North Dakota Memorandum of Sale of Personal Property by Buyer in an Auction of Property in a Storage Unit

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Multi-State
Control #:
US-03281BG
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Word; 
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Description

In some jurisdictions, a memorandum of sale is sufficient where it is signed by the auctioneer on behalf of the seller. In other jurisdictions, however, statutes require that both the auctioneer and the purchaser sign the memorandum. Counsel should consult the statutes and regulations of his or her particular jurisdiction in order to ascertain the requirements as to signing the memorandum.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

How to fill out Memorandum Of Sale Of Personal Property By Buyer In An Auction Of Property In A Storage Unit?

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FAQ

In North Dakota, a bill of sale is generally recommended when transferring ownership of personal property, especially in an auction setting. This is particularly relevant when utilizing a North Dakota Memorandum of Sale of Personal Property by Buyer in an Auction of Property in a Storage Unit. While it may not be mandatory, having a bill of sale provides clear documentation of the transaction and protects both the buyer and seller. For those looking to simplify this process, USLegalForms offers templates that help facilitate the creation of such documents efficiently.

Section 57(2) of the Sale of Goods Act 1979 confirms that a sale by auction is complete when the auctioneer announces its completion by the fall of the hammer (or in any other customary manner). Until this time, the bidder is entitled to retract their bid.

Generally, an auction is complete when the bid is accepted. A binding contract is created by the auction. The seller can also set a reserve price in advance. If the final bid does not reach the reserve price, the property remains unsold.

Rules of an Auction Sale1 Goods Sold in Lots. In an auction sale, there can be many goods up for sale of many kinds.2 Completion of Sale. The sale is complete when the auctioneer says it is complete.3 Seller may Reserve Right to Bid.4 Sale Not Notified.5 Reserve Price.6 Pretend Bidding.7 No Credit.

When you bid in an auction, there is no right of return, unless an item is materially different to its catalogue description. Just like when you're in an auction room, bidding online is a contractual commitment to buy.

If the seller has not notified of his right to bid he may not do so under any circumstances. Then neither the seller nor any person on his behalf can bid at the auction. If done then it will be unlawful. The auctioneer also cannot accept such bids from the seller or any other person on his behalf.

Updated July 14, 2020: Auction contracts are agreements between a seller and a buyer, in which the seller agrees to sell an item or property for the highest bid and the buyer agrees to pay it.

Buyers who have placed a bid can retract their bid any time before the auctioneer announces the sale has been completed. It's important to note, however, that the withdrawal of one bid does not revive any previous bid. The auction will continue with the next highest bidder.

Despite the UCC 2-328 being written only for goods, the courts nearly always apply these same rules to real estate auction cases. The UCC 2-328 doesn't apply to online auctions.

In the end, it is up to the Organization running the auction to decide whether to honor the request. If the winning bidder would like to back out after the close of the auction, you can offer the item to the next highest bidder, or close the item as Not Sold.

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North Dakota Memorandum of Sale of Personal Property by Buyer in an Auction of Property in a Storage Unit