NOT ALL AUCTIONS ARE BUYER PREMIUM. 1st CHECK TO SEE IF THE AUCTION YOU ARE INTERESTED IN BIDDING IS A BUYER PREMIUM AUCTION.
The Buyers Premium, sometimes called a "Transaction Fee" is an auction fee that is added to the winning bid and becomes part of the gross purchase price. Research of the real estate auction industry finds Buyers Premiums applicable at rates of up to ten per cent (10%) of the winning bids.
EXAMPLE: A winning bid of $100,000 together with a buyers premium of Eight per cent (8%) will result in a gross purchase price or contract price of $108,000.00.
Buyers must take this fee into consideration when they bid. The amount of the fees will vary. Please look for the applicable premium in the description section of each specific auction.
The Buyers Premium is paid to the Listing Broker by the closing agent at the closing of the transaction. The Buyers Premium is disclosed to Sellers in the listing agreement and on promotional materials for specific auctions.
The Buyers Premium is collected from the buyer at closing by the closing agent. The Buyers Premium is then disbursed by the closing agent.
IMPORTANT: The amount of the Buyers Premium, stated as a percentage may vary from auction to auction, and will be disclosed with each individual auction on this web site under the "Closing Terms and Instructions" section.
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