Listing Agreement Addendum
This agreement, by and between Agent Name (“Listing Agent”) and Owner Name (“Seller”), owner of the above referenced property, sets forth the understanding by which Listing Agent shall conduct an Online Bidding Program for the property on bidwin.org. This agreement shall be attached to and shall become part of the current and active Listing Agreement by and between the Listing Agent and the Seller. The terms of the agreement are as follows:
bidwin.org shall be granted an Exclusive Right to Market during the fourteen (14) day timeframe that the property is up for bid on bidwin.org. If the property is sold during this timeframe, bidwin.org shall be due a fee, as described below, as the procuring cause of the sale.
- The online bidding process shall begin approximately two business days after the property is loaded into the bidwin.org system.
- The property shall be sold subject to an undisclosed minimum reserve price. The reserve price shall be programmed into the bidwin.org online bidding software. Seller agrees that if the bid price equals or surpasses the reserve price of __________________, the property shall be sold to the high bidder at the conclusion of the online event.
- Seller acknowledges that an Opening Bid amount, which shall be less than the reserve price for the property, shall be set for the property. Seller agrees that the Opening Bid amount and the current list price of $________________ may be advertised during the marketing period.
- Seller agrees that bidwin.org shall be paid a Buyer's Premium (also referred to on bidwin.org as an Internet Transaction Fee) of one percent (1%) for the sale of the property. The Buyer's Premium may be added to and shall become part of the total contract price of the property. bidwin.org shall be paid its fee at the closing. If a sale is negotiated by the Seller or the Seller's listing agent, separate from the online auction event, but during the exclusive period, Seller agrees to pay bidwin.org a withdrawal fee of one percent (1%) of the purchase price. Seller agrees to pay this fee from his proceeds if no Buyer's Premium is collected from the Buyer.
- Should the property's reserve price not be met during the fourteen (14) day auction timeframe, bidwin.org's exclusivity regarding registered bidders shall extend an additional 30 days after the Exclusive Right to Market has ended. If a bidwin.org bidder contracts to purchase the property after the conclusion of the auction but during bidwin.org's additional 30 days of exclusivity, that buyer is required to pay the 1% Buyer's Premium to bidwin.org.
- Seller agrees to pay a fee, as defined in the current listing agreement, to any properly licensed Buyer Broker or Buyer Agent who introduces a buyer to bidwin.org, represents a buyer during the online bidding process, and/or purchases the property.
- It is agreed and understood that bidwin.org has not represented that any particular bid or sales price may be achieved and has not warranted that any specific number of bids shall be received.
If this is acceptable to the Seller and the Listing Agent of the Property, please indicate by signing below:
Owner Name, Owner
Agent Name, Company Name