Memorandum

Also referred to as a “Bidder Acknowledgment,” or “Broker Acknowledgment,” the memorandum is signed by those parties either on the auction floor or in the contract room.

Auctioneers will post prior to the auction a document called the “memorandum of bid“ or so-called “memorandum of sale“ also known as a Bidders acknowledgment … this document is used to to consummate the sale. The scenario goes as such “the auctioneer recognizes the highest and best bidder that has agreed to the contract terms, the Auctioneer in a real live form, say sold, and at the fall of the hammer, the auctioneer announces the property sold, sold, sold. The document follows so all parties have the document in writing with the appropriate signatures.

When selling the property online or, Simon cast, or in a web cast situation, the auctioneer will identify the high bidder and then forward the memorandum of sale so the buyer and seller can sign usually via DocuSign or dotloop or some electronic signature captivation application. When this is completed, and the buyer has submitted any funds necessary to secure the deal such as an Auctioneers fee, or the escrow deposit amount the contract then becomes binding the auctioneer makes to be award and the parties prepared to go to the closing title with the title company or the attorney..