem may be ripe for litigation after the agreement is concluded, so it is important to carefully consider these issues and develop a certain language. Many information agreements require the seller to provide written information about the property, and some provide for the seller to give information or assurances or guarantees as to the condition of the property. Both of these provisions could cause problems for the seller. For example, the language that the seller provides “all documents relating to the property” is too broad and could lead to potential liability of the seller if the seller does not accidentally disclose the documents contained in his possession. Such language could also be interpreted so that the seller provides documents held by the seller`s lawyers, engineers or management companies. Some listing agreements contain language that can be read in such a way that it creates an implicit obligation for the seller to accept an offer when it reaches list price or to continue in an economically reasonable manner during the sales process. The seller should object to this type of language and indicate in the listing agreement that the seller is free to accept or refuse any buyer, to accept or refuse conditions, to terminate, to conclude or not to conclude a contract and to act in any way with regard to the sale of the goods, as the seller wishes at his discretion. Listing agreements are usually for a set period of time (or at least from the owner`s point of view should be!) . . . .