This is an agreement between an Auction House and an Auctioneer for the Auctioneer to performs services as an independent contractor as per the terms of the Contract.
Agreement With An Auction House For Sale Bradford
State:
Multi-State
Control #:
US-INDC-01
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Auctioneer Services Contract - Self-Employed Independent Contractor?
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FAQ
When you sell your house at auction, 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 any advertising costs. You will also need to pay a solicitor to help with the legal side of selling prior to the auction and on the day.
At a house auction, interested buyers submit bids and the highest bidder gets to buy the house. Unlike the usual property sales process, an auction is binding as soon as the winning bid is accepted. You'll usually have to pay a deposit or reservation fee on the day of the auction.
Most auction teams will welcome pre-auction offers, and if you are really interested in purchasing the property, then a prior offer is a good idea. Not all properties can be purchased before the auction as some sellers require them to be sold publicly in the auction room.
While major auction houses (like Sotheby's) will even charge up to 25% on items, most smaller auction houses charge anywhere between 1%-15%. The amount of the buyer's premium will normally be clearly stated in the auction house terms and conditions.
When the property is sold (contacts are exchanged) you are then liable to pay a commission of 2.4% of the sale price (2% + VAT) or the minimum fee of £1,800 (A£1,500 + VAT). We deduct our fee from the deposit money we have collected at the auction and held in our clients account until the funds have cleared.