Contract

Generational Treasures Estate Liquidators
Phone Number
Email address

Estate Liquidation Agreement:

Generational Treasures LLC, hereinafter referred to as (“Liquidator” agrees to perform services to liquidate the contents of the residence located at:

Full Address of location:_____________________________________________________________________
Point of Contact Phone Number: _____________________________________________________________
Point of Contact Email Address: ______________________________________________________________
Point of Contact address: ____________________________________________________________________

The “Premises” which personal property (the “Property”) is owned and/or controlled by:
Print Name: ____________________________________________________________________(The “Seller”)

Seller warrants and guarantees that it owns or has legal title to the entire contents of the Premises, constituting the Property, free and clear of all liens, encumbrances, or other claims of right. Sign/Date___________

[Print name]__________________________________________ who hereby warrants that he/she is:
______ the legal owner or the Property
or is
______ the personal representative of an estate and as evidence of your authority to administer the estate, you agree to supply a copy of one of the following:
                • Letters of Testamentary
                • Letters of Administration with Will Annexed
                • Letters of Administration

And supply a photo copy of one of the following:

• Drivers License
• Passport

Seller agrees that estate sale will be held onsite: Initial/Date ______________

Seller agrees that the estate liquidation shall be performed on the following terms and conditions: These are the general provisions set forth in this agreement, PLEASE READ ALL PAGES AND SIGN AND DATE.

Seller agrees that all items NOT TO BE SOLD UNDER THIS AGREEMENT will be EITHER:
1. Removed before liquidator commences work at premises. _______________________
2. Set aside in a designated room where only “SELLER” has access to, removing these items from the liquidation sale process. ________________________________________
  PLEASE CIRCLE A OR B, AND SIGN/DATE TO THE RIGHT.
The pricing for all of the items to be liquidated shall be established by “Liquidator” in its sole and absolute discretion.
Prices during the sale:
1. During the first day of the sale, items will not be discounted. They will remain the price set by “Liquidator”
2. During the second day of the sale, items will be discounted 50% of listed price.
3. During the third and final day of the sale, items will be EITHER:
  1. Discounted 50% off listed price. ________________________________________
  2. Discounted to get the items out of the door, typically 50% at the start of the day, up to 90% off closer to the end of the sale ___________________________
  3. PLEASE CIRCLE i OR ii ABOVE, AND SIGN/DATE TO THE RIGHT.
Seller represents and warrants that is has and shall maintain liability insurance for the Premises on which the liquidation sale is held and shall indemnify and hold harmless Liquidator and its officers, directors, members, agents, and employees from and against all damages to goods, and injuries to persons occurring or sustained on the Premises.
Liquidator shall not be responsible for any theft, damage, or breakage of the Property that is to be liquidated. Seller shall assume all risk of loss or damage to or destruction of the Property from any cause whatsoever from the effective date of this agreement until the time the liquidation sale is ended or a purchaser accepts possession of the goods sold.
Liquidator shall require approximately fifteen (15) business days after the final deposit of the sale to close out the books of the sale, including the clearing of all checks.
Liquidator will be furnished a key to the residence and any garages or other structures in which Property to be sold is located. Seller shall be responsible for final cleanout after the sale. Liquidator shall not responsible for removal or disposal of any items not sold. _______
Seller agrees to pay Liquidator 40% of the gross proceeds of the sale for the services rendered with a minimum charge of $2,000. This will be taken out of the final sales. [For example – if the sale grosses $4,000, the split between Seller and Liquidator shall be $2,000 and $2000 ; 50% since our minimum is $2,000. However if the sale grosses $10,000, the split between Seller and Liquidator shall be $6000 to the Seller, and $4,000 to the Liquidator; a 60/40 split.] PRINT NAME & DATE_________________________________________
We operate using “Cash only”. One-Thousand and 00/100 ($1000) deposit is required upon signing of the contract, and this amount will be deducted from the Liquidators split upon final payment. Upon final payment from Liquidator to Seller, payment will be sent via cash or check to Seller.
Should Seller decide to cancel this agreement for any reason, Liquidator will be paid the sum of One Thousand and 00/100 ($1,000) for the time invested in the sale and in addition will be reimbursed for all expenses incurred by Liquidator which were related to the sale in any way, such as labor, advertisement and listing cost, etc. NAME & DATE ________________
The laws of the State of Virginia shall govern this agreement.
This agreement may only be amended, revoked, or modified by a written agreement signed by both parties.
This agreement contains the entire agreement of the parties and supersedes any and all prior oral or written understandings and agreements.
No party to this agreement may assign is rights or delegates its duties under this agreement without the prior written approval of the other party.
Venue for the resolution of any disputed through civil action shall be in the County Circuit Court where said Property resides, as jurisdiction allows.
THE SERVICES ARE PROVIDED ON A “BEST EFFORTS” BASIS WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTIES, LIQUIDATOR DOES NOT GUARANTEE THAT THE SERVICES WILL RESULT IN ANY PARTICULAR OUTCOME.
BY SIGNING THIS AGREEMENT, THE SELLER ACKNOWLEDGES AND CONFIRMS THAT HE/SHE HAS READ THE AGREEMENT, UNDERSTANDS THE TERMS AND CONDITIONS SET FORTH HERIN, AND AGREES TO BE BOUND BY SAID TERMS AND CONDITIONS.

