Broker Acknowledgement Form

  • Form MUST be completed prior to Referred Buyer having contact with auctioneer, viewing property or registering to bid.

    TERMS OF BUYER REFERRAL between Gryphon USA. Ltd / Borror, Inc. (Auctioneer) and Referring Broker are as follows: 1.    It is understood and agreed that the Referral Fee will be governed in accordance with the below Terms and Conditions and that this form must be completed truthfully and in its entirety to be considered in effect.

    2.    The Referring Broker must identify, in writing utilizing this AUCTIONEER approved format, the full identity of the Referred Buyer in order for this Referral Agreement to be in effect.  In the event the Referred Buyer is a corporate entity, all principals of said entity must be disclosed.

    3.    A Referral Fee of 2% of the high bid price will be paid to the Referring Broker named herein if all of the following conditions are met: a) this Buyer Referral Form is properly completed and submitted prior to any communication by AUCTIONEER staff with Referred Buyer and before Referred Buyer registers to bid b) the Referred Buyer named herein is the highest bidder at the Auction Sale c) the Referred Buyer named herein, as the highest bidder at the Auction Sale, executes a Memorandum of Sale or Real Estate Purchase Agreement d) the Referred Buyer closes on the sale of the subject property in accordance with the terms of the aforesaid Memorandum of Sale or Real Estate Purchase Agreement e) the Court, in a Court Ordered Sale, approves the final sales price and commissions.

    4.    No referral fee will be paid if the Referring Broker, or member of their immediate family, are participating in the purchase of the property in any manner.

    5.    Referral of a Referred Buyer does not, in any way, create an agency or fiduciary relationship between the Referred Buyer and AUCTIONEER or a co-broker relationship between AUCTIONEER and referring broker.

    6.    No Referral Fee will be paid unless and until AUCTIONEER receives its full and final payment of all commissions due.  At such time, AUCTIONEER shall remit the agreed upon amount to the Referring Broker.

    7.    Modification to the Broker Acknowledgement terms must be made in writing and can only be modified with the written acknowledgement of Gryphon USA, Ltd. Senior Auctioneer.