Broker's Compensation & Procuring Cause

Broker's Compensation & Procuring Cause. Procuring Cause: If you set into motion a chain of events that leads to the sale. Example you showed the house first, you produce an offer, etc. You are the "Procuring Cause." In an Open Listing, you must prove this to get paid.Sale and Purchase Contracts - The parties in a real estate sale contract are the vendor (seller) and the vendee (buyer). A sale contract is a bilateral contract, meaning both parties make promises—the seller promises to sell the property, and the buyer promises to buy it. This is different from an option contract, where only one party is obligated.A real estate sale contract must be in writing and signed to be enforceable under the statute of frauds. The contract must clearly state all important terms, including:Names of the buyer and sellerA legal description (preferred) or street address of the propertyThe purchase priceHow the buyer will pay (cash or financing)The type of deed the seller will deliver (usually a general warranty deed)What title evidence will be providedHow expenses and prorations will be handledAny personal property included in the saleThe date, time, and place of closingWhen the buyer will receive possession of the property