HomeMy WebLinkAboutORDINANCE 0825-1982G'
Suggested by: Administration
CITY OF KENAI f'�rAL
ORDINANCE NO. 825-82
AN ORDINANCE. OF THE COUNCIL OF THE CITY OF KENAI, ALASKA,
AMENDING KMC 22.05.040 TO DELETE GENERIC LANGUAGE RELATIVE TO
REAL ESTATE SALES COMMISSIONS, TO ADD PROVISIONS TO LIMIT REAL
ESTATE SALES COMMISSION FOR THE SALE OF LEASED :,.AND, AND TO
PROVIDE SPECIFIC REAL ESTATE COMMISSIONS.
WHEREAS, the City Council finds it desirable to provider more
specificity as to real estate sales commissions relative to sales
of City lands than is presently provided by KMC 22.05.040, and
WHEREAS, the City Council finds it desirable to limit real estate
Sa160 commissions relative to the sale of leased city lands, and
WHEREAS, the City Council finds it desirable that no real estate
sales commissions be permitted in certain circumstances.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
KENAI, ALASKA, as follows:
BSBt1Qil_lL KMC 22.05.040(f) is hereby amended as follows:
(f) Where a real estate agent furnishes a buyer or
grantee for City land, the closing agent shall be
authorized to pay to said agent a real estate
commission [NOT TO EXCEED 10% OF THE PURCHASE PRICE FOR
THE LAND OR 10% OF THE APPRAISED FAIR MARKET VALUE OF
THE LAND, WHICHEVER IS HIGHER,] under the following
terms and conditionss
(1) The City Manager may grant exclusive listings
of one or more parcels of land to one or more real
estate brokers with the real estate commission set
forth to be divided in accordance with normal
practices of real estate brokers in the event that
sale or conveyance is consummated.
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(2) If a parcel of land not eubject to exclusive
listing as set forth above is sold to a buyer
furnished by a real estate agent, whether on
negotiated sale or after a public sale, then the
authorized real estate commission will be paid to
the real 'state agent furnishing said buyer by the
closing agent on closing the transaction. If the
parcel is subject to an exclusive listing and is
sold to a buyer furnished by a real estate agent
not holding such listing, then the authorized real
estate commission will be divided equally between
the agents.
(3) If a parcel of lard not subject to an
exclusive listing as set forth above is sold at
public sale, and the applicant whc. instigated
procedures for such public sale was furnished by a
real estate agent, and the buyer at said public
sale was a different party furnished by a
different real estate agent, then on closing of
the transaction the closing agent shall be
authorized to pay the real estate commission set
herein to the real estate agents concerned,
divided in accordance with normal real estate
practice as though the real estate agent
furnishing the applicant had been granted a
listing to the property and the real estate agent
furnishing the ultimate buyer had furnished the
buyer of the property. If the parcel is subject
to an exclusive listing and neither of the agents
as set forth herein holds such listing, then the
authorized commission will be divided and paid
one-half to the agent holding the exclusive
listing and one-fourth to each of the other two
i
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PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this day
of
VINCENT 0' REILLY, ^b1AXOR���
ATTESTs
.�_�......_�..______________
Janet Whelan, City Clerk ;
First Readings December 19, 1982
Second Readings 1983
Effective Dates 1983
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