Ohio Revised Code
Chapter 4707 | Auctioneers
Section 4707.20 | Written Contract or Agreement in Duplicate Required.

Effective: September 13, 2022
Latest Legislation: House Bill 321 - 134th General Assembly
(A) Except when conducting an auction under division (B)(5)(b) of section 4707.02 of the Revised Code, no person shall act as an auction firm or auctioneer until the person has first entered into a written contract or agreement in duplicate with the owner or consignee of any property to be sold, containing the terms and conditions upon which the licensee receives or accepts the property for sale at auction. The contracts or agreements shall, for a period of two years, be kept on file in the office of every person so licensed.
(B) On all contracts or agreements between an auction firm or auctioneer and the owner or consignee, there shall appear a prominent statement indicating that the auction firm or auctioneer is licensed by the department of agriculture, and either that the licensee is bonded in favor of the state or that an aggrieved person may initiate a claim against the auction recovery fund created in section 4707.25 of the Revised Code as a result of the licensee's actions, whichever is applicable.
(C) The auction firm or auctioneer who contracts with the owner is liable for the settlement of all money received, including the payment of all expenses incurred only by the licensee and the distribution of all funds, in connection with an auction.
(D) For purposes of this section, a contract or agreement shall specify all of the following:
(1) The owner of the property to be sold or the owner's agent or the consignee;
(2) The date of the auction or a termination date of the contract or agreement;
(3) The location of the auction;
(4) The terms and conditions of the auction;
(5) All of the fees to be charged by the auctioneer or the auction firm, which shall include commissions, rentals, advertising, and labor;
(6) An explanation of the settlement of the auction that includes the disbursement of interest money, if applicable;
(7) A statement establishing the responsibility for bad checks, debts, and unpaid auction items;
(8) A statement indicating whether the auction is a reserve auction or an absolute auction. In addition, the statement shall include the definition of reserve auction or absolute auction from section 4707.01 of the Revised Code, as applicable.
(9) A statement of the auctioneer's or auction firm's policy regarding absentee bidding;
(10) A brief description of the real or personal property to be sold;
(11) If the sale is of real or personal property at absolute auction, a statement affirming that the seller of the real or personal property has a bona fide intention to transfer ownership of the property to the highest bidder.
(12) If the sale is a multi-parcel auction, a statement between the owner or owners of the real or personal property and the auctioneer or auction firm attesting that the type of auction will be a multi-parcel auction.
Last updated July 7, 2022 at 2:16 PM

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