Authority to auction

An agreement made between:

(the vendor)______

(the agent) ______

on the ______day of______20______

It is agreed between the above parties that the following will apply:

The vendor appoints the agent to offer by public sale by public auction in accordance with the Blue Sky City Real Estate Auctioneers Act 1968 and the REIBS auction code of conduct, the property at ______ on the ______day of ______. This authority extends from ______prior to the day of auction to ______after the day of auction.

1.  The auction will be subject to the reserve price of $______or the price indicated by the vendor in writing prior to the auction commencement.

2.  The following chattels/plants

The following chattels/plants shall be included in the sale and the Vendor stipulates that they are free from encumbrances.

3.  Auction marketing charges and expenses.

For the purpose of the auction the agent will advertise and promote the property as agreed with the vendor. The vendor will pay all costs incurred to a maximum of $______, including GST. The payment should be attached or an invoice issued for payment within seven days.

3.1  If the property is sold, any balance of money not used on advertising or promotion will be fully refunded to the vendor at the time of settlement.

3.2  The agent will submit to the vendor an itemised list of all advertising and promotion costs.

3.3  If the vendor withdraws the property from sale, they will reimburse any advertising or promotion costs incurred by the agent.

4.  Terms of sale.

The property shall be sold at or above reserve price or at any other price that the vendor may accept at the time of the auction.

4.1 A deposit of 10% will be paid when the contract of sale is signed.

4.2 The settlement date shall be ______.

4.3 The agent is authorised to sign contracts on behalf of the vendor and is also authorised to accept deposits from a buyer.

5.  Agent’s fees

The following fees have been agreed.

5.1  The agents selling fee is $______or

5.2  The agents selling fee is ______% of the sale price.

SIGNATURES

Vendor: ______Date:______

Vendor: ______Date:______

Agent: ______Date:______