All forms must be received by American Auctioneers 48 hours prior to the scheduled time for the auction sale. Broker can fax, mail or email the forms to:
1033 W. Main St.
Centre, AL 35960
BROKER PARTICIPATION TERMS
(printable form at bottom of page)
Any licensed real estate Broker/Agent whose Buyer/Bidder is the successful final bidder will receive a commission if the:
1. Buyer/Bidder executes a Real Estate Purchase and Sale Agreement on the date of the sale
2. Buyer/Bidder closes said Real Estate Purchase and Sale Agreement within allotted time period
3. Buyer/Bidder pays the amount agreed upon in the Real Estate Purchase and Sale Agreement at closing
4. Broker/Agent complies with all of the provisions of this Broker Participation Agreement.
Commissions will be based on the following:
A. The Broker/Agent will receive a three percent (3%) commission on the initial offer shown on the Broker Registration Form, if and only if the Buyer/Bidder opens the bidding in the amount of the initial offer specified on the Broker Registration Form. The Broker will receive a one percent (1%) commission on the difference between the initial offer shown on the Broker Registration Form and the final bid price. However, the maximum Broker Participation Commission that will be paid to the Broker is not to exceed three percent (3%) of the final bid price.
B. If no initial offer is provided on the Broker Registration Form, then the Broker whose Buyer/Bidder is the successful bidder will receive only a one percent (1%) commission on the final bid price.
NO BROKER/AGENT WILL RECEIVE A COMMISSION UNLESS BOTH THE BROKER PARTICIPATION AGREEMENT AND THE BROKER REGISTRATION FORMS ARE COMPLETED IN FULL, ARE SIGNED BY THE BUYER/BIDDER AND THE BROKER/AGENT, AND RECEIPT OF THE FORM IS CONFIRMED IN WRITING BY AMERICAN AUCTIONEERS, LLC, (“AA”) 48 HOURS PRIOR TO THE SALE. IF OTHER BROKERS SUBMIT A REGISTRATION FORM FOR THE SAME BUYER/BIDDER, ONLY THE FIRST REGISTRATION FORM RECEIVED BY AA WILL BE HONORED.
THE COMPLETED REGISTRATION FORM MUST BE RECEIVED BY AA 48 HOURS PRIOR TO THE SCHEDULED TIME FOR THE AUCTION SALE. BROKER CANNOT USE THIS BROKER PARTICIPATION AGREEMENT IN CONJUCTION WITH ANY OTHER CO-BROKERAGE AGREEMENT OR ANY AGREEMENT TO SHARE A COMMISSION MADE BETWEEN AA, BROKER, AND SELLER.
NO EXCEPTIONS TO THE PROCEDURES OUTLINED IN THIS BROKER PARTICIPATION AGREEMENT WILL BE PERMITTED UNLESS THE SELLER APPROVES THE EXCEPTION IN WRITING PRIOR TO THE DATE AND TIME THAT THE SALE BEGINS. NO ORAL AGREEMENT WILL BE HONORED BY AA OR BY SELLER.
IN ADDITION, NO BROKER WILL RECEIVE A COMMISSION UNLESS THAT BROKER AGREES TO BE BOUND BY EACH OF THE FOLLOWING REQUIREMENTS:
1. Both the Broker Participation Agreement and the Broker Registration Form must be completed and received by AA 48 Hours prior to the scheduled time for the auction sale. Broker can fax or mail the Registration Form to Holly Baldwin; American Auctioneers, LLC; 1033 W. Main Street; Centre, Alabama 35960; Phone: (256) 927-5263; Fax (256) 927-3581.
2. Broker must show the property to the Buyer/Bidder and must attend the sale and assist in the bidding process.
3. If the Broker or a person related to the Broker by blood or marriage is the successful Buyer/Bidder, Broker will not receive a commission. If requested by AA, Broker must provide an Affidavit confirming that Broker is not related by blood or marriage to the successful Buyer/Bidder.
4. Any commission due Broker will be paid at the time of closing by the Escrow Agent if and only if the Buyer/Bidder pays the full amount agreed upon in the Real Estate Purchase and Sale Agreement at closing.
5. If the Seller is responsible for paying the commission due Broker, Broker agrees that it will look only to Seller for the payment of the commission and will hold AA harmless and indemnify AA for any and all claims made in regard to said commission.
6. The payment of any commission to Broker will be based only on the agreed upon terms and conditions of this Broker Participation Agreement.