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Practical and Legal Aspects of Real Estate Auctions

Gain an understanding of the auction process with an in depth look at the online selling process, typical contracts, terms, and the operations of how and why.

Although auctions can be (and routinely are) used to create a dynamic market for the sale of real property, including non-distressed real property, misconceptions about the industry, and a general lack of understanding of the auction process among both sellers and buyers, as well as their lawyers, has resulted in confusion and the failure to fully utilize all aspects of this valuable tool. Additionally, sellers unfamiliar with the methods through which an auctioneer may be compensated can overlook the possibility of negotiating more a favorable commission by having the auctioneer increase the buyer's premium. This topic will help those involved in real estate transactions recognize the benefits offered by the auction method of marketing and will provide information that should be helpful in avoiding pitfalls. Those involved in real estate auctions will appreciate the possibility of bringing a property to market on an accelerated time schedule with the potential of achieving the best value through competitive bidding. You will become familiar with various terms of art in the auction industry and will recognize the ability to allocate risk through well drafted listing agreements and bidder terms and conditions. This material will also be helpful in dispelling certain myths about the auction process and will discuss the flexibility of the auctioneer and seller in qualifying bidders and in controlling the conduct of the auction, including the reopening of the bidding under appropriate circumstances.

97 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Types of Real Estate Auctions; Additional Techniques and Variations

  • Absolute Auction/Auction Without Reserve
  • Reserve Auction
  • Auction Subject to Seller's Confirmation
  • Other Considerations, Tools, and Incentives

Auction Contracts

  • Identifying and Allocating Risk
  • The Various Contracts Involved in an Auction Transaction
  • Auctioneer's Commission, Buyer's Premium, and Broker Participation
  • Bidder Qualification

Conduct of the Auction; Reopening the Bidding

  • Auctioneer's Discretion in Conduct of the Auction
  • Reopening the Bidding

Other Matters

  • Premises Liability; Indemnification; Insurance
  • Breach and Damages
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on August 26, 2021.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.6
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.6 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ND CLE 1.5
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
     
  • NH MCLE 1.6
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 96 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 6 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WI CLE 1.5
     
  • This program qualifies for 1.5 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • NJ CLE 1.8
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

George Michak

George Michak

Michak Legal

  • Attorney with a dedicated auction law practice
  • Regularly represents auctioneers and auction companies on wide-ranging issues, including litigation, contracts, and licensing
  • Has also represented auction sellers and buyers
  • Helps participants in auction transactions to identify, manage, and reduce risk, while educating sellers and buyers and helping to manage the expectation of all parties
  • Teaches auction law and ethics at Reading Area Community College, Reppert School of Auctioneering, and Mendenhall School of Auctioneering
  • Regularly speaks before industry groups about auction law and ethics, and has presented to the Auctioneer Associations throughout the United States
  • Addresses the legal environment affecting the auction industry, with a focus on developing case law and the importance of appropriate contract language, including bidder terms and conditions
  • The various topics addressed include seller contracts and bidder terms and conditions; auctioneer’s discretion; buyer’s premiums; online auctions; absentee bids; statute of frauds; governing law, jurisdiction and venue; escrow accounts; credit card chargebacks; withdrawal of property by seller or auctioneer; disclosure obligations; “AS IS” and other disclaimers; the Uniform Commercial Code; risk management and best practices; and developing legal trends
  • His articles have been published in the Pennsylvania Auctioneers Association’s Keystone Auctioneer magazine, the Michigan Auctioneers Association’s eGavel Newsletter, and the National Auctioneers Association’s Auctioneer magazine
  • Has written an article titled 'Alex Lyon & Son, Sales Managers & Auctioneers v. Leach: Auction Contracts, Bidder Qualifications, Offier and Acceptance, Waiver, and the Fallacy of Treating All Bidders the Same' that has been accepted for publication by the West Virginia Law Review
  • In addition to auction law practice, has a strong background in corporate and business law, commercial litigation, administrative law and professional licensing, economic development financing, oil and gas, real estate, and land use
  • Graduate, magna cum laude, Vermont Law School; master’s degree in public administration, Pennsylvania State University was awarded a University Fellowship. received Bachelor of Arts degree in Government from King’s College
  • After law school, served a judicial clerkship with the Honorable John A. Dooley III at the Vermont Supreme Court, served as Chief Counsel for the Pennsylvania Department of Community and Economic Development
  • Currently a solo practitioner, was previously a partner in a major Pittsburgh-based law firm, and was previously associated with national law firms based in Washington, D.C. and Pittsburgh, Pennsylvania
  • Can be contacted at 717-458-1822, [email protected], or Michak Legal, 717 Market Street, Suite 388, Lemoyne, PA 17043
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408961
Published 2021
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