North Dakota Auction of Real Property Agreement

• Category: Real Estate - Contracts
• State: Multi-State
• Control #: US-00677
• Format: Word; Rich Text

Description

This form is an Auction Services Agreement. This agreement is between an auction company and the owner. The owner employs the auction company to offer for sale at a public auction the real property described in the form. The form also provides that the document constitutes the entire agreement between the parties. The North Dakota Auction of Real Property Agreement is a legally binding contract between the seller (or auctioneer) and the buyer in a real estate auction. This agreement outlines the terms and conditions under which the auction is conducted and governs the sale of real property in North Dakota. Keywords: North Dakota, auction, real property, agreement, contract, seller, buyer, terms and conditions, sale There are several types of North Dakota Auction of Real Property Agreements, including: 1. Absolute Auction Agreement: This type of agreement states that the property will be sold to the highest bidder, regardless of the final bid amount. Once the bidding surpasses the reserve (if any), the property is sold without any conditions or contingencies. 2. Reserve Auction Agreement: In this type of agreement, the seller sets a minimum price called the reserve. Bids below the reserve will not result in a sale, and the property may be withdrawn from the auction if the reserve is not met. 3. Minimum Opening Bid Agreement: This agreement sets a minimum bid amount that the seller is willing to accept. Bids below this amount will not be considered, and the property may not be sold if the minimum opening bid is not reached. 4. Multi-Par Auction Agreement: This type of agreement applies to auctions where multiple parcels of real property are being sold individually, but as part of the same auction event. Each parcel will have its own terms and conditions within the agreement. 5. Online Auction Agreement: With the increasing popularity of online auctions, this agreement is specifically tailored for real estate auctions conducted through online platforms. It includes provisions related to bidding processes, payment methods, and conditions specific to online auctions. 6. As-Is Auction Agreement: This agreement states that the property is being sold in its current condition, without any warranties or guarantees. Buyers are encouraged to conduct inspections and due diligence before participating in the auction. It is important for all parties involved in a North Dakota Auction of Real Property Agreement to read and understand the terms and conditions outlined in the agreement. The agreement typically covers aspects such as the auction date, property information, bidding increments, earnest money deposit requirements, closing procedures, and any additional terms specific to the auction.

The North Dakota Auction of Real Property Agreement is a legally binding contract between the seller (or auctioneer) and the buyer in a real estate auction. This agreement outlines the terms and conditions under which the auction is conducted and governs the sale of real property in North Dakota. Keywords: North Dakota, auction, real property, agreement, contract, seller, buyer, terms and conditions, sale There are several types of North Dakota Auction of Real Property Agreements, including: 1. Absolute Auction Agreement: This type of agreement states that the property will be sold to the highest bidder, regardless of the final bid amount. Once the bidding surpasses the reserve (if any), the property is sold without any conditions or contingencies. 2. Reserve Auction Agreement: In this type of agreement, the seller sets a minimum price called the reserve. Bids below the reserve will not result in a sale, and the property may be withdrawn from the auction if the reserve is not met. 3. Minimum Opening Bid Agreement: This agreement sets a minimum bid amount that the seller is willing to accept. Bids below this amount will not be considered, and the property may not be sold if the minimum opening bid is not reached. 4. Multi-Par Auction Agreement: This type of agreement applies to auctions where multiple parcels of real property are being sold individually, but as part of the same auction event. Each parcel will have its own terms and conditions within the agreement. 5. Online Auction Agreement: With the increasing popularity of online auctions, this agreement is specifically tailored for real estate auctions conducted through online platforms. It includes provisions related to bidding processes, payment methods, and conditions specific to online auctions. 6. As-Is Auction Agreement: This agreement states that the property is being sold in its current condition, without any warranties or guarantees. Buyers are encouraged to conduct inspections and due diligence before participating in the auction. It is important for all parties involved in a North Dakota Auction of Real Property Agreement to read and understand the terms and conditions outlined in the agreement. The agreement typically covers aspects such as the auction date, property information, bidding increments, earnest money deposit requirements, closing procedures, and any additional terms specific to the auction.