This form is an Auction Services Agreement. A company agrees to conduct an auction of property listed in the document. The owner agrees to pay commission to the company on all the property. No property will be withdrawn after the agreement is signed.
Auction of Personal Property Agreement
Category:
State:
Multi-State
Control #:
US-00676
Format:
Word;
Rich Text
Instant download
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FAQ
The deposit is 2.5% of the item's vendor sale price per hour, or 5% for 2 hours, 20% for 8 hours, or 60% for 24 hours. You get your deposit back if your item sells. This is why I like auctioneer.
Auctioneer Commissions. Auctioneers Commissions for farm and farmland real estate are typically between 1% and 5% depending on several factors.
How much does selling at auction cost? You should expect to pay your auctioneer around 2.5% of the price you get for the property and you also need to find out if there will be advertising costs. You will also need to pay a solicitor to help with the legal side prior to the auction and on the day.
Most auction houses charge the seller and buyer fees. However, the fees are negotiable for the seller and about 15-20% for the buyer is expected.
The answer is that they charge fees - commission - to the seller and to the buyer. All you as the buyer need to do is know what those auction fees are and then take those charges into account when you decide how much to bid. The auction fees to buyers are typically added on to the hammer price.
What are the costs I have to pay to the auction house? Yes, there is a buyer's fee which is a fixed fee of £1000 plus vat and some of the properties may be subject a buyer's premium.
Is the sale legally binding? Yes, all the in-room and online auction properties are sold on an 'unconditional' basis. This means that the property has legally exchanged contracts on the fall of the gavel/end of the online auction.
Should a successful bidder choose not to pay, an auctioneer has every legal right to seek payment for purchased items, including canceling the sale and reoffering the property without reserve. Typically a defaulted lot is either reoffered or returned to the consignor, but can be tainted to the marketplace.
It runs at 25% at each end. As a seller you get stuffed with an entry fee, a cataloguing fee, and an insurance fee of 1% of the sale price. Auctions are a very lucrative business. If the Gov was to cap vendors commission at 10% and outlaw buyers premium.