Revised 3/22/2016
POST-AUCTION: BUYER’S VESTING & CONTRACTS
Without Exceptions, the following must be upheld:
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Buyer’s MUST be vetted by Call Center Team, and approved with On-Boarding Team before auction, for
offer(s) to be considered
Buyer’s vesting entity must be APPROVED before auction (all required documents must be received for
vesting entities that Buyer may wish to purchase under)
Buyer’s Agent must be APPROVED before auction (documents saved w/Buyer’s Bidder profile in
Acquire)
Once the property contract has been drawn, there shall be NO CHANGES made!
Contract must be signed within 24 hours upon receiving the envelope from DocuSign. If contract is not
completed, the Buyer’s offer will be rescinded.
Once the High Bidder is confirmed, as per the “round up report”, On-boarding Team will be responsible to
provide the Buyer’s Vesting information for the contracts. Once this information is provided, Contracts Team will
draw the purchase agreement exactly as provided, and send to Buyer for signature via Docusign.
Confirming Buyer’s vesting for contracts
Buyer must provide the On-boarding Team with the required documents (as outlined below), and contract
information at the time vesting is confirmed. This includes, but is not limited to: Buyer’s Agent, Buyer’s Choice
Closing, Buyer’s Choice Title, and vesting entity.
1. Vesting Name: Genesis must have the Buyer’s vesting entity documents, in order to draw contracts under the
Buyer’s desired vesting.
Documents needed are dependent on the entity type that Buyer chooses to purchase under.
Entity Buyer Type
Corporation
Definition and Requirements
The most common form of business organization; it is a legal entity which is
separate and distinct from its shareholders, who are typically shielded from
personal liability for the corporation’s liabilities and debts The following documents
are required:
· Copy of Articles of Incorporation
· List of Shareholders and Officers
· Proof of Buyer’s connection to Corporation
A type of company, authorized only in certain states, whose owners (aka members)
have limited personal liability for the debts and actions of the company. The
structure allows small business to gain benefits of corporations while retaining the
small business model.
Limited Liability
Company (LLC)
· For both single member and multiple member LLC’s, documentation review must
include Articles of Organization or State equivalent
AND one of the following:
· Operating Agreement, Company Agreement or equivalent document; The
agreement provided by the LLC must contain: name of the LLC, names of all
members and managers, and who is authorized to sign on behalf of the LLC
OR
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Revised 3/22/2016
Partnership
· The LLC must provide a document signed by all members and managers of the
LLC that contains the name of the LLC, names of all members and managers, and
who is authorized to sign on behalf of the LLC.
A partnership is business enterprise owned by one or more persons and not
organized as a corporation. Typically, the partners contribute property, knowledge
or activities and share its profit, as specified in a partnership agreement.
The following documents are required:
Copy of the Partnership Agreement
Sole
proprietorship
Bylaws and/or Operating Agreement naming the sole proprietor.
A legal arrangement in which an individual (the grantor) gives fiduciary control of
property to a person or institution (the trustee) for the benefit of beneficiaries.
Trust
The following documents are required: Copy of the trust document is required and
includes names of Trustee and Beneficiaries in the event of Trustee’s death and any
assignments of the Beneficial interest in the trust.
2. Signer First & Last Name: The individual(s) signing the purchase agreement.
a. If the Vesting is a corporation, the signer must be listed as a shareholder/officer within the Articles of
Incorporation, or Operating agreement. The name of the signer needs to be written exactly as shown
on the entity/operating document(s) provided by the Buyer.
i. Example: Operating Agreement shows “John S. Smith” as the managing member, the signer
must be “John S. Smith”, not “John Smith”
3. Buyer’s Contact Information: If Buyer’s contact is different than the signer, provide the Contact individual’s
name & Email address
a. Email Address: this is the email address where the signer will receive the DocuSign contract for
signature. If there are more than two signers, please provide both email addresses
b. If contract is not signed within 24 hours upon receipt, the Buyer’s offer will be rescinded.
4. Buyer’s Agent: Buyer’s agent must be an approved/verified Genesis Broker Agent. Buyer’s agent will only
receive a referral fee if the form is submitted/completed along with the necessary documents at least 24
hours prior to the auction closing. The following information needs to be provided in order for the agent to
receive a referral fee:
a. Buyer’s Agent Broker Company; Agent Name; Agent Phone; Agent Email; Agent Address
b. Referral Fee % and $Amount The referral fee is always 20 % of the Genesis Buyer’s premium, unless
otherwise approved by Genesis management
c. Buyer’s Agent is required to sign the DocuSign contract. Once Buyer has completed his signature,
the agent will then be queued to sign the contract. If contract is not signed within 24 hours upon
receipt, the Buyer’s offer will be rescinded.
5. Buyer’s Choice Closing & Title Company: In the event that the Buyer elects to designate their own
Closing/Title company for the auction property, the following must be provided at the time vesting is
confirmed:
a. Company Name; Company Address; Contact Name; Contact Email; Contact Phone
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Revised 3/22/2016
Submitting Buyer’s Vesting for Contracts:
Data Requirements for the Master Vesting Template
1. Send data to Contracts Team to draw/send contract(s) to Buyer(s). You must use the template provided
and ensure that the data is completed with the information available in Acquire.
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