IN WITNESS WHEREOF, the parties have executed this agreement to be effective on ________(Date)

By their signatures below, the Seller represents, affirms, and agrees to the above conditions:

Seller: _____________________________________
Print name: ________________________________
Liquidator: Generational Treasures Estate Liquidators

FORWARDING ADDRESS WHERE FINAL CHECK WILL BE MAILED: ____________________________________________________________________________________________

Transparent Communication

Clear communication from the get-go is important to prevent misunderstandings and last-minute surprises.

Regular check-ins. Schedule brief check-in calls, a weekly email, or a brief text message to update them leading up to the sale
1. Gives Seller an opportunity to ask questions, confirm details, and address any potential issues before they escalate.
Seller are to be honest about any doubts or changes in their circumstances. Early detection of potential cancellations allows Liquidator to take proactive measures and minimize disruption.

Steps of Liquidation Process:

Initial Consultation – During our first meeting, we will thoroughly discuss the Property, review the contract, and set up a time to either do a walkthrough of the property where the Property resides (The residence in which the estate sale is to commence).
1. Our team invests significant time and resources in preparing for each sale. While we understand that your circumstances can change, we ask for transparency and communication if there’s any doubt about moving forward with the sale; as last-minute cancellations affect our ability to schedule other Sellers and can result in financial losses for both sides.
2. Liquidator Access to Estate Sale Site– we will require access to the site before the sale to price, and stage items. Gate or entrance instructions, along with a key location or alarm deactivation code, shall be included. Initial/Date_______________
  1. Generational Treasures is to be given access no later than two (2) weeks prior to the start of the sale date, and will be allowed to work between the hours of 7am and 10pm to complete set up for the sale.
3. If the Residence is a health hazard (such as a smoker’s home, hoarders home, or smells of animal urine, an additional fee shall may be incurred to protect ourselves and staff. This shall be discussed prior to signing of the contract.
  1. State of Residence [Health hazard] OR [Clean]
  2. Additional agreed upon fee _____________________________________________
  3. Additional Notes: ______________________________________________________
  4. Sign / Date ____________________________________________________________
Pre-sale
1. When we schedule a walk-through to determine the items to be sold, a basic inventory is to be taken. We do not process highly detailed inventory lists, and will take a general inventory of items so we can do our research to price them to the best of our knowledge and ability.
2. We will use our professional expertise, along with eBay and Google searches to assign realistic prices. We will price the items to sell and what we believe to be fair.
  1. If items are to be appraised such as jewelry, the “Seller” agrees to pay for this appraisal cost. Otherwise, the Liquidator will perform comparative searches to determine and realistic value Initial/Date____________________
  2. Generational Treasures will determine and set the selling price of all items by way of “fair market value”, liquidation pricing, and by using best discretion on selling price trends. Generational Treasures will mark prices on items using price stickers, tags, or signs, that Generational Treasures will provide.
  3. Generational Treasures welcomes Seller input regarding the value of specific items, however given our substantial experience, Generational Treasures reserves the right to make all final pricing decisions (such as discounting on second day of sale, or heavily discounting during the last hours of the last day of the sale.
    1. However, if desired, the Seller may establish minimum prices for a small number of items with a list of items and minimum prices provided no later than one (1) week before the start of the sale.
  4. During the course of the sale, Generational Treasures may negotiate prices with customers and accept bids as Generational Treasures deems appropriate. This will be done to sell every available item and to maximize proceeds from the sale.
    1. On the second day of the sale, Generational Treasures can and will reduce prices of items, with exception of specific items that Seller provided a minimum price.
  5. All items shall be sold “as-is” and without warranty of any kind, express or implied, and Seller shall indemnify Generational Treasures against any such claims.
  6. Like items shall be grouped into “Lots” – such as boxes of books during the last day of sale, or a bag of hair clips for example.
