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Why "TENANTS" Need Written Tenant Representation Agreements!

...because only with a written representation agreement can a real estate broker or advisor represent the interests of a tenant or a buyer!  Absent a written agreement clearly stating that the broker represents the tenant or buyer, under common law the broker likely has an...

By Andrew B. Zezas | Updated on October 06, 2009

…because only with a written representation agreement can a real estate broker or advisor represent the interests of a tenant or a buyer!  Absent a written agreement clearly stating that the broker represents the tenant or buyer, under common law the broker likely has an obligation to protect the interests of the landlord or seller.   That’s right!   This is true even if the landlord or seller already has a broker representing it!

What corporate executive in his or her right mind would work with a real estate broker whose job is to negotiate against the executive’s company?  Besides, don’t landlords engage brokers via written agreements?  Don’t companies engage executives via written employment agreements?  Employment agreements, representation agreements, and the like serve, among others, one very important purpose…they set down the terms of a relationship between employer and employee, service provider and client, or otherwise.  So, why wouldn’t a company “employ” its broker or advisor, especially given the risks of not doing so? 

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