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What is a Real Estate Consulting Agreement?
A real estate consulting agreement is a contract between two real estate parties where one party agrees to provide services and the other party agrees to pay. The payment amount will depend on the nature of the service and who requested it.
A consultant can be hired by an individual or business owner looking for advice in areas, including leasing property or selling goods overseas. If a party considers hiring someone as a real estate consultant, they must establish a well-written agreement before signing anything.
Common Sections in Real Estate Consulting Agreements
Below is a list of common sections included in Real Estate Consulting Agreements. These sections are linked to the below sample agreement for you to explore.
Real Estate Consulting Agreement Sample
If
to Bedminster:
|
The
Whitetail Group, LLC
|
Bedminster
Capital Corp.
|
By /s/
|
By
/s/
|
Name:
Gerald P. McBride, Jr.
|
Name:
Paul Patrizio
|
Title:
Managing Member
|
Title:
President.
|
Date:
March 1, 2007
|
Date:
March 1, 2007
|
1. |
Solicit
from the market proposed transactions that meet the investment criteria
of
the Client.
|
2. |
Proceed
with a review of the proposals, meet with the seller and/broker to
obtain
data and financial information on the proposed
transaction.
|
3. |
Prepare
and submit to the Client a term sheet on the proposed transaction.
|
4. |
Meet
with Client to seek preliminary approval of a proposed transaction,
subject to due diligence and final approval from the Board of Directors
of
the Client.
|
5. |
Cause
the execution of a purchase agreement, subject to due diligence and
final
approval by the Board of the
Client.
|
6. |
Retain
on behalf of the owner such professionals and acquire such services
as are
reasonably necessary to perform due diligence. These services include,
but
are not limited to: legal services, engineering, independent appraisers,
environmental experts, title insurance
etc.
|
7. |
Negotiate
a proposed agreement with the Seller after due
diligence.
|
8. |
Identify
appropriate financing and negotiate terms and conditions of
financing.
|
9. |
Coordinate
loan application.
|
10. |
Submit
the final proposed contract for approval by the Board of
Directors.
|
11. |
Coordinate
and proceed with the closing.
|
12. |
Post
closing review of closing
documents.
|
13. |
Selection
of appropriate property management.
|
14. |
Retain
property manager and transfer of documents and information to the
property
manager.
|
15. |
Transfer
to owner of closing documents, with a report on the completion of
the
transaction.
|
1. |
At
closing, a fee of 1.5% on the purchase price of the
property.
|
1. |
Obtain
and review financial information on the property as provided by the
Client.
|
2. |
Identify
lenders for the proposed refinancing of the
property.
|
3. |
Prepare
an appropriate term sheet to solicit proposals from
lenders.
|
4. |
Negotiate
with the lender(s) terms and conditions for the proposed new
loan.
|
5. |
Submit
for approval a term sheet for the new
loan.
|
6. |
Coordinate
the flow of information and data requested by the
lender.
|
7. |
Retain
on behalf of the Client (and at Client expense) professional services
and
other services required to proceed with closing, including but not
limited
to legal services.
|
8. |
Coordinate
the closing.
|
9. |
Transfer
to owner of closing documents, with a report on the completion of
the
transaction.
|
1. |
Upon
closing, a fee of 0.75% of the gross amount of the
refinancing.
|
1. |
Define
lease renewal and lease-up strategies on behalf of the owner and
submit
its views to the Board of Directors.
|
2. |
Prepare
a comprehensive market assessment of the rental market and draft
a term
sheet for the spaces or properties offered for lease or lease
renewal.
|
3. |
Select
appropriate real estate brokers and negotiate terms and conditions
of
brokerage agreements.
|
4. |
Prepare
information and documentation necessary for brokers to operate
effectively.
|
5. |
Assist
brokers in the showing of the property, including, where necessary
participate in the preparation of
brochures.
|
6. |
Qualify
the prospective renters to include amongst other means, credit checks
and
assessment of referrals.
|
7. |
Retain,
where appropriate, legal counsel to prepare proposed leases. At its
discretion and depending on the circumstances, Whitetail may use
standard
leases without the use of legal
counsel.
|
8. |
Seek
prior approval of leases from the Board of
Directors.
|
9. |
Cause
and coordinate the closing of
leases.
|
10. |
Coordinate
the transfer of lease information and documentation to the property
manager.
