A commission will be paid to the Licensed Real Estate Broker properly licensed in the State of Illinois whose prospect pays and closes for the property. To qualify for a commission, the Broker must do the following:
- Register his principal by mail or fax to Adcock Auction Service no later than 48 hours prior to the Auction; and have that representative recognized by fax from Adcock Auction Service within 24 hours prior to the Auction.
- Attend the Auction and bid for or with the principal.
- Broker’s commission will be a percentage of the bid amount to be paid by Adcock Auction Service at closing.
Adcock Auction Service or Seller will recognize no Broker on a principal who has been personally contacted prior to Broker’s request for recognition. In the event 2 or more Broker’s request recognition for the same principal, then the one received first will be recognized by Adcock Auction Service.
The Broker MUST obtain written authorization by his principal acknowledging the Broker’s representation.
Adcock Auction Service will not pay a commission to any Broker who is a partner, stockholder, or principal of entity purchasing the property.
There can be no exceptions to this procedure and no oral registrations will be accepted.