DIY Legal Forms

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Broker Commission

Payable in Installments

1. Identification of Parties. [Name] (Owner) and [name] (Broker) have entered into a brokerage agreement for sale of the premises located at [address] (Property). Broker has procured [name] (Purchaser) as a purchaser for the Property. Owner and Purchaser have executed a contract of sale of the Property dated [date].

2. Prerequisite to Commission. Broker shall not be entitled to a commission or any other sum from Owner unless and until title to the Property shall be transferred from Owner to Purchaser. If title does not close for any reason, other than Owner's willful default, Broker shall not be entitled to a commission or any other sums from Owner.

3. Payments. The contract of sale between Owner and Purchaser provides for payment of the sales price in installments. Therefore, Broker agrees that Owner is obligated to pay to Broker ........ percent (........%) of the sales price as Broker's full commission, payable in installments pro rata as Owner receives the installment payments from Purchaser.

4. Successors and Assigns. This Agreement is binding on the parties to it and on their heirs, executors, administrators, successors, and assigns.

[dated]

[signature]

Owner

[signature]

Broker

*** If Required By State Law ***

This Section for Notary:

ACKNOWLEDGMENT

State of _________

County of ________ [COUNTY]

On [DATE] before me, [NAME OF NOTARY], notary, personally appeared [NAME OF PERSON(S) INVOLVED], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

Witness my hand and official seal.

Signature ________
Notary

My commission expires: _____

(Seal)