A commission equal to two percent (2%) of the bid price will be paid to the licensed Real Estate Broker whose Client is the winning bidder and closes on the property, provided that the licensed Real Estate Broker acknowledges, agrees to, and meets the following conditions:
Real Estate Broker is properly licensed in the state where the property being sold is located.
Real Estate Broker has a formal written agency agreement with buyer as a Client and represents the buyer as such in this transaction. Terry Howe & Associates, Inc. may request an acknowledgement of agency agreement signed by Real Estate Broker and Client.
Real Estate Broker has downloaded, read, and understood the Contract Package for the property prior to buyer Client bidding on the property.
Real Estate Broker has provided a copy of the Contract Package for the property to the buyer client and verified that the buyer Client has read and understood the Contract Package for the property prior to buyer Client bidding on the property.
Real Estate Broker Registration Form must be submitted at least 24 hours before the listed end time of the online auction.
Commission is paid at closing. No commission will be paid if the transaction does not close.
The Real Estate Broker will be deemed to have earned a commission if all of the above requirements are met.