The Importance of an Estate Sale Agreement
Much like the way multiple tracks define the entirety of complex musical albums, an comprehensive estate sale agreement comes with multiple possible clarifications and interpretations. One such example might be relating the detail of a real estate transaction to a full fledge agreement of a high valued estate sell off. As you listen to each layered sound of various instruments that makes up your favorite music album, consider how these same layers relate to the details within an estate sale agreement. Hearing how different musicians performing different roles can relate to the roles different parties assume within the sale of a collection of personal property as outlined in the estate sale agreement.
An estate sale agreement outlines the legal obligations of all parties involved. Landlords sign one when they rent a new location, musicians sign one when they grant a record label the rights to broadcast a song you know by heart, and trustees sign estate sale agreements when designating a trusted auction co. partner to historic sell their assets during the estate sale. Without carefully defined terms, a contract would be useless as it would be too open to interpretation. Estates Sales Melbourne experts Green Ann and Associates have published an article – The ins and outs of Estate Sale Contracts: A Complete Guide – which defines the common terms and details of estate sale agreements. We’ve taken the liberty to relate them to the world of music.
The Appropriate Compensation
Most contracts include a term outlining compensation, including how and when money will be paid to designated parties. Tell me if you’ve heard this one before – A musician signs a contract for ten million dollars. The record label pays for everything out of pocket, yet the singer has only been given a few hundred bucks for food. The artist, who still has not seen his first official album release, is forced to live on the street. The reality of the matter is that record label agreed to advance an artist funds for projects that the label believes will make money. Compensating other parties involved in an estate sale is not confusing. Trustee: “I advance Green Ann and Associates back commission for sales, advertising, and miscellaneous expenses.” Green Ann & Associates: “We had an agreed upon pre contract commission rate tied to pricing all assets at time of sale and we advance final estate sale commission at the start of the extended consolation sale.” Trustee: “I pay the movers a quick cash fee for moving the items into the unit.” Green Ann & Associates: The inventory company is responsible for calculating the percentage of our fee that is attributable to the moving company’s fee and compensating them directly from our proceeds.
Rights of Third Parties
Many times, concerts and merchandise sales delegates portions of profits to third party organizations. For example, did you know that music can raise money for charity? Trickle down economics may dictate that everyone wins when doing good for others. Trustee: “All proceeds from the sale, less the sales expenses and Green Ann & Associates fees, go into the estate account.” That said, it is critical to trust your appointed trustee and the referring estate sale company partner when dealing with final proceeds of an estate sale. Once finances are established is there a need for the sale’s facilitator to have a brokerage account where the estate funds can be transferred into? This could be a fantastic way to keep the funds secure.
Assignability
Speaking of trusting your estate sale company of choice, is there an option for someone else to take over direct responsibility of the record afterwards? Trustee: Relaxation Sunday sells off and maintains the directly assigned account throughout the process, the trustee is satisfied with their performance and does nothing more than stop into the final sale to sign off on the proceeds. Realty Records got hit with a serious lawsuit and changed companies, so they had to stop by the estate sale to sign off on the proceeds and denote the reasons why the sale was extended past the number of days previously assumed.
Time is on My Side
Too slow; no assets have sold off. It is critical the start date and end date for the proposed date of the actual estate is specified. Some records label band members are known to collect royalty checks and be an asset to the recording label while others are just too busy to care about the 5% they were promised our their sales commission. It is best to share an overview of limits as many musicians don’t even have a 2 week notice of a record release party and may not even be able to attend. How can you guarantee your artist will be there to populate the sales table during the sale? Trustee: “The sale shall be held on the first Saturday of the month from 10AM to 5PM and two subsequent Sundays, from 10AM to 3:30PM.”
This contract is set, and in space – when a contract is well documented, all parties know the rules and expectations. Ensure your sale contract is thoroughly agreed upon and easy to read so that the work of selling your family assets can be clearly articulated and sent down to appropriate parties without confusion.
