When planning an estate sale, it is essential to have a written agreement between the estate sale company and the homeowners or executors of the estate. This document, known as the estate sale agreement, outlines the terms and conditions of the sale and protects both parties from any misunderstandings. In this article, we will take a look at a sample estate sale agreement that can help you better understand what to expect.
First and foremost, the agreement should contain the names and addresses of all parties involved in the estate sale. This includes the estate sale company, the homeowners or executors of the estate, and any other relevant parties, such as attorneys or real estate agents.
The agreement should also specify the date and location of the sale, as well as the hours of operation. This information is crucial for both the estate sale company and potential buyers. It also establishes a clear timeline for the sale and ensures that everyone is on the same page.
Next, the agreement should define the scope of services provided by the estate sale company. This can include tasks such as inventorying and pricing items, advertising the sale, conducting the sale, and cleaning up afterward. It is important to be clear about what services are included in the agreement as well as any additional services that may come at an extra cost.
The agreement should also address the commission or fee that the estate sale company will receive for their services. Typically, estate sale companies charge a percentage of the total sale proceeds as their commission. This percentage varies between companies, but it is usually between 25-35%. It is important to clarify this amount in the agreement to avoid any confusion or disagreements later on.
The agreement should also cover other important details, such as the responsibilities of the homeowners or executors of the estate. This might include tasks such as providing access to the property, removing any personal items that are not for sale, and ensuring that the property is clean and organized before the sale.
Finally, the agreement should outline the terms and conditions of the sale, such as accepted forms of payment, the return policy, and any other relevant details. This helps to protect both parties and ensures that buyers are aware of the terms of the sale before making a purchase.
In conclusion, a well-written estate sale agreement is essential for a successful sale. It helps to clarify expectations and responsibilities, and protects both the estate sale company and the homeowners or executors of the estate. If you are planning an estate sale, be sure to work with a reputable estate sale company and have a written agreement in place to ensure a smooth and successful process.