Montgomery Village will negotiate with licensed real estate brokers and/or sales persons when it receives a written and signed statement by the Prospective Tenant showing that they are represented by a third party.
If the Prospective Tenant is represented by a broker and/or sales person than a commission will be granted if Landlord has not been in contact with the Prospective Tenant within the previous 12 month period.
If the negotiation is for a Lease Renewal for an existing Tenant, and the Tenant was not previously represented by a broker and/or sales person for the original negotiations, then a commission will be not be recognized.
A typical commission is payable as follows:
Three percent (3%) of the annual minimum rent over the initial lease term (or a maximum of five years).
One-half of the Commission will be paid upon the fully executed lease and the receipt of the Lease Deposit; the balance to be paid upon the receipt of Tenant’s first month’s rental obligations.