VIEWS: 144 PAGES: 7 CATEGORY: Legal Forms POSTED ON: 5/19/2010
List and sell US real estate properties at auction with this USA Exclusive Listing Agreement for Property Auction. - The broker has the exclusive right to sell the real estate property at auction and to act as agent for the Seller. - The agreement contains provisions for either a 'with reserve' or 'without reserve' auction. - The broker is deemed to have earned its commission if a suitable willing buyer is found on the price and terms stipulated, whether through auction sale or otherwise. - The seller will pay the broker a marketing fee in addition to any other fees or commissions payable on the sale of the real estate property. This USA Exclusive Listing Agreement for Property Auction template is fully editable and easy to use.
EXCLUSIVE RIGHT TO SELL/LISTING AGREEMENT FOR AUCTION SALES THIS AGREEMENT made effective as of the _____ day of ______________, _______. BETWEEN: [NAME OF SELLER] [address] (the “Seller”) - and - [NAME OF BROKER] [address] (the “Broker”) NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties hereby agree as follows: 1. Real Property. The real property that is the subject of this Agreement (hereinafter referred to as the “Property”) is located in the City of ___________, County of ______________, State of _________________, and is known more particularly and described as: [Give legal description of property] 2. Exclusive Right to Sell. For a period extending from __________ [insert date] until 12:00 midnight on __________ [insert date], Broker shall have the exclusive right to sell the Property as agent of the Seller at the price and on the terms set forth below. The auction will be conducted at __________________________ (location), ______________________________________ (address), on or before the ________ day of ___________, 2____ at ____________ (time). 3. USDA Farm Service Agency. [delete this paragraph if not applicable] Seller authorizes Broker to sell allotments at auction. Allotments to be sold are identified as _____________________________ [describe]. 4. Fixtures. The following items are included in the sale of the Property, and Seller warrants that all such fixtures are free of liens: [edit this section to fit your situation] any built-in appliances, light fixtures, ceiling fans, attached floor coverings, blinds, shades, drapery and curtain rods, brackets, and all related hardware, window and door screens, storm windows, combination doors, awnings, antennas, satellite dishes and receivers, burglar/fire/smoke alarms, pool and spa equipment, solar energy systems, attached fireplace screens, gas logs, fireplace inserts, electric garage door openers with controls, outdoor plants and trees, basketball nets, storage sheds, mailboxes, wall and/or door mirrors, and any other items attached or affixed to the Property, EXCEPT FOR THE FOLLOWING: [list any items not being included in the sale] 5. Personal Property. The following personal property is included in the sale price: _______________________________ [list any other items which are not fixtures but which are being included in the sale, such as farm vehicles, etc.] Page 2 of 7 6. Broker Agency Relationships and Cooperation. In the event that the Property sells at auction, Broker will act exclusively as agent of the Seller. In the case of a sale of the Property other than at an auction, with respect to dual agency: [delete the option below which does not apply] Seller authorizes Broker to act as a Dual Agent, representing both the Seller and the Buyer in the same transaction. OR Seller desires exclusive representation at all times during this Agreement and does not authorize Broker to act on behalf of the Buyer. Broker has advised Seller of Broker’s company policies regarding cooperation and the amount(s) of any compensation that will be offered to subagents, buyer agents or both. Seller authorizes Broker to compensate and cooperate with (i) subagents representing only the Seller, and (ii) agents representing only the Buyer. Broker shall inquire of all cooperating agents at the time of initial contact as to their agency status. A written confirmation of agency shall be provided to Seller no later than the time of the presentation to Seller of any contract pursuant to this Agreement or, in the case of an auction sale, no later than the time of execution of a written agreement of purchase and sale. 7. Auction. Seller authorizes the Broker to sell the Property at auction as follows: [delete the option that does not apply] Without Reserve. An auction without reserve, also known as an absolute auction, means an auction where the Property is sold to the highest bidder (i) without the requirement of any minimum bid; (ii) without competing bids of any type by a seller or agent of a seller; and (iii) without any other limiting condition or sale. OR With Reserve. An auction with reserve, also known as a sale subject to confirmation (acceptance by seller) means an auction in which Seller reserves the right to establish a minimum bid, to accept or decline any and all bids or to withdraw the Property at any time prior to the announcement of the completion of the sale by Broker. The reserve price shall be $_________________. In the event that the high bid at auction does not meet Seller’s reserve price, then Seller shall pay Broker a no sale fee of $___________________, in addition to any other fees and commissions payable by Seller under this Agreement, within thirty (30) days following the date of the auction. 