What is required when drawing a personal property estate auction contract?

A written contract is required before conducting a personal property estate auction to ensure clarity and legal enforceability. This document outlines the terms and conditions agreed upon by all parties involved, including details such as the items being auctioned, the auction date, commission rates, and any other stipulations that need to be adhered to.

Having a written contract protects both the seller and the auctioneer by providing a clear reference point in case of disputes or misunderstandings. It also helps to establish a professional relationship and sets expectations right from the start, making the auction process smoother and more transparent.

The other options do not meet the legal and practical requirements typically associated with personal property estate auctions. Oral agreements can lead to ambiguity and misunderstandings, while approval from an auction commission and notarization may not be universally necessary depending on specific state regulations, but they do not replace the need for a written contract.