§ 15-10. Auction contract. Any auctioneer or auction firm shall not conduct an auction or provide an auction
service, unless the auctioneer or auction firm enters into a written auction contract
with the seller of any property at auction prior to the date of the auction. Any agreement shall state whether the auction is with reserve or absolute. The agreement shall be signed by the auctioneer or auction firm conducting an auction
or providing an auction service and the seller or sellers, or the legal agent of the
seller or sellers of the property to be offered at or by auction, and shall include,
but not be limited to the following disclosures:
(1) Licensees shall disclose:
(A) the name, license number, business address, and phone number of the auctioneer
or auction firm conducting an auction or providing an auction service;
(B) the fee to be paid to the auctioneer or auction firm for conducting an auction
or providing an auction service;
(C) an estimate of the advertising costs that shall be paid by the seller or sellers
of property at auction and a disclosure that, if the actual advertising costs exceeds
120% of the estimated advertising cost, the auctioneer or auction firm shall pay the
advertising costs that exceed 120% of the estimated advertising costs or shall have
the seller or sellers agree in writing to pay for the actual advertising costs in
excess of 120% of the estimated advertising costs; and
(D) the buyer premium and the party to the transaction that receives it.
(2) Sellers shall disclose:
(A) the name, address, and phone number of the seller or sellers or the legal agent
of the seller or sellers of property to be sold at auction; and
(B) any mortgage, lien, easement, or encumbrance of which the seller has knowledge
on any property or goods to be sold or leased at or by auction.
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