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Credits

Sponsored by Lorman Education
Product ID: 408961EAU
 
Credit & Course Provided by:

Practical and Legal Aspects of Real Estate Auctions

OnDemand Webinar (96 minutes)

Gain an understanding of the auction process with an in depth look at the online selling process, typical contracts, terms, and the operations of how and why.Although auctions can be (and routinely are) used to create a dynamic market for the sale of real property, including non-distressed real property, misconceptions about the industry, and a general lack of understanding of the auction process among both sellers and buyers, as well as their lawyers, has resulted in confusion and the failure to fully utilize all aspects of this valuable tool. Additionally, sellers unfamiliar with the methods through which an auctioneer may be compensated can overlook the possibility of negotiating more a favorable commission by having the auctioneer increase the buyer's premium. This topic will help those involved in real estate transactions recognize the benefits offered by the auction method of marketing and will provide information that should be helpful in avoiding pitfalls. Those involved in real estate auctions will appreciate the possibility of bringing a property to market on an accelerated time schedule with the potential of achieving the best value through competitive bidding. You will become familiar with various terms of art in the auction industry and will recognize the ability to allocate risk through well drafted listing agreements and bidder terms and conditions. This material will also be helpful in dispelling certain myths about the auction process and will discuss the flexibility of the auctioneer and seller in qualifying bidders and in controlling the conduct of the auction, including the reopening of the bidding under appropriate circumstances.

Authors

George Michak, Michak Legal

Agenda

Types of Real Estate Auctions; Additional Techniques and Variations

• Absolute Auction/Auction Without Reserve

• Reserve Auction

• Auction Subject to Seller's Confirmation

• Other Considerations, Tools, and Incentives

Auction Contracts

• Identifying and Allocating Risk

• The Various Contracts Involved in an Auction Transaction

• Auctioneer's Commission, Buyer's Premium, and Broker Participation

• Bidder Qualification

Conduct of the Auction; Reopening the Bidding

• Auctioneer's Discretion in Conduct of the Auction

• Reopening the Bidding

Other Matters

• Premises Liability; Indemnification; Insurance

• Breach and Damages