OPEN LISTING: Lawrence B. Stone Properties, LLC; “LBS,” desires to work with all licensed real estate brokers in regards to its available “For Sale” properties. Subject to the terms and conditions of this policy, LBS will pay a commission to any broker whose direct services result in the sale of an LBS property.
LBS reserves the right to withdraw any property from the market. LBS reserves the right to negotiate and solicit directly with unregistered prospective tenants. LBS may refuse any offer from a perspective buyer for any lawful reason which it believes sufficient.
REGISTRATION OF PROSPECTIVE BUYER: To be eligible to receive a commission for any sale, a broker must have completed and delivered to LBS the attached registration form with respect to such prospective purchaser. Each registration form must be signed by the prospective buyer and the broker. The written acceptance of a registration form by LBS shall establish an open listing between LBS and the broker for the sale of the property outlined in the registration form to the prospective buyer named in the registration for a period of ninety (90) days from the date of LBS’s signature on the registration form. A registration may be extended for additional periods up to ninety (90) days by the broker’s submission and LBS’s approval of a new registration form.
If LBS receives an inquiry from a second, i.e. competing, broker to register the same prospective tenant with respect to the same property during the registration period of the original broker, LBS will reject such registration unless the prospective tenant has completed the competing broker’s registration and has notified LBS, in writing, that it has cancelled its relationship with the previously registered broker.
If a purchase and sale agreement has not been executed by a registered prospective buyer before the expiration of the registration period or before the termination of a broker’s representation of the prospective buyer, LBS shall have no further obligation to that broker with respect to any sale to said prospective buyer. Upon such expiration or termination, LBS or a competing broker may negotiate with the prospective buyer named in the expired or cancelled registration to secure an acceptable agreement.
CONDITIONS TO PAYMENT OF A COMMISSION: A broker shall be entitled to receive, and LBS shall be obligated to pay, a commission only when all of the conditions of this commission policy have been satisfied:
The Buyer and LBS have each agreed to a mutually agreeable purchase amount and have executed and delivered a binding and enforceable purchase and sale agreement (the “Agreement”) for LBS property;
The buyer has approved of any plans and specifications for any building or improvements, and all conditions precedent, due diligence and obligations have been satisfied; and
The transaction has been funded and recorded as required for Closing in the State with which the transaction takes place.
AMOUNT OF SALE COMMISSION: The amount of the commission payable upon fulfillment of the above conditions related to a lease shall be three percent (3%) of the sales price for the first Seven Hundred Fifty Thousand Dollars ($750,000.00), two and half percent (2.5%) for the next range of Seven Hundred Fifty Thousand One Dollars to One Million Five Hundred Thousand Dollars ($750,001.00 to $1,500,000.00), then two percent (2%) for the portion in excess of One Million Five Hundred Thousand One Dollar ($1,500,001.00 +^). The commission calculator below can be used by entering the entire transaction amount and it will provide a combined commission percentage total. The foregoing commission schedule does not apply to new build-to-suit projects, as to which commissions are negotiable. When all conditions to payment of a commission have been completed, broker shall submit invoice and LBS shall pay broker the earned commission.
|Sale Price of Property||Commission|
|$0 – $750,000||3.00%|
|$750,001 – $1,500,000||2.50%|
BROKER’S AUTHORITY: Upon full execution of a registration form by the broker, the prospective buyer, and by LBS, broker is authorized to show and/or present the described LBS property, including improvements thereto, to the prospective buyer and may discuss pricing, terms, or other conditions they believe would be appropriate; however, broker shall have no authority to bind LBS to any purchase price, terms, or other sale conditions.
RESOLUTION OF DISPUTES: In the event competing claims are made against LBS for all or any portion of a commission in connection with any lease, LBS may either: (a) defer payment until the competing claims have been resolved, (b) pay the amount of any commission due into court pending final resolution of the competing claims, (c) decline to pay if all conditions have not been satisfied, or (d) mediate under the commercial arbitration rules of the American Arbitration Association. In no event shall LBS be obligated to pay more than one commission for any lease or sale.