Agreement with an Auctioneer (India) by OLL
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AGREEMENT WITH AN AUCTIONEER
(LETTER FORM)
To:
PM.,
Auctioneer
Dear Sir,
I, the undersigned, hereby authorize you to sell by auction with or without special conditions, as you may consider most advantageous, and for the best price not being less than Rupees 100000/_______ (RsONE Lakh in Words) only, my dwelling-house built on freehold land and situated at (Address and brief description ,size etc).
In consideration of your procuring a customer and completing the sale of the said property, I authorise you to deduct from the sale price by way of your remuneration or commission ..% thereof, which amount shall cover your own charges for conducting the sale and all expenses and cost of the auction or sale. Should you fail to complete the sale of the said property within the time herein allowed, or such extended time as I may grant you in writing, you shall be entitled to no remuneration, commission or expenses.
I undertake that I shall concur and execute and confirm the sale made by you and do all such acts, deeds and things as may be requisite and proper for performing and completing the same and effectually conveying in full and absolute ownership, the said property to the purchaser on receipt of the sale price together with the expenses of transfer, but less your commission of ………...%.
And I also undertake not to repudiate or revoke this authority, which is being given for a period of ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, months from the date hereof and after such period the said authority shall be deemed revoked whether any letter of revocation is written or not.
I further assure you that the said property is neither encumbered nor charged with the payment of any loan, debt or tax, except such taxes as are usual and all taxes have been paid up to date and shall be paid till the date of sale.
I am also enclosing Title deed and other documents___________ with this latter
DATE: _____
Yours faithfully,
Signature ……………
I confirm the above
Signature ……………………
This document is a formal letter agreement authorizing an auctioneer to sell a property (such as a dwelling-house) on behalf of an owner. It outlines the minimum sale price, the auctioneer's commission percentage, and the specific timeframe during which the auctioneer has the authority to conduct the sale.
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About this template
What is this template?
This is a simple mandate letter between a property owner and an auctioneer. It contains a specific reserve price in Rupees and a performance-based fee structure where expenses are only reimbursed if a sale is completed. It is not a comprehensive real estate listing agreement or a deed of conveyance.
When should you use it?
Use this when engaging an auctioneer for a one-off residential sale in India where the owner wants to cap costs to a single commission percentage. Use a 'Real Estate Agency Agreement' instead if the agent is not selling via public auction.
What's inside
| Clause | Name | What it does |
|---|---|---|
| Paragraph 1 | Authority to Sell | Authorizes the Auctioneer to sell the freehold dwelling-house for a minimum reserve price of Rupees 100,000. |
| Paragraph 2 | Remuneration and Commission | Permits the Auctioneer to deduct a percentage-based commission from the sale price to cover all conducting charges and expenses. |
| Paragraph 2 | Failure to Complete | Entitles the Auctioneer to zero remuneration or expenses if the sale is not completed within the allowed timeframe. |
| Paragraph 3 | Owner Obligations | Obliges the owner to execute all deeds requisite for conveying absolute ownership to the purchaser upon receipt of payment. |
| Paragraph 4 | Period of Authority | Fixes the authority for a specific number of months, after which it is deemed revoked without further notice. |
| Paragraph 5 | Property Warranties | Assures the Auctioneer that the property is unencumbered and that all usual taxes have been paid up to date. |
Who it's for
- a homeowner in India appointing an auctioneer to sell a freehold dwelling-house
- an auctioneer requiring written authorization to deduct commission from a property sale price
How long it runs and how it's signed
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