18 Va. Admin. Code § 25-21-110
Current through Register Vol. 41, No. 6, November 4, 2024
Section 18VAC25-21-110 - ContractsA. When a licensee agrees to conduct an auction, a contract shall be drawn setting forth the particulars of the terms and conditions under which the auctioneer or auction firm received the real or personal property for auction and particulars for the disbursement of the proceeds. Each contract for auction shall include the following: 1.a. A detailed list of the real or personal property received for sale with adequate descriptions of the property so that the personal property of material value can be readily identified. If a list cannot be made at the time of signing of the contract, and the owner of the items agrees to waive this requirement in writing in an addendum to the contract, then a list must be made a part of the contract (and attached) prior to auction of the real or personal property for that day; orb. If the auctioneer or auction firm enters into a contract to sell items on a consignment basis where the total value of all the items to be sold at any one action does not exceed $500, then the requirement contained in subdivision 1 a of this subsection is not applicable.2. The name, address, telephone number, and license number of the licensee entering into the contract.3. The name, address and telephone number of the property owner.4. The date, time and place of the auction or auctions at which the real or personal property is scheduled to be auctioned. The date by which the property is to be returned or otherwise disposed of in accordance with the terms of the contract if it is not sold.5. The fee or percentage of gross sales the auctioneer or auction firm will charge the owner and what services are included in the fee, such as preparation, travel, labor, advertising and any other auction related expenses.6. By what date the owner is to be paid and who is responsible for disbursing the funds.7. A statement that the clerk sheets, or other evidence to properly account for all items sold, shall be given or made available for inspection by the owner on a daily basis.8. The following statement above the owner's signature line: "I have read and accepted the terms of this contract."B. A legible executed copy of the contract and any addendums shall be given to the owner at the time of execution.18 Va. Admin. Code § 25-21-110
Derived from VR150-01-2:1 § 4.2, eff. August 1, 1995; amended, Virginia Register Volume 18, Issue 7, eff. February 1, 2002; Volume 25, Issue 7, eff. February 1, 2009; Amended, Virginia Register Volume 32, Issue 01, eff. 11/1/2015. Statutory Authority: §§ 54.1-201 and 54.1-602 of the Code of Virginia.