| In a Jamaica real estate transaction, the brokers and | | | | sale. This is true because performance is the essence |
| salespersons can assist the owner or principal with | | | | of a broker's contract with a principal. A broker's legal |
| understanding the sales contracts. | | | | claims to compensation are based on employment |
| A sales contract is a bilateral contract since it | | | | and performance. |
| contains promises to perform by both parties. All | | | | In instances involving open listings where several |
| sales contracts must identify the property affected; | | | | brokers have buyers for the same Jamaica property, |
| therefore, a complete legal description must be | | | | the owner-principal must take care to ensure that he |
| included in the contract. | | | | or she does not become liable for two commissions. |
| The following information also must be in the | | | | In some cases, competition among buyers causes |
| contract: the name of the parties to the contract, | | | | would-be purchasers to offer higher prices than the |
| the vendor and the vendee a valuable consideration; | | | | owner has asked. In this event, the first broker who |
| the total purchase price; any terms that have been | | | | produces a buyer ready, willing and able to meet the |
| agreed to; any arrangements for financing the | | | | terms of the open listing is entitled to a commission, |
| purchase: the closing date; remedies for breach by | | | | regardless of whether the owner accepts or rejects |
| either parties; or all agreements reached between | | | | the offer. If the owner refuses the first offer that |
| the two parties. It is also a good idea to indicate that | | | | meets the seller's terms and accepts a second |
| the time allowed for acceptance of the offer and the | | | | broker's contract for a higher price, then the owner |
| time allowed for performance, followed by time is of | | | | is obligated to pay two commissions. |
| the essence. | | | | When a Jamaica real estate broker has been the |
| Be certain that the sales contract specifies a date | | | | procuring cause of a real estate sale, the broker's |
| and time for transfer of ownership responsibilities and | | | | actions have led directly to the sale. The courts |
| expenses. If no meeting of the minds is indicated | | | | usually rule that a broker is considered to have |
| regarding this issue, the licensee (or his employer) | | | | performed the contract of employment if his or her |
| may be held responsible should the transaction not be | | | | efforts are the procuring cause of a transaction. |
| concluded later. This is vital during the sale of Jamaica | | | | Sometimes two or more brokers will claim to be |
| beach front homes. | | | | entitled to compensation as a result of a single sale. |
| When is the vendor or principal obligated to pay two | | | | It is not enough that broker may have shown the |
| commissions: | | | | property first or that a broker may have submitted |
| It is entirely possible that the actions of a principal; | | | | the binding offer. |
| may obligate him or her to pay a commission to | | | | To be declared the procuring cause, it is must be |
| more than one broker. For example, if the principal | | | | definitely established that a broker's effort were |
| had previously given an exclusive-right-of sale listing | | | | directly responsible for the buyer's decision to acquire |
| to broker A and then learnt of broker's B's | | | | the property. Or is another situation, a broker may |
| negotiations with an interested buyer and consented | | | | show a property to a prospect who thereafter |
| to the actions of broker B, who then concluded a | | | | leaves the broker and negotiates directly with the |
| sale, the principal would be obligated to pay a | | | | seller. If a sale results the broker is entitled to a |
| commission not only to broker A because of the | | | | commission as the procuring cause of the sale of |
| terms of the exclusive-right-of sale listing contract | | | | properties such as Jamaica long beach properties. |
| but also to broker B because of an implied listing and | | | | |