The standard real estate auction agreement, always starts with the principals involved in the transaction, and in most circumstances the auctioneer broker acts as a single agent representing the seller only in full capacity. The Fiduciary relationship is vital in the real estate auction process in order to maintain control of transaction and to produce the highest possible price with the best contract terms. Process in which we identify our seller must be very clear as to the status of their ownership of the real estate in question. Time frame for an auction event is clearly identified along with the period in which rel estate is exclusively listed by the real estate auctioneer. A specific date and time will be chosen as agreed upon the seller and the auction company and will identify the deadlines, the time frame, for each auction event. Compensation of the real estate auctioneer shall be defined and is an agreement between the seller and the auction company under the terms of the auction listing contract with an exclusive right to sell. The duties and the obligations of the real estate auctioneer is to use its best efforts to obtain the highest possible available bid for the real estate auction sell. To endeavour the high bidder to submit a written offer in the form of a deposit receipt confirming the high bid. The seller's price shall be determined by competitive bidding and can be performed in a live auction event and an online only real estate auction or simultaneous live and online real estate auction.
Seller may limit the warranty of the property with the exception of clear marketable title. Most properties sell "as is where is" with any and all faults, the seller however will disclose any known and material fact that may affect the functionality of the property. The real estate auctioneer will have the authority to place signs on the property, conduct an aggressive and strategic marketing campaign on behalf of the seller in order to produce the best and highest bids. The seller agrees to direct all inquiries to the auctioneer for proper qualification and to provide the necessary information on bidding requirements and the structure of an organized real estate auction. Special terms and conditions may effect exclusive right to sell, therefore the agreement may note these special conditions which may effect the procedure of the auction in determining bidding strategies. The auction listing with an exclusive right to sell is a binding document between real estate auctioneer/broker and a seller of real property to ensure a successful auction event.
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