Fillable Auction Listing Agreement

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Real Estate auction listing agreement.

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The Auction Listing Agreement form is 4 pages long and contains:

  • 3 signatures
  • 15 check-boxes
  • 63 other fields

Country of origin: US
File type: PDF

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REAL ESTATE AUCTION LISTING AGREEMENT 1
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(This is a legally binding contract. If you do not understand it, seek legal advice.)
1. Parties to Agreement. This agreement is made by and between ________________________,
hereinafter called Seller, and ______________________________________________, hereinafter
called Auctioneer. Seller warrants that Seller is the owner of record of the property or has the
written authority,
attached, to execute this agreement on behalf of the owner of record.
2. Term of Agreement: The term of this agreement begins on the _______day of ______________,
_________, and ends on the _______day of ______________, __________.
If a purchase agreement is prepared by Auctioneer and entered into by Seller as a result of the
auction during the term of this agreement, Auctioneer will be representing Seller through the closing
of the transaction and the termination thereof shall extend to and include the date of closing under
said purchase agreement as to the purchasers only.
3. Right to Sell – Property Description - Terms. In consideration of services to be performed by
Auctioneer, Seller authorizes and gives Auctioneer the exclusive irrevocable right and privilege to
sell at public auction the following real estate legally described as:
_________________________________________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
Also known as: ____________________________________________________________________
_________________________________________________________________________________
On the following terms: ____________________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
4. Date of Auction. The date of auction will be determined by a written mutual agreement between
Seller and Auctioneer.
5. Type of Auction Method. Seller grants Auctioneer the authority to conduct the auction using
various types of auctions, sales methods and technology, including but not limited to live, online,
absentee, phone, sealed bid, negotiated, etc., in single type and/or any combination of types. Check
all that apply [ ] live only [ ] online only, OR combination of [ ] live, [ ]
absentee, [ ] phone,
[ ] sealed bid, [ ] online bid.
6. Buyer’s Premium. Seller [ ] grants [ ] does not grant, Auctioneer the authority to charge a Buyer’s
Premium payable to Auctioneer unless otherwise agreed to in writing. The Buyer’s Premium on the
real estate described in this agreement is in the amount _______% or flat fee of ______________
plus appropriate sales tax. A Buyer’s Premium is a flat fee amount or a percentage based on the high
bid which is added to the high bid amount to achieve the contract or sales price.
SDREC/AUCTListing/2010 Page 1 of 4
7. Encumbrances. Seller represents that the said property is free and clear of all encumbrances and
liens except as follows: (If none, write none.)
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Real Estate Address (Description) Lienholder
A. __________________ __________________________________ ________________________
B. __________________ __________________________________ ________________________
C. __________________ __________________________________ ________________________
In the event of an undisclosed encumbrance that results in cancellation by successful bidder,
hereinafter called Buyer, discharge of Buyer from purchase price and/or assumption by Buyer who is
credited on the purchase price for the undisclosed encumbrances, liens, or cloud on title, Seller shall
be liable to Auctioneer for fee outlined in Section 16 as though contract of sale was not canceled.
8. Reserves. It is mutually agreed that all real estate will be sold to highest bidder unless Seller
authorizes a reserve. If a bid price or offer (including Buyer’s premium, if any) equals or exceeds
the reserve price, or Seller authorizes Auctioneer to accept the bid price or offer, the commission and
fees agreed to in this agreement are earned by Auctioneer. Also when the sale price on reserved real
estate is above the reserve amount, Auctioneer can apply this excess monetary amount towards the
reduction of the reserve amount on other reserved real estate thus reducing the other real estate
reserve price. By initials, Seller, by initialing, authorizes Auctioneer to sell property
________/_________ to the highest bidder at absolute auction without minimum or reserve.
________/_________ with minimum or reserve.
Amount of reserve is _______________.
Reserve will be determined at a later date _____Yes ______N/A
9. Financing. Financing terms on real estate will be [ ] All Cash [ ] Owner Financing.
10. Possession. Possession will take place [ ] At Closing [ ] Other ____________________________
_________________________________________________________________________________
11. Title. Seller agrees to furnish a marketable title and pay Auctioneer a commission if said real estate
is sold or otherwise disposed of by Auctioneer at a public auction, during the existence of this
agreement, or within ______ days after such public sale, said property is sold or otherwise disposed
of to any bidder at the public auction, or such bidder's agent, at a price less than or equal to the
