What Are Some Pieces of Information on an Estate Sale Contract?


Quick Answer

An estate sale contract includes the name of the estate sales company, the name of the seller hiring the liquidator, the date of the contract, the address where the sale takes place, and the date and time of the sale. The contract also includes the name of the party responsible for advertising costs; the name of the party responsible for securing and paying for permits; the cost of the sale, commission and fees; and the method of paying net proceeds.

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Full Answer

An estate sale is a facilitated sale or auction of the properties and possessions of a recently deceased person or a person who must liquidate personal property in order to move, downsize or pay off debts. A clearly drafted contract legally protects both the estate sales company and the buyer, and avoids misunderstandings during the process of liquidation.

Estate sales professionals and companies often conduct estate sales for a percentage of the net proceeds, typically around 25 to 50 percent. As liquidator, they may also receive compensation from the estate for expenses incurred in holding a successful sale such as advertising, marketing, labor, security and refreshments. The knowledge, skill and objectivity of a professional estate liquidator are handy at a time when the deceased person's relatives are still in mourning, unaware of how to price items and are sentimental about disposing them. Entry to estate sales is usually controlled through a numbering system that restricts entry to the estate to a limited number of customers at a time.

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