Auction Listing Form

herein called Seller, and Steve Long Realty & Auction, LLC hereinafter called the Auctioneer. Seller warrants that Seller is the owner of record of the property, or has the written authority, attached, to execute this agreement on behalf of the owner of record.  

If a purchase agreement is prepared by Auctioneer before the proposed auction, or as a result of a successful auction, Auctioneer will be representing the Seller through the Closing.  

In consideration of services to be performed by Auctioneer, Seller authorizes and gives Auctioneer the exclusive irrevocable right and privilege to sell at public or online auction the following real estate legally described as:

Auction Terms for the Sale 

Property sold "As Is" "Where Is"

Property sold with NO contingencies

10% down day of sale, balance on or before 30 -45 days

There will be a Buyer's Premium of 7% or 10% added to the final bid to determine the contract price.

Lindsay Hinton, attorney at RJH law firm will do the pre-auction title opinion as well as the closing. She will perform a pre-sale Title Search with the cost delayed to the seller until closing.

Auction date determined by Auctioneer and Seller. Usual minimum day from listing to auction is 4-8 weeks.

A Buyer’s premium is a flat fee or a percentage based on the highest bid which is added to the high bid amount to achieve the contract or sale’s price. The Buyer’s premium will be considered Auctioneer’s commission

​In the event of an undisclosed encumbrance that results in cancellation by a successful bidder, hereinafter called the Buyer, discharge of Buyer from purchase price and/or assumption by Buyer who is credited on the purchase price for the undisclosed encumbrances, liens, or cloud on the title, Seller shall be liable for the pre-auction title opinion as well as to Auctioneer for the fee outlined in Section 16 as though contract of sale was not cancelled.

It is mutually agreed that all real estate shall be sold to the highest bidder unless Seller authorizes a reserve. If a bid price or offer (including the buyer’s premium, if any) equals or exceeds the reserve price, or Seller authorizes Auctioneer to accept the bid price or offer, the commission and fees agreed to in this agreement are earned by the auctioneer.  

Seller agrees to furnish a marketable title and pay Auctioneer a commission if said real estate is sold prior to auction ( 7% or 10% sale’s commission--depending on BUYER's Premium Used) OR at the Public auction during the existence of this agreement, or within 270 days after such public sale to any bidder at the auction, or any such bidder’s agent that attended the auction to which the property did not meet the reserve.  

Cancellation. In the event of any cancellation of this auction by the Seller, Seller shall reimburse Auctioneer the No Sale fee and costs as set forth in this Agreement within 14 days after cancellation. If the Seller refuses to sell to the highest Bidder after the reserve was met, then Seller agrees to pay to Steve Long Realty & Auction, LLC, within 14 days, 6% of the FINAL online or onsite auction bid.

Earnest Money. Earnest money will be held in the trust account of Steve Long Realty & Auction, LLC Seller agrees that Auctioneer or Auctioneer’s authorized closing agent may act as escrow agent for all money, papers, and documents associated with this transaction.

Compensation. Seller agrees that Auctioneer’s commission fee, all expenses, and applicable sales tax incurred for conducting the auction as agreed below (such as advertising, promotion, marketing, signage, technology, labor, tent (if applicable) dumpster, hauling) shall be paid in cash/check at the time of the closing of the sale.

Compensation. Seller agrees that Auctioneer’s commission fee, all expenses, and applicable sales tax incurred for conducting the auction as agreed below (such as advertising, promotion, marketing, signage, technology, labor, tent (if applicable) dumpster, hauling) shall be paid in cash/check at the time of the closing of the sale.

Opening Bid. Seller acknowledges that the opening Bid may or may not exceed the Reserve amount.

Mediation, Litigation. Any dispute, before or after a closing, will first be submitted through a mutually agreed upon Mediator. If litigation is needed to obtain any fees or commissions agreed upon between seller(s) and Auctioneer, Seller agrees to indemnify Broker/Auctioneer, and reimburse all costs and attorney fees incurred by Broker/Auctioneer.

Carry-Over Clause. If the SELLER sells the above property to any registered bidder, for a period of 270 days, after an unsuccessful auction, SELLER agrees to pay Steve Long Realty & Auction, LLC a 6% selling commission based on the final rejected bid.

Training. Broker/Auctioneer, is trained in the sale and marketing of real estate. He is not trained or licensed to provide the Seller or any prospective Buyer with legal or tax advise.

Seller’s Property Disclosure. Seller will complete a Seller’s Property Disclosure. ( If Applicable)

Lead-Base Paint Disclosure.  Seller will complete if property built before 1978.

Release of Earnest Money in Unconsummated Transaction. If an accepted offer and agreement to purchase does NOT close, and the Auctioneer is in custody of any earnest money, both Seller and Buyer must agree in writing prior to release of earnest money by the signing of the purchase contract.  If earnest money is forfeited, the earnest money MINUS expenses will be divided 50% to Seller,  50% to Auctioneer.

Parties Held Harmless.  Seller agrees to indemnify and hold harmless Auctioneer and Auctioneer's agents and employees from any claim(s) arising out of misrepresented or incomplete disclosure statements made by Seller. Auctioneer is not responsible in case of accidents.

Potential Tax Liability.  Seller acknowledges that there may be tax consequences arising out of the sale of this property and is advised to seek competent tax advice.

Reliance on Reputation.  Unless otherwise agreed upon in writing, Auctioneer and Auctioneer’s agents owe No duty to conduct an independent inspection of the property or to conduct an independent investigation of Seller’s financial condition, and owe NO duty to independently verify the accuracy or completeness of any statement made by either party or by any source reasonably believed by Auctioneer or Auctioneer’s agents  to be reliable.

 Fair Housing.  This property is offered for sale regardless of race, color, creed, religion, sex, disability, familial status, country of natural origin, or any other category protected under federal, state, or local law.

This agreement shall be binding upon the parties hereto and their respective
Successors, heirs, and assigns.

If property is sold prior to the auction date, the Seller agrees to pay a sale’s commission equal to the Buyer’s Premium which is either 7% or 10% decided on for this property.

Seller agrees that attorney Lindsay Hinton shall perform the Pre-auction title exam, and will delay the cost until closing. If final reserve bid is rejected by the Seller, then cost of Title search is the responsibility of the Seller.

Any party signing this agreement on behalf of Seller, must provide written proof to the Auctioneer.

The Auctioneer is representing the Seller in this transaction.

The laws of Kentucky govern this agreement.

Receipt of a copy of this contract has been acknowledged.HEREIN; (2) SELLER UNDERSTANDS ALL SUCH PROVISIONS, DISCLAIMERS, AND DISCLOSURES AND HAS ENTERED INTO THIS AGREEMENT VOLUNTARILY; AND (3) SELLER IS NOT SUBJECT TO A CURRENT LISTING AGREEMENT WITH ANY OTHER BROKER. 

HEREIN; (2) SELLER UNDERSTANDS ALL SUCH PROVISIONS, DISCLAIMERS, AND DISCLOSURES AND HAS ENTERED INTO THIS AGREEMENT VOLUNTARILY; AND (3) SELLER IS NOT SUBJECT TO A CURRENT LISTING AGREEMENT WITH ANY OTHER BROKER. 

BY SIGNING THIS AGREEMENT, SELLER(s) ACKNOWLEDGE THAT: SELLER HAS READ ALL PROVISIONS, DISCLAIMERS, AND DISCLOSURES MADE Herein.