Seller’s Contract – Real Estate
REAL ESTATE AUCTION AGREEMENT
The agreement made and entered into this ________ day of ________________, 20____. By and between
SELLERS ADDRESS PHONE
HEREINAFTER CALLED “Seller”, whether one or more and Furlo Auction Service LLC, Midland, Mi. 48640, hereafter called “Auctioneer“. Whereas, Seller is the owner of certain real estate/property described below, which Seller desires to sell at public auction, and WHEREAS, Seller wishes to employ auction service to effect the sale of said real estate/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 real estate/property as is 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 listed property described hereon. Seller reserves the right to confirmation on auction day.
- Auction Service: Auctioneer agrees to use professional skill, knowledge, and experience to the best advantage in preparing and conducting the auction. If property does not sell at auction day for any reason and Seller sells this property to a registered bidder from this auction within 180 days of auction the Seller will pay auctioneer his full buyers premium as a commission.
- Commission, Time and place of sale: Seller hereby employs Auctioneer to sell the aforesaid property at auction on the_________ day of _______________, 20___ at _________o’clock ____ M. to the highest bidder without limit, favor. Auctioneer will charge the buyer a buyers premium 10% of gross total sale for which the property has been sold or $1000.00 which ever is greater as compensation for managing, auctioneering and also clerking the auction.
Said auction to be held at _____________________________________________________________________________
ADDRESS CITY COUNTRY STATE
- Advertising: It is understood and agreed that Auctioneer will set up and arrange timely advertising which will be at Seller’s expense and will be paid out of the proceeds of sale. Final advertising will be at auctioneer’s discretion. Auctioneer will receive from seller a deposit of $_______________ for advertising and marketing of auction on signing of contract.
- Insurance: Sellers agree 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.
Terms on sale of real estate: Buyer and Seller will split closing fee 50/50, Seller will provide title insurance, Seller will pay all State and County sales tax/stamps. __________________________________________________________
- Taxes: It is understood and agreed that taxes shall be paid as follows: Pro-rated to date of closing.
- Closing: It is also further understood and agreed that possession of sale real estate shall be given to the high accepted bidder at closing within _______ days of auction, and closing will be held At: _______________________________________________
- Accepted High Bidder will pay 10% or $1000.00 which ever is greater non-refundable deposit day of auction, If Buyer backs out of deal auctioneer will use this deposit to retain back-up bidder at auctioneers discretion. Remaining portion of deposit if any will be split with seller and auctioneer 50/50. If seller accepts high bid and then declines that bid for any reason then seller will pay auctioneer his full buyers premium as a commission.
- Mortgages, Contract transfers: Said Sale shall be made subject to the following mortgage, mortgages, or contract transfer. ______________________________________________________________________________________________
- Merchantable Title: I or we agree to furnish an abstract of title for said real estate brought down to date showing good and merchantable title, or an owner’s policy of title insurance for the sale price of said real estate, and agree to execute and deliver to purchasers a sufficient Warranty Deed or an acceptable contract for sale of real estate.
- Responsibilities: Seller agrees that once said auction begins, Auctioneer is in charge until auction is completed.
- Price Assurances: Seller acknowledges that Auctioneer and/or its agent (s) cannot accurately predict the price the property will bring at auction and Seller further acknowledges that Auctioneer and/or its agent(s) have not made any such assurances or predictions of price to the Seller or its agents.
- The Parties agree that any litigation or dispute concerning enforcement of this contract shall be brought in the State of Michigan, the jurisdiction shall be in the County of Midland and that Michigan law shall govern.
- Awards: The prevailing Party(ies) 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.
- Binding Agreement: 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.
- Cancellation: If seller cancels auction after 24 hrs. of signing, seller agrees to pay auctioneer all marketing and setup expenses incurred and the commission previously stated in this contract. (Auctioneer will assess the auction value)
- Removal of rubbish and debris: auctioneer will not be responsible for removal of rubbish and/or debris.
- Review: 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 right, 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
Agent for Furlo Auction Service LLC DATE