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STANDARD CONFIDENTIALITY DISCLOSURE STATEMENT
I, herein known as PROSPECT, acknowledge and agree that Masem Investments, LLC dba The Sunbelt Brokers dba Sunbelt Business Brokers of Shreveport BROKER, was the first to advise PROSPECT of the availability and details concerning the following business opportunities and real properties:
Business Description: Backup Generator Sales and Service - Tremendous Growth Reference Number: 5433-1
Sunbelt Business Brokers
PO BOX 8511, Shreveport, LA 71148
Office: 318-525-7349
PROSPECT understands and agrees that all dealings concerning said business opportunity will be handled through the BROKER and that the BROKER WILL BE PAID FOR ITS SERVICES BY THE SELLER. PROSPECT further agrees that information received with respect to the opportunity mentioned above will be kept in strict confidence and will not be used to compete with the SELLER. That PROSPECT shall not disclose this information to any person, excluding those parties specifically involved in the transaction itself. The PROSPECT’S sole purpose in seeking information about the business is to purchase a business. If PROSPECT violates this confidentiality covenant or any other covenant concerning SELLER, the BROKER and said SELLER, shall be entitled to all legal remedies, including, but not limited to, injunctive relief and damages. The BROKER shall be deemed to include all and any other BROKERS with whom listing BROKER is co-operating.
All data on business opportunities are provided for information purposes only. The BROKER makes no representation as to the accuracy of the data provided. The BROKER encourages PROSPECT to thoroughly review and independently verify to PROSPECT's satisfaction that the data provided is substantially representative of the SELLER's business activity and can be relied upon when considering the purchase of the said firm. PROSPECT acknowledges that PROSPECT has been advised to seek the independent counsel of an attorney and an accountant to verify the information supplied to BROKER by SELLER and to examine any applicable documentation relevant to the transaction. PROSPECT will not attempt to recruit or hire any employee from SELLER’S business/operation. Should there be no interest in the business as an acquisition, the information supplied by the SELLER shall be returned promptly to the BROKER.
If PROSPECT discloses the availability of said designated business opportunity to any third party and this third party purchases the business without the BROKER, then PROSPECT, in addition to the remedies specified hereinabove, will also be responsible for the payment of BROKER’S compensation, attorney fees, and interest as specified below.
PROSPECT agrees that he will not deal directly or indirectly with the SELLER during the term of the Business Listing Agreement or within two years after the termination of the Business Listing Agreement without the BROKER’S written consent and should the PROSPECT do so, and a sale, lease, or another financial arrangement, including leasing the SELLER’s premises from the SELLER or Landlord is consummated, the PROSPECT shall be liable for all and any damages which the BROKER may suffer, including but not limited to the compensation which would have been payable on the listed selling price or minimum compensation, whichever is greater.
The PROSPECT also agrees that should any suit be commenced to enforce the BROKER’S rights herein, in the event the BROKER is successful, the PROSPECT agrees to pay the BROKER the expenses connected in addition to that, including attorney’s fees incurred and interest. Broker and PROSPECT agree that the location of the consummation of this agreement is Caddo Parish and that the proper venue for any suit arising out of this agreement shall be the 5th Judicial District Court Shreveport, State of Louisiana. Should the PROSPECT become an employee of the SELLER, the PROSPECT agrees to pay BROKER an employment procurement fee of twenty-five thousand dollars ($25,000).
AGENCY DISCLOSURE should this transaction include the sale and lease of real estate; it discloses that a real estate licensee may potentially act as a disclosed dual agent who represents more than one party to the transaction.
This section describes the various agency relationships in real estate transactions. An Agency relationship exists when a real estate licensee represents a client in an immovable property transaction. A client is anyone who engages a licensee for professional advice and service as their agent. Agency relationships can be informed with Buyer/Lessees or Sellers/Lessors, or both.
Designated Agency results from a contractual relationship between a broker and a client when the broker designates a licensee affiliated with a broker to represent the client. The licensee appointed by the broker to represent the client is called a Designated Agent. There is a presumption that the licensee with whom a client works is their Designated Agent unless there is a written agreement to the contract. Other licensees employed by the broker do not work for the client, so the client should confine their discussions to their Designated Agent. Designated Agents must (1) obey all lawful requests of the client, (2) promote the client’s best interest, (3) exercise reasonable care and skill in representing the client, and (4) maintain the confidentiality of all information that could materially harm the client’s negotiation position, (5) present all offers in a timely manner, (6) seek a transaction at a price and on terms acceptable to the client, and (7) account for all money and property received from the client in a timely manner.
A Designated Agent may show alternate properties to buyers, show properties the client is interested in other buyer clients, or receive compensation based on a percentage of the sale price without breaching the duty they owe to a client.
Dual Agency exists when a licensee works with the buyer and seller or the landlord and tenant in the same transaction. For example, dual agency exists if your Designated Agent is also the listing agent. Dual agency is allowed only with the informed consent of all clients. Informed consent is presumed if a client signs the separate Dual Agency Disclosure form prescribed by the Louisiana Real Estate Commission. Dual Agents owe the following duties to both the buyer/seller and the lessor/lessee: (1) treat all clients honestly, (2) provide information about the property to buyers/tenants, and (3) disclose all latent material defects in the property known to the licensee, (4) disclose financial qualifications of buyers/tenants to sellers/landlords, (5) explain real estate terms, (6) help buyers/tenants arrange for property inspections, (7) explain closing costs and procedures, (8) help buyers compare financing options, and (9) provide information about comparable properties that have been sold so both clients can make educated buying/selling decisions. Dual Agents are not permitted to disclose (1) confidential information of one client to the other, (2) the price the seller/landlord will take other than the listing price without the permission of the seller/landlord, or (3) the price the buyer/tenant is willing to pay without the permission of the buyer/tenant.
By signing below, you acknowledge that you have read and understand this form and voluntarily consent to the licensee(s) acting as a dual agent(s), representing BOTH the buyer (or lessee) and the seller (or lessor) should that become necessary.
The SELLER shall be deemed a party to this document insofar as needed. A facsimile copy of this document and any signatures shall be considered for all purposes as originals. The PROSPECT acknowledges receiving a copy of this document.
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