Common use of Auction Sales Clause in Contracts

Auction Sales. Notwithstanding any other provision, Xxxxxxxx Real Estate and Auction Company, Inc. and its agents and associates will represent only the seller in connection with the sale of real estate at an auction conducted by this firm. Representing Buyers When purchasing real estate, buyers usually choose to work with a real estate agent as well. Often the buyers want to be represented in the transaction. This is referred to as buyer’s agency. A brokerage and agent that agree to represent a buyer’s interest in a transaction must: follow the buyer’s lawful instructions, be loyal to the buyer, promote the buyer’s best interests, disclose material facts to the buyer, maintain confidential information, and account for any money they handle in the transaction. Dual Agency Occasionally, the same agent and brokerage that represent the seller also represent the buyer. This is referred to as dual agency. When a brokerage and its agents become “dual agents,” they must maintain a neutral position between the buyer and the seller. They may not advocate the position of one client over the best interests of the other client, or disclose any personal or confidential information to the other party without written consent. Representing Both the Buyer & Seller On occasion, the buyer and seller will each be represented by two different agents from the same brokerage. In this case, the agents may each represent the best interest of their respective clients. Or, depending on company policy, the agents may both act as dual agents and remain neutral in the transaction. When either of the above occurs, the brokerage will be considered a dual agent. As a dual agent, the brokerage and its managers will maintain a neutral position and cannot advocate for the position of one client over another. The brokerage will also protect the confidentiality of all parties. Working With Xxxxxxxx Real Estate and Auction Company, Inc. AUCTION SALES: Notwithstanding any other provision, Xxxxxxxx Real Estate and Auction Company, Inc. and its agents and associates will represent only the seller in connection with the sale of real estate at an auction conducted by this firm. Xxxxxxxx Real Estate and Auction Company, Inc. does offer representation to both buyers and sellers. Therefore, the potential exists for one agent to represent a buyer who wishes to purchase property listed with another agent in our company. If this occurs, each agent will represent their own client, but Xxxxxxxx Real Estate and Auction Company, Inc. and its managers will act as a dual agent. This means the brokerage and its managers will maintain a neutral position and not take any actions that will favor one side over the other. Xxxxxxxx Real Estate and Auction Company, Inc. will still supervise both agents to assure that their respective clients are being fully represented and will protect the parties’ confidential information. In the event that both the buyer and seller are represented by the same agent, the agent and Xxxxxxxx Real Estate and Auction Company, Inc. will act as a dual agent but only if both parties agree. As a dual agent, they will treat both parties honestly, prepare and present offers at the direction of the parties, and help the parties fulfill the terms of any contract. They will not, however, disclose any confidential information that would place one party at an advantage over the other or advocate or negotiate to the detriment of either party. If dual agency occurs, you will be asked to consent to that in writing. If you do not agree to your agent acting as a dual agent, you can ask that another agent in our company be assigned to represent you or you can seek representation from another brokerage. As a buyer, you may also choose to represent yourself on properties Xxxxxxxx Real Estate and Auction Company, Inc. has listed. In that instance, Xxxxxxxx Real Estate and Auction Company, Inc. will represent the seller and you would represent your own best interests. Because the listing agent has a duty of full disclosure to the seller, you should not share any information with the listing agent that you would not want the seller to know.