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.