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contrary to good faith and agrees on a payment of a fee from the coun-
terparty, then he forfeits his right to claim the payment of the fee and
the expenses.
Obligations of the Principal
The main obligation of the principal is the payment of the fee of
the broker, if and when the parties reach a final agreement, and upon
execution of the agreement. If the payment of the expenses is agreed to
between the broker and the principal, then the principal shall pay all
agreed expenses even though the main agreement is not executed and
signed. The broker may request ordinary expenses, and expenses
which are reasonably considered mandatory in the due fulfillment of
his duties.
The principal may not appoint another broker if there exclusivity
exists between the broker and the principal. The broker may claim
indemnity in the event of a breach of an exclusivity provision.
Conclusion
Brokerage appears as the legal basis for real estate brokers,
employment offices, exchange brokers, and financial brokers under the
Turkish Obligations Law. Brokers bring together parties and provide
an opportunity to parties to reach an agreement, and then acts as inter-
mediary between those persons who are to execute an agreement,
and/or direct and lead the negotiations of agreement. Therefore, bro-
kers play a significant role in ordinary and financial life.
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NEWSLETTER 2015