Terms, Rules, & Regulations Governing Broker Participation for Real Estate Auctions

A commission of 2% of the purchase price of the property or properties sold on the above date, at the above action, will be paid to the broker that meets all of the terms, rules and regulations governing broker participation as listed below:

To qualify for the 2% broker participation fee the broker must do all of the following:

The broker with his/her prospects must attend and register at an preview date or open house during auction-marketing period.

The broker must register the prospects name, address and phone number on the broker’s letterhead, signed by the broker and co-signed by the prospect (s) no less then 72 hours prior to the auction.

The broker with his/her prospect (s) must attend the auction, the prospect (s) must deposit the amount of money required to obtain a bidding number and abide by the terms/conditions of the auction.

The broker may bid for or with the prospect, but the broker or prospect (s) must give an opening bid of no less then 75% of the current estimated market value of the property (s) they are bidding on.

The broker's prospect must be the high winning bidder, make the required earnest money/deposit, sign the purchase agreement and close on the property.

No broker prospect (s) will qualify who have been in contact with the Auction Company or auctioneer prior to any registrations.

The Auction firm has full discretion to adjust commission if required to negotiate the sale and broker agrees to any adjustments as required.

Commission will be paid immediately following the closing.

There will be no exceptions to the procedure; no oral registrations will be accepted.

Fax, mail back or hand deliver form to

 Global Auction Group (973) 334-7388 FAX 

 670 Main Road, Towaco, NJ 07082

I have read the terms and conditions of this broker participation form and agree to it.

Broker Signature__________________________________________ Date : _________

Company Name: __________________ City _______________________

Phone Number ___________________

Email __________________________

Licensed Real Estate Agent Signature; ___________________________ Date: _________

Company Name__________________________________ City__________________ Zip__________

Phone number _________________________

Email_____________________________________________