8. Commissions. (a) Sale of Property at Auction [choose only one] ____ Seller shall pay Broker _________% of the bid price of the Property. ____ Seller shall pay Broker _________% of the contract price of the Property. ____ Seller shall pay Broker as follows: ________________________ [describe] (b) Buyer’s Premium at Auction. [Delete this paragraph if not appropriate.] Seller authorizes Broker to charge a buyer’s premium in the amount of ______________% of the bid price, to be included in the contract price; and Seller will collect and retain the buyer’s Buyer Initials ____________ ___________Seller Initials ____________ ___________ Page 3 of 7 premium to Broker, in addition to any compensation due to Broker under Section 8(a) above. (c) Sale of Property other than at Auction. If the Property is sold during the term of this Agreement on any day other than the day of the auction, Seller shall pay Broker _______________% of the gross sales price of the Property. (d) General Commissions Provisions. Broker’s commissions shall be deemed earned under any of the following circumstances: (i) If a ready, willing and able buyer is procured by Broker, Seller, or anyone else during the term of this Agreement at the price and on the terms set forth herein, or at any price and upon any terms acceptable to the Seller; (ii) If the Property is sold, exchanged, conveyed or transferred, or the Seller agrees to sell, exchange, convey or transfer the Property at any price and upon any terms whatsoever, during the term of this Agreement or any renewal hereof; or (iii) If, within _______ days after expiration of the term of this Agreement (the “Protection Period”), Seller either directly or indirectly sells, exchanges, conveys or transfers, or agrees to sell, exchange, convey or transfer the Property upon any terms whatsoever, to a party with whom Seller or Broker (or any agent acting for or through Broker) communicated regarding the Property during the term of this Agreement or any renewal hereof, then Seller shall pay Broker the commission provided for in Section 8(c); provided, that names of prospects are delivered or postmarked to the Seller within _____ days after the expiration of this Agreement. In the event the Property is exclusively listed for sale with another agency after the expiration of this Agreement and a registered prospect options or contracts to purchase the Property during the Protection Period, then the Seller shall pay to the Broker __________% of the commission provided for in Section 8(c). It is not Broker’s intention to hereby obligate Seller to pay two commissions; Seller should ensure that any prospects registered pursuant to this Section are excluded from any subsequent listing agreement. Once earned as set forth above, Broker compensation will be due and payable at the earlier of: (i) closing on the Property; (ii) Seller’s failure to sell the Property (including, but not limited to, Seller’s refusal to accept a bid or an offer to purchase the Property at the price and terms stated herein or on other terms acceptable to the Seller, the Seller’s default on an executed sales contract for the Property, or the Seller’s agreement with a buyer to unreasonably modify or cancel an executed sales contract for the Property); or (iii) Seller’s breach of this Agreement. 9. Other Consignments. Broker, in its sole discretion, may accept other consigned properties for sale at the auction. Unless otherwise provided, all consigned properties shall be advertised at no expense to Seller and no commissions or fees due Broker from Seller shall be diminished by any commission or fee received on consigned properties. 10. Marketing Fee. In addition to any other fees and commissions payable by Seller under this Agreement, Seller shall pay Broker a marketing fee in the amount of $_____________ payable [choose appropriate option: at closing / upon execution of this Agreement]. In the event an auction is rescheduled Buyer Initials ____________ ___________Seller Initials ____________ ___________ Page 4 of 7 through no fault of the Broker, then Seller shall reimburse Broker for actual expenses incurred in rescheduling the auction. 11. Seller’s Duties. Seller shall cooperate with Broker in the marketing and sale of the Property, including, but not limited to: (a) If the Property is sold during the term of this Agreement, executing and delivering bills of sale and a warranty deed or similar deed conveying fee simple marketable and insurable title to the Property, including legal access to a public right of way, free of all encumbrances except ad valorem taxes for the current year, utility easements, rights-of- way, and unviolated restrictive covenants, if any, and those encumbrances that the buyer agrees to assume in the sales contract. Seller represents that the Seller has the right to convey the Property, and that there are currently no circumstances which would prohibit the Seller from conveying fee simple market
Pages to are hidden for
"USA Exclusive Listing Agreement for Property Auction"Please download to view full document