|
1. |
In
the event of a lease renewal, a fee equal to 0.5% of the gross rent,
paid
out monthly, over the term of the
lease.
|
2. |
In
the event of a lease with a new tenant, a fee equal to 1.25% of the
gross
rent, paid monthly over the term of the lease.
|
1. |
Obtain
and review financial information on the property as provided by the
Client.
|
2. |
Prepare
a sale brochure and term sheet for the
property.
|
3. |
Seek
preliminary approval for the sale of the property by the
Client.
|
4. |
Identify
appropriate broker and negotiate a brokerage
agreement.
|
5. |
Represent
the Client in the sale process to include participation in site visits
by
potential buyers and provide them with all documents requested and
required by the potential buyers and their lenders to proceed with
the
proposed transaction.
|
6. |
Review
of the offers and negotiate a proposed contract with a
buyer.
|
7. |
Submit
and seek the approval of the proposed offer to the Board of Directors
of
the Client.
|
8. |
Assist
the proposed buyer and his lender in his due
diligence.
|
9. |
Retain
on behalf of the Client such professional services as requited to
proceed
with a closing.
|
10. |
Coordinate
the closing.
|
11. |
Transfer
to owner of closing documents, with a report on the completion of
the
transaction.
|
1. |
Upon
closing, a fee of 1.00% of the gross amount of the sale
proceeds.
|
1. |
Provide
supervisory management services for the Special Purpose Entities
(SPE) set
up for each fully owned subsidiary set up by the Company for each
asset.
|
2. |
Collect
net rental income from property
managers.
|
3. |
Pay
on behalf of the Company debt services on the various mortgages in
each
SPE.
|
4. |
Provide
the lenders with such documents and/or information as are required
pursuant to the loan documents.
|
5. |
Pay
on behalf of the Company and/or its SPE’s all property
taxes.
|
6. |
Secure
and maintain all permits and/or licenses or such reporting as may
be
required under state or local laws, rules, regulations and
ordinances.
|
7. |
Review
the monthly reports submitted by the property
managers.
|
8. |
Obtain,
negotiate and pay on behalf of the company all asset related
insurances.
|
9. |
Assist
in the selection of all property managers, supervise the activities
of the
property managers on a regular basis,. Meet, whenever appropriate
but not
less than every quarter, with the respective property managers for
each
SPE for the purpose of reviewing pending issues related to the property
and subsequently, submit a written report to the board of directors
of the
company. Property Managers fees shall not exceed 3.25% of the subject
property’s gross revenues.
|
10. |
Inspect,
whenever appropriate, but not less than every quarter, the properties
of
each SPE. Subject to limitations placed on it by the Budget, Whitetail
shall cause
each property
to
be maintained in
a first class manner, comparable to similar
properties in the area of such property.
Such maintenance shall include, but not necessarily be limited to,
interior and exterior cleaning, painting, decorating and maintenance,
both
preventative and otherwise, of all systems and improvements which
are a
part of the subject property.
|
11. |
Review
whenever appropriate but not less than every quarter, leases for
each
property and have the leases reviewed by legal counsel as
required.
|
12. |
Coordinate
the renegotiation, renewal, termination or release of property with
property managers and legal
counsel.
|
13. |
In
the event a tenant default on a lease, for non payment or other reasons,
coordinate with the property managers the appropriate action, including
but not limited to initiate collection procedures, eviction and/or
legal
action.
|
14. |
Promptly
inform the Board of issues that require Board attention and/or action
and
wherever appropriate make recommendations as to how to address the
situation.
|
15. |
Coordinate
the transmittal of data to the company for audit and tax
purposes.
|
16. |
At
all times:
|
a. |
Keep
books and records in a comprehensive and appropriate
manner.
|
b. |
Keep
books and records available upon reasonable notice for review by
the
Company.
|
c. |
Be
available to participate to meetings with representatives of the
Company
to review activities.
|
1. |
Upon
consummation of the initial property acquisition by Bedminster, a
one time
infrastructure development fee of
$10,000.00
|
2. |
Commencing
after the initial property acquisition, a fee equal to the greater
of
1.75% of the gross rental income or $2,500.00, paid
monthly.
|
Reference:
Security Exchange Commission - Edgar Database, EX-10.2 6 f10sb12g0507ex10ii_bemdinste.htm REAL ESTATE CONSULTING SERVICES AGREEMENT WITH THE WHITETAIL GROUP, Viewed January 27, 2022, View Source on SEC.
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