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We invite real estate broker and agent participation. A one percent (1%) cooperating broker commission, based on the winning bid amount, will be paid to Brokers/Agents (i) who have duly registered as a “Registered Broker/Agent” on-line at www.auction.com at least twenty-four (24) hours prior to the start of the Auction, and, (ii), who have been identified by their client on the bidder online registration profile; and (iii) for live auctions, who personally check in on auction day with their client, and (iv) whose client(s) successfully purchase the Property and close the transaction. Please see the website for specific co-operating broker commission amounts related to specific Properties. THERE WILL BE NO BROKER/AGENT REGISTRATION PERMITTED ON THE DAY THE AUCTION BEGINS. Terms and conditions for the payment of a commission on Commercial property transactions shall be governed by the terms of the individual purchase agreements and the terms of the Online Terms and Conditions – Commercial.
To qualify for a commission and become a Registered Broker/Agent, you must:
1. Fully complete the Broker/Agent Participation Form on-line at www.auction.com and bring a copy of it (printed from the website) to the Auction along with a copy of your valid real estate license for the Live Auction event. You are required to personally check in at the broker/agent registration desk prior to the start of the live Auction. Your client must accompany you to check in at the Broker/Agent check in table. If you are an Agent, you must also provide a letter, signed by your Broker on company letterhead, confirming your attendance at the Auction with your client which sets forth commission payment information including broker license number, name and tax identification number. Prior to closing, you will be required to provide the escrow/closing agent with an IRS Form W-9 or electronically complete an IRS Form W-9 in order to receive a commission. This W-9 must be completed by your Broker as payment can only be made through the Broker who holds your license. Be prepared and bring it with you on Auction day to provide when your client is the winning bidder. You may be required to provide a copy of your Broker/Agent Participation Form to the escrow/closing agent prior to closing;
2. For online bidding clients, you must complete the Broker/Agent Participation Form online at www.auction.com and you must ensure that when your client registers, he or she includes your information as part of the registration identifying you as the broker/agent. You will be required to complete the necessary electronic signatures as part of the purchase transaction within the time frames required. You must provide a copy of your Broker/Agent Participation Form to the escrow/closing agent prior to closing. You will be required to provide the escrow/closing agent with an IRS Form W-9 or electronically complete an IRS Form W-9 in order to receive a commission. This W-9 must be completed by your broker as payment can only be made through the broker who holds your license;
3. Inspect each Property with your client; 4. Identify yourself, remain with your client, and execute all necessary documentation during the entire Auction and post-Auction process; and
5. Be present at the Live Auction with your client. You must sign in on each day of the Auction and identify your client at that time. Registered Broker/Agent must accompany and remain with your client throughout the entire bidding and purchase process at the Live Auction.
6. Participating Brokers/Agents may be required to sign the purchase documentation, either at the live auction or by electronic means, along with their client.. Any Registered Broker/Agent who fails to sign the purchase documentation at the Auction or within the time prescribed shall not be entitled to any commission. Commissions will be paid upon closing. No commission will be paid to a Registered Broker/Agent acting as a principal in the purchase of any Property. THERE ARE NO EXCEPTIONS TO THE BROKER/AGENT PARTICIPATION RULES.
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