  7. Tax collection – Taxes are “baked into” the final price of the item since we deal with cash only. So a $3 item with a 6% Richmond VA sales tax would be (tax is 6% of the pre-tax price, so the total price is P+0.06×P=1.06×PP + 0.06 \times P = 1.06 \times PP+0.06×P=1.06×P ; where P is the sale price of the Property. Thus, the effective sale price is about $2.83, and the tax is $0.17.
3. Advertisement of the Estate Sale – We will list the Estate Sale on EstateSales.net, Craigslist, Facebook, and have directional signage posted near the Estate Sale.
Staging - Liquidators will need time before the sale to stage the property. How long this takes depends on the condition of the house and the amount of merchandise. Tables will be set up, and items will be displayed with prices. Pathways will be made so customers can move from room to room with relative ease.
1. We will photograph items for advertisement purposes
2. Generational Treasures will arrange for appropriate advertisements to appear in the appropriate media regarding the sale.
3. If you are still living in the home during the staging process, you will be required to leave everything untouched. Pricing is done entirely by Liquidator, unless otherwise stipulated in the contract. Please do not change the tags.
Seller agrees that all items NOT TO BE SOLD UNDER THIS AGREEMENT will be EITHER:
1. Removed before liquidator commences work at premises. _______________________
2. Set aside in a designated room where only “SELLER” has access to, removing these items from the liquidation sale process. ________________________________________
  PLEASE CIRCLE A OR B, AND SIGN/DATE TO THE RIGHT.
3. Please mark off a room or two to store items not intended for the purpose of the Estate Sale. Any Cabinets, closets, or rooms where items are stored that do not have Property to be sold shall be marked off so buyers at the Estate Sale do not rummage through areas where items not to be sold are located.
  1. Buyers are vultures, and will go through drawers and cabinets unless otherwise marked.
4. We do our best to secure any personal items such as documents, Personally Identifiable Information (PII), photographs, etc; but it shall be the responsibility of the Seller to locate these items first and store them either off-site or in a previously mentioned marked off area inaccessible to the general public. Initial/Date_________
During the Sale: We politely ask that the Seller, and relatives of Seller stay off the property during the operating hours of the sale during the duration of the sale.
1. Estate Sales can be a very emotional time for the Seller and relatives. Your presence can negatively affect shoppers, making it difficult for the Liquidator to do it’s job. We understand seeing your Property handled by hundreds of different people can be overwhelming, so we require you to be offsite. Initial/Date_______________________
2. We offer no guarantee on estimated totals of amount of customers or estimated totals during the duration of the sale. There is no guaranteed minimum sales number.
3. Items Missing After Inventory - Sometimes, items disappear after they’ve been inventoried and appraised for the sale. This can happen if the Seller just can’t bear to see the item sold, or a random relative suddenly shows up to claim items they want. We are here to sell the items so we can generate profit for both parties. Liquidator shall not be held liable for missing or damaged items, and will communicate if we notice items missing after initial inventory, Initial/Date_________
4. Generational Treasures will conduct the sale in such a way to sell every available item and to maximize the proceeds from the sale, unless otherwise instructed by Seller
5. Security and additional workers.
  1. Minor theft is inevitable, but Generational Treasures will take reasonable steps to guard against theft. Such as placing personnel near high-value items. Generational Treasures will provide an adequate number of employees to work the sale.
  2. If Seller requests, a security officer can be hired to provide security at the sale. The cost for the requested security officer will be deducted from the Sellers net cut of the proceeds.
  3. We hire additional workers to patrol the residence during the sale to prevent items from being stolen or damaged, but cannot guarantee items won’t get stolen or damaged. Liquidator shall not be responsible for any theft, damage, or breakage of the Property that is to be liquidated. Seller shall assume all risk of loss or damage to or destruction of the Property from any cause whatsoever from the effective date of this agreement until the time the liquidation sale is ended or a purchaser accepts possession of the goods sold. Initial/Date______________________________________________________
  4. For larger sales where we need more than our typical staff, we would require extra employees to be hired for the duration of the event. This shall be discussed and determined during the initial conversation and before signing of contract how to handle receipts for Seller.

