BROKER PARTICIPATION TERMS
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.
TWO PERCENT (2%) commission, on the High Bid, will be paid on any pre-auction written opening bid of at least Seventy Percent (70%) of the high bid. The Broker Registration Form is below. IF AN OPENING BID IS NOT WRITTEN ON THE BROKER PARTICIPATION FORM OR DOES NOT EQUAL AT LEAST SEVENTY PERCENT (70%) OF THE HIGH BID, THEN ONLY A ONE PERCENT (1%) COMMISSION, on the High Bid, WILL BE PAID TO THE BROKER. THE MAXIMUM BROKER PARTICIPATION WILL NOT EXCEED (2%) OF THE HIGH BID.
TO EARN THE FOREGOING APPLICABLE COMMISSION:
- BROKER MUST register his buyer/bidder by filling out the Broker Registration Form, in full, and submit it below. To be received no later than 24-hours prior to Auction date. Broker Registration Forms sent directly to seller will not be honored.
- 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 unless made in writing and signed by SELLER.
- BROKER agrees that no oral registration will qualify BROKER for commission.
- BROKER agrees that BROKER will not be entitled to a commission, if BROKER or any member of BROKER'S family or firm participates, as a principal at the Auction.
- BROKER shall give an affidavit to this effect, if requested. 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/Bidder will be accepted and honored.
- 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 Jerome J. Manning & Co., Inc., including its reasonable attorney's fees, from any and all claims with regard to such commission.
No broker will be recognized on a prospect who has previously contacted Seller or Manning & Co., or has been previously contacted by Seller or Manning & Co. A complete registration file on all prospects will be maintained. All registrations accepted by Jerome J. Manning & Co., Inc. will be acknowledged via e-mail and in writing at the auction registration desk. There can be NO EXCEPTIONS to this procedure. No oral registrations will be accepted.