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Broker Participation Terms

By Nicholas Flores,2014-04-07 21:06
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Broker Participation Terms

    Broker Participation Terms

    West Central Auction Co.

    PO Box 774

    Harrisonville, MO 64701

    Office: 816-884-1987 Cell: 816-309-6126

Auction Date: ___________________

    Property Address: __________________________________________________________ A commission will be paid based on the following schedule to any properly licensed real estate broker whose Buyer/Bidder is the successful purchaser for this property and who actually closes and pays the Total Contract Sale Price for this Property. THREE PERCENT ( 3%) commission will be paid on any presale or written opening bid amount shown on the BROKER REGISTRATION FORM attached herewith or available upon request.

    ONE PERCENT ( 1%) commission will be paid on the balance remaining between he written opening bid amount shown on the Broker Registration Form and the High Bid (not including buyer’s premium).

    IF AN OPENING BID IS NOT WRITTEN ON THE BROKER PARTICIPATION FORM,

    THEN A ONE PERCENT ( 1%) COMMISSION WILL BE PAID TO THE BROKER ON

    THE SUCCESSFUL HIGH BID.

    THE MAXIMUM BROKER PARTICIPATION WILL NOT EXCEED THREE

    PERCENT (3 %) OF THE HIGH BID.

    To earn the foregoing applicable commission:

    Participating broker must register his buyer/bidder by filling out the broker registration form in full and must fax, mail or e-mail it to West Central Auction Co. to be received not later than 24 hours before auction date and time. Send form to West Central Marketing, Inc. PO Box 774, Harrisonville, MO 64701, Fax (816) 884-5621, e-mail:

    Jason.Winter@westcentralauctionco.com. Broker must be licensed in the State of Missouri (where property is located). The registration must include the signature of both the broker/agent and the buyer/bidder. It will be the responsibility of the Broker to verify receipt by West Central Auction Co. (816) 884-1987. Broker must show the property in person to his Buyer/Bidder. Broker must attend and register with his Buyer/Bidder at the auction and encourage bidding.

    Broker agrees that Broker will not claim any exceptions to the foregoing procedures.

    Broker’s Initials __________

    Broker agrees that no oral registration will qualify Broker for commission Broker agrees that Broker’s commission will be due upon final closing of the purchase by his Buyer/Bidder with all consideration paid in full.

    Broker agrees that only the first registration of prospective Buyer(s)/Bidder(s) will be accepted and honored. No amendments to registration opening bids will be accepted. Broker agrees that commission will ONLY be paid at time of closing and will be disbursed by Escrow Agent.

    Broker agrees that he shall hold harmless and indemnify West Central Auction Co. including its reasonable attorney’s fees, from any and all claims with regard to such commission.

    Broker must attach a copy of these terms, executed by the broker below, with each registration.

    I agree to the terms set forth herein.

    ____________________________________

    Broker Signature

    Broker’s Initials __________

    Broker Participation Form

    West Central Auction Co.

    PO Box 774

    Harrisonville, MO 64701

    Office: (816)884-1987 Cell: (816)309-6126

Name of Broker: _______________________________

    Name of Company: _____________________________

    Name of Sales Associate: ________________________

    Broker License Number: _________________________

    Address: ______________________________________

    Phone Number: ________________________________

    Bidder/Buyer Name: _____________________________

    Address: _______________________________________

    Phone Number: _________________________________

    The undersigned buyer/bidder makes the opening bid of $_________________________ for

    property ______________________________________________________. Date: ____________________________

    _________________________________________

    Signature of Broker

    _________________________________________

    Signature of Bidder/Buyer

    *Bidder/Buyer acknowledges that he understands the Broker Participation Terms and if

    Bidder/Buyer is the successful purchaser at the auction and successfully closes the

    transaction, said broker will receive a commission from the sale.

    Broker’s Initials __________

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