highest bid submitted at auction. If this property is listed with another licensed real estate broker
after expiration of this listing, this contract shall be null and void in it entirety.
12. Cancellation. In the event of any cancellation of this auction by Seller, Seller shall reimburse
Auctioneer the no sale fee and costs as set forth in Section 16 of this Agreement within 30 days after
cancellation.
13. Earnest Money. Earnest money will be held in trust by____________________________________.
Seller agrees that Auctioneer or Auctioneer’s authorized closing agent may act as escrow agent for
all money, papers, and documents associated with this transaction.
14. Lotting. Seller grants Auctioneer the authority to lot, group and regroup parcels of real estate in a
manner which Auctioneer deems necessary to attain a higher sales price on behalf of Seller.
15. Compensation. Seller agrees that Auctioneer’s commission fee, all expenses, and applicable sales
tax incurred for conducting the auction as agreed below (such as advertising, promotion, marketing,
signage, technology, labor {including travel time}, travel {including mileage, lodging, etc}, tent,
SDREC/AUCTListing/2010 Page 2 of 4
portable bathroom facilities, facility rental, dumpsters, hauling, etc.) shall be paid in cash at the time
of the closing of said sale, or exchange of herein described property.
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Auctioneer’s Commission Fee: _____% with $_________minimum fee and $_________no sale fee
Buyer’s Agent Commission Fee: _____%
Labor Fee Per Person Per Hour: $_______ Computer Operator Fee Per Person Per Hour: $________
Travel: $____per mile; $_____per hour; ____ lodging as billed; _____other as billed to Auctioneer
Other expenses as billed to Auctioneer:
_______advertising, promotion, marketing, signage
_______ tent and facility rental
_______portable bathroom facilities
_______other _________________________________________________________________
_________________________________________________________________
_________________________________________________________________
16. Authorizations. Seller authorizes Auctioneer, by initials in the appropriate space, to:
cooperate with brokers who represent buyers. Yes_____/_____ No_____/_____
place a "For Sale" sign on property. Yes_____/_____No_____/_____
advertise by computerized media Yes_____/_____ No_____/_____
request mortgagee to release information to Auctioneer. Yes_____/_____ No_____/_____
17. Seller’s Property Condition Disclosure. Seller shall complete a property condition disclosure
statement as required by SDCL 43-4-38 through 43-4-43.
18. Lead-Based Paint Disclosure. Seller shall complete a lead-based paint disclosure if property is
residential and built prior to 1978 as required by federal regulation.
19. Release of Earnest Money in Unconsummated Transaction. If an accepted offer and agreement
to purchase does not close and Auctioneer is in custody of any earnest money, both Seller and Buyer
must agree in writing prior to release of earnest money in accordance with SDCL 36-21A-81. If the
earnest money deposited by Buyer is forfeited, the earnest money, less expenses, will be divided
between Auctioneer and Seller with ___% to Seller and ___% to Auctioneer. However, in no case
may Auctioneer’s share exceed the commission stated herein.
20. Parties Held Harmless. Seller agrees to indemnify and hold harmless Auctioneer and Auctioneer’s
agents and employees from any claim(s) arising out of misrepresented or incomplete disclosure
statements made by Seller. Auctioneers are not responsible for accidents.
21. Potential Tax Liability. Seller acknowledges that there may be tax consequences arising out of the
sale of this property and is advised to seek competent tax advice.
22. Reliance on Representation. Unless otherwise agreed in writing, Seller acknowledges that
Auctioneer and Auctioneer’s agents owe no duty to conduct an independent inspection of the
property or to conduct an independent investigation of Seller’s financial condition, and owe no duty
to independently verify the accuracy or completeness of any statement made by either party or by
any source reasonably believed by Auctioneer and Auctioneer’s agents to be reliable.
23. Fair Housing. This property is offered for sale regardless of race, color, creed, religion, sex,
disability, familial status, country of national origin or any other category protected under federal,
state or local law.
SDREC/AUCTListing/2010 Page 3 of 4
24. Special instructions. _______________________________________________________________ 152
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_________________________________________________________________________________
_________________________________________________________________________________
25. Miscellaneous.
This Agreement shall be binding upon the parties hereto and their respective successors, heirs and
assigns.
Any party signing this Agreement on behalf of Seller must provide written proof of authorization to
Auctioneer.
Auctioneer is representing Seller in this transaction.
The laws of South Dakota govern this agreement.
Receipt of a copy of this contract by Seller has been acknowledged.
________________________________ __________ _______________________________ ________
Seller Date Seller Date
Auctioneer:_________________________________ _____________
Date
SDREC/AUCTListing/2010 Page 4 of 4
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Auction Listing Agreement

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Completed 4 December 2018

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