| Commentary

15 Auctioneer’s remuneration

| Commentary

15 Auctioneer’s remuneration

An auctioneer is almost always remunerated by the seller by a commission or percentage of the price realised for property sold. In the absence of express agreement, a professional auctioneer is entitled to a reasonable sum by way of payment for his services1. An express arrangement is nevertheless generally made, and the auctioneer often sends the seller a confirming letter2 which sets out, and is evidence of, the agreement which has been reached.

In the case of a sale of land by auction, the auctioneer should be careful to notify the seller of his prospective liability as to

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial