Sell Property at Auction – Real Estate Broker Auction – Co-Broke Auction – Beloit Auction & Realty

Broker/Agent Co-Broke Participation Acknowledgement Form

Auction Property Address

Broker/Agent Co-Broke Acknowledgment
I expressly acknowledge and agree to the following Terms and Conditions: 1. I have read, signed, and agree to be bound by the Terms and Conditions of the auction or traditional sale of the above Property; 2. A commission of 10% of the 10% Buyer's Premium charged or 10% of any negotiated commission will be paid to any properly licensed real estate broker/agent (see exceptions below) whose bidder/buyer is the successful purchaser for this property, and who actually closes and pays the total Contract Price and Closing Costs for this property. It is understood and agreed that the real estate broker/agent's commission structure will be based on the stated terms and conditions of sale; 3. Commission is contingent upon, and will ONLY be paid to the broker/agent if the broker/agent attended the first property showing their bidder/buyer attended and handed their business card with their client's name written on it to one of the Beloit Auction representatives present at the open house, the online "Broker/Agent Co-Broke Participation Acknowledgment Form" is received by the auction company at least 72 hours prior to the start time of the auction, and if the real estate broker/agent's bidder/buyer has placed at least one bid 72 hours prior to the start time of the auction, no exceptions; 4. Real estate broker/agent shall not be entitled to said commission on account of any sale to an entity of which (or any affiliate of which) the real estate broker/agent is a principal, employee, or affiliate, or immediate family member. 5. Real estate broker/agent agrees that real estate broker/agent will not claim any exceptions to the foregoing procedures; 6. Broker/agent agrees that if the commission is reduced due to negotiations, the commission to the broker/agent shall be 10% of total commission earned; 7. Real estate broker/agent agrees that real estate broker/agent's commission will be due upon closing of the purchase by his Bidder/Buyer with all consideration paid in full; 8. Registered real estate broker/agent must ensure their bidder/buyer is registered under the bidder's name/information, not theirs; 9. Real estate broker/agent agrees that he/she shall hold harmless and indemnify Beloit Auction & Realty, Inc., including its reasonable attorney’s fees, from any and all claims with regard to such commission; By checking this box, I acknowledge that I have read and understood the Broker/Agent Co-Broke Acknowledgment above.

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