Seller’s Contract – Commission and Buyer’s Premium
PERSONAL PROPERTY AUCTION AGREEMENT
The agreement made and entered into this_____day of _____________________, 20_____ by and between
hereafter called “Seller”, whether one or more, and FURLO AUCTION SERVICE, MIDLAND, MI 48640, hereafter called “Auctioneer”. WHEREAS, Seller is the owner of certain property described below (or on separate lists which may be attached hereto and made a part hereof), which Seller desires to sell at public auction, and WHEREAS, Seller wishes to employ Auctioneer to effect the sale of said property, NOW, THEREFORE, IN CONSIDERATION of the mutual promises herein contained, it is agreed as follows:
- Right to sell: Seller grants to Auctioneer the exclusive right to sell said property as is and where is for cash or other consideration as agreed to by the parties. Seller relinquishes his/her right to sell same. Seller agrees to deliver and sell at auction the items listed or described on attached [or list(s)]. Seller further agrees not to remove any listed item(s) from the auction.
- Auction Service: Auctioneer agrees to use their professional skill, knowledge, and experience to the best advantage in preparing and conducting the auction.
- Commission, Time and Place of Sale: Seller hereby employs Auctioneer to sell the aforesaid property at absolute auction on the_____ day of ___________, 20___at _______o’clock __M. to the highest bidder without limit, favor or reserve. . Seller agrees to pay Auctioneer a commission of _______% of the gross sales total for which the property has been sold and Auctioneer will charge the buyers a buyers premium_______% of the gross sales total for which the property has been sold as compensation for managing, auctioneering and also clerking the auction.
- Said auction to be held ____________________________________________________________________________
ADDRESS CITY COUNTY STATE
- Advertising: It is understood and agreed that Auctioneer will set up and arrange at auctioneers discretion timely advertising, which will be at the seller’s expense and will be paid out of the proceeds of the sale. Final advertising will be at auctioneer’s discretion.
- Insurance: Seller agrees to provide and carry adequate liability insurance against any and all liabilities which may result on premises of Seller. Seller further agrees to indemnify and hold Auctioneer harmless from any claim, loss or damage as a result of said sale and to bear the risk of any loss or damage to any property included in said auction.
- Property: Items to be sold at auction, include the following and listed, ________________________________________________________________________________________________
- Further seller’s expenses:
IF NONE WRITE NONE
- Charge Cards: A service fee of _______% on all charges will be at seller’s expense and will be paid out of the proceeds of the auction.
- Warranty: The Seller (whether one or more), warrants, conveys and agrees that he/she/they/it has good title and right to sell said property and said property is free from all encumbrances except as follows:
ITEM MORTGAGE OR LIEN HOLDER ADDRESS APPROX. UNPAID BALANCE
If none, write none, ___________. If said property or any part thereof is encumbered, Seller agrees that the sale proceeds from such property be paid jointly to said lien holder and Seller.
- Merchantable Title: Seller warrants and agrees to provide merchantable title to all items sold, to deliver good title to purchasers.
- Seller agrees that once said auction begins, Auctioneer is in charge until auction is completed.
- Seller acknowledges that Auctioneer and /or his agent(s) cannot accurately predict the price the property will bring at auction and
Seller further acknowledges that Auctioneer and/or his agent(s)have not made any such assurances or predictions of price to the
Seller or his/her agent(s).
- The Parties agree that the exclusive course of action in any litigation or dispute concerning the enforcement of this agreement shall be by binding arbitration with the County of Midland, State of Michigan, and the Michigan law shall govern.
- The prevailing Party (s) in any dispute arising out of the relationship undertaken through this agreement shall be entitled to an award of reasonable cost, arbitration, and fees incurred.
- Auctioneer will have 14 business days from the conclusion of the auction to make settlement with proprietors of sale. Final settlement will be less all auction expenses such as auctioneers fee, advertising, permit fee, bad checks, power point set up, set up charges, lien surveys, etc….
- Cancellation: If seller cancels auction after 24 hrs. of booking, seller agrees to pay auctioneer all marketing and setup expenses incurred and a commission rate equal to that of the buyers premium and commission. (Auctioneer will assess the auction value)
- Removal of rubbish and debris: Auctioneer will not be responsible for removal of rubbish and/or debris.
- The Parties agree that this agreement shall be binding on their heirs, personal representatives, successors and/or assigns, and that any changes to this agreement, in order to be effective, shall be in writing and signed by all parties.
- Privacy Information Act: Auctioneer will not release the names and information of the buyers to any seller or other buyers.
- Seller and Auctioneer agree that they have had the opportunity to review this Agreement and have had an opportunity to be advised as to its contents, requirements and liabilities, and have signed this Service Agreement fully understanding their respective rights, responsibilities and obligations as set forth herein.
SELLER, OR SELLER’S AGENT TITLE ADDRESS TELEPHONE DATE
SELLER, OR SELLER’S AGENT TITLE ADDRESS TELEPHONE DATE
Col. Michael W. Furlo CAI CAGA DATE
Agent for Furlo Auction Service LLC