REINSW’s Auctioneers Chapter Committee has developed a new form now available on REI Forms Live.
The Auction Reserve Price form is used by the selling agent to disclose the reserve price from the vendor to the auctioneer.
“This form was implemented to ensure that REINSW could provide a legally compliant Auction Reserve Price form that covers all the fiduciary responsibilities of the agents,” says Jesse Davidson, Chief Auctioneer and Director at auctionWORKS and Chair of REINSW Auctioneers Chapter Committee.
Enhancing the auction day process
The idea for an Auction Reserve Price form first arose in February 2018 from an REINSW member who wanted to enhance the suite of standard forms and letters on REI Forms Live.
The request was taken on by REINSW Legal and driven by the Auctioneers Chapter Committee.
Davidson and Paul Millett, Cooley Auctions, worked collaboratively with the Auctioneers Chapter Committee, Robert Anderson of REINSW Helpline and the REINSW Residential Sales Chapter Committee to develop the form.
“The main benefits to using the REINSW Auction Reserve Price form is that it covers all legal obligations of the agent,” says Davidson.
“If an agent/auctioneer uses this template, they are ensuring they meet every requirement of the auction process, giving them and the vendor the security to proceed on auction day.”
The REINSW Auction Reserve Price form is available on REI Forms Live and can be electronically signed by the vendor using DocuSign.