At Great American Home Auctions, we believe that Brokers and Agents play an invaluable role in the residential real estate community. Your participation is encouraged in not only assisting buyers to find a home that best fits their needs, but in providing sellers with a viable alternative to traditional marketing channels.
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Broker/Agent Registration and Participation Terms:
Following are the terms and conditions upon which the real estate broker or sales agent registering herein (the “Broker/Agent”) will be compensated by Great American Home Auctions “GAHA” with respect to the sale of a property at a GAHA auction to a prospective buyer represented by the Broker/Agent.
Registration of Broker/Agent for Auction
The Broker/Agent must register online for an auction and provide the information requested including the name of the party (ies) being represented by the Broker/Agent. The Registration confirmation notice sent must be presented at the GAHA broker registration table, along with a copy of a valid broker or agent license, prior to commencement of each auction for which the Broker/Agent has registered.
Representations by Broker/Agent
The Broker/Agent represents that the broker and any agent acting on its behalf are duly licensed in the state where the auction it has registered for will be conducted. It further represents that no other Broker/Agent represents the prospective buyer identified herein at this auction and that the Broker/Agent is not acting as a principal in any transaction at the specified auction; GAHA may required sworn statement of the foregoing as a condition of the Broker/Agent earning the commission set forth below.
Commission for the Broker/Agent
Seller Agrees to pay a maximum of one and one half percent (1.50%), unless otherwise stated, of the final purchase price paid to Broker/Agent representing the buyer. This commission will be paid through the close of escrow to the Broker or the Agent’s Broker. Proper registration of the Broker/Agent is a condition of payment of this commission in addition to the Broker/Agent following all other terms herein. The Broker/Agent will be required to check-in in all stations of the auction process including closing.
Broker/Agent Procedures
The Broker/Agent shall have accompanied the prospective buyer in inspecting the property upon which a commission will be paid; and, the Broker/Agent shall remain with its prospective buyer throughout the entire bidding and purchase process. The Broker/Agent must be sure that its prospective buyer follows all procedures set forth in the terms and conditions applicable to buyers, including following the pre-qualification procedures and providing proper funds to escrow.