Notes: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Initial/Date_____________________________________________________

Cleanup -
1. Any Property not sold after the conclusion of the “Estate Sale” shall be the responsibility of the Seller to deal with. We can recommend companies to handle debris/junk/donation items, but it shall not be the responsibility of the “Liquidator” to make such arrangements.
2. Following the sale, Generational Treasures will clear out all tables, equipment, and supplied used for the sale.
3. Generational Treasures will make every effort to minimize, but is not responsible for soiled carpets, floors, baseboards, walls, windows, counters, doors, et
4. Generational Treasures will remove all trash Generational Treasures generated following the sale.
After Estate Sale:
1. Payment from Liquidator to Seller shall be made within fourteen (14) days conclusion of Estate Sale. If the Seller can meet at residence of Estate Sale and prefers cash, payment can be made within three (3) days of conclusion of the Estate Sale.
2. General receipts are to be handed out to buyers, but it shall be determined during the initial conversation and before signing of contract how to handle receipts for Seller. Initial/Date____________________________________________________________

Inclement Weather Back-up Plan

Weather is unpredictable, so unfavorable weather could force a delay or cancellation of the agreed upon date. We generally operate rain or shine, but if there is dangerous weather such as tornado/hurricane warnings, flash floods, or snow We can postpone the Estate Sale to another weekend at least one (1) weekend away, We may decide to cancel the contract if we cannot reschedule since we have other estate sales to attend to during the weekends, but will try to work it out as best as we can. Upon contract cancellation due to inclement weather, the usual cancellation policy does not apply, and instead Seller will just be charged labor cost, materials cost, and advertising cost. Initial/Date_____________________

Insurance:

Because the sale is taking place on Sellers premises, Seller is responsible for having in place property and casualty insurance. Please confirm with insurance company and provide Generational Treasures with proof of insurance prior to sale date. Generational Treasures is not responsible for any injuries or harm occurring in connection with the sale. In the unlikely event that someone is injured or harmed and notifies Generational Treasures of a potential claim, Generational Treasures will refer them to Seller and to Seller insurance company. Seller agrees all risk and loss shall be borne by Seller and Seller shall indemnify Generational Treasures against any claims, damages or liability (including reasonable attorney fees) as a result of an injury or other harm suffered by any person and stemming from the sale, whether arising before, during or after the sale. By signing this contract, the Seller agrees to indemnify Generational Treasures for any property damages or loss.

Sign & Date_____________________________________________

FEES AND EXPENSES

The fee for Generational Treasures services will be based on 40% of the gross proceeds. Our commission is payable on all items we have been told will be in the sale at the time this contract is signed. Once this agreement is signed, every item must stay in the estate unless otherwise agreed upon. If an item is removed after the agreement is signed a value will be determined for the item and a commission taken. The value of the item will be determined by Generational Treasures based on fair market value, liquidation pricing and/or best discretion on selling trends. Generational Treasures decision to accept the sale over other possible estate sale opportunities was based on the quantity and quality of the items being sold.

CANCELLATION POLICY:

This agreement may be terminated by either party for any reason at any time prior to the date of the sale. Unless otherwise agreed, if Generational Treasures terminates this agreement, Generational Treasures is not entitled to any compensation.
Should Seller unilaterally decide to cancel this agreement for any reason, at any time other than “Last Minute”, Liquidator will be paid the sum of One Thousand and 00/100 ($1,000) for the time invested in the sale and in addition will be reimbursed for all expenses incurred by Liquidator which were related to the sale in any way, such as labor, advertisement and listing cost, etc. NAME & DATE ________________
Last minute cancellations shall incur a cost of One Thousand, five hundred dollars and 00 cents ($1,500). Last minute cancellations are defined as cancellations or terminations of this agreement within 48 hours of the sale date.
1. If Seller cancels this Agreement less than 48 hours before the scheduled sale date, Seller forfeits the non-refundable deposit of One Thousand and 00/100 ($1,000)
A cash or check deposit of One Thousand and 00/100 ($1,000) shall be required upon signing of this contract to protect Liquidator from cancellations. (This amount will be deducted from the Liquidators split upon final payment. Upon final payment from Liquidator to Seller, payment will be sent via cash or check to Seller.
Should the deposit not cover the additional cost of the “Last Minute Cancellation”, Seller has 2 weeks (14 days) from the start of the Sale Date to pay, or action will be taken in small claims court of where the Liquidator resides, and Seller agrees to pay any additional fees required to file in Small Claims court, such as filing fee, service fees, mail fees, etc.
1. https://www.vacourts.gov/resources/small_claims_court_procedures.pdf
If any provision of this agreement should later be deemed to be invalid or unenforceable, the balance of this agreement shall remain in full force and effect.

Date of Sale:

Generational Treasures and Seller agree that date(s) of sale will be :
Date(s) of sale: _______________ to ___________________

Generational Treasures reserves the right to change this date if deemed necessary due to unforeseen circumstances. Generational Treasures will notify the Seller, in writing, of this change as soon as the need for change arises.

I have read the above and agree to abide by the same. I will not hold Generational Treasures or its employees liable for accident, injury, or theft on the residence.

_____________________________________ ________________________
Client Signature Date

_____________________________________ _______________________________________________
Printed Name Check made payable to if applicable:

_____________________________________ _______________________ __________________
Address for Payment Email Phone