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Fergus CoBrokerageAgmt

Fergus CoBrokerageAgmt

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Published by: info2675 on Dec 22, 2011
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12/22/2011

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Michael J. Fergus, Realtor
®
and Licensed Auctioneer
Direct: (440) 221 7502 Fax: (440) 974 2345
mikefergus1@gmail.com
CO-BROKERAGE AGREEMENT
This Co-Brokerage Agreement is entered into this _____ day of ____________, 20____ by andbetween 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 ListingContract entered into on _______________________ regarding the real property located at_____________________________ (the “Property”). Co-Broker and Seller wish to sell the Property througha 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, licensedauctioneer and real estate agent employed by PFR. Seller, by executing the Auction Addendum which modifesthe Exclusive Right to Sell Listing Contract, has consented to PRU and Co-Broker entering into this Agreement.
NOW, THEREFORE,
in consideration o the Background Inormation and their mutual covenants containedherein, and or other good and valuable consideration, the receipt and sufciency o which are hereby ac-knowledged, the parties agree as ollows:
1. Co-Brokerage Established. PFR and Co-Broker agree to jointly market Seller’s 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 eect upon execution by the parties, and remain in eect until one othe 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 Buyer’s Broker shall receive commission payments as stated inthe existing Listing Agreement. PFR shall be paid a Buyer’s Premium o 3% o the sale price. Such Buyer’s 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 modiy the inormation contained in such listings.

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