Closing a Tillable Lease Auction
Closing a Tillable Lease Auction

Review bidders, award the lease and execute the contract.

Bidders will be notified of the time remaining in the final days and hours of your lease auction. It is common for the auction to pick-up on the last day, and specifically within the last few hours as bidders compete for high bid.

Keep in mind that your auction is Soft-close, meaning that any bid placed within the last 10 minutes of the auction will extend the auction by 10 additional minutes. This ensures that every participant is able to submit their high-bid before the auction closes.

Once time expires on the auction, it is time to review bidders and decide who will be awarded the lease. Remember, high-bid does not automatically win. Bidders expect a decision to be made within 72 hours of auction close. Your Landowner client can choose who to award the lease to based on their own criteria. As the listing Agent, you will make sure that your client is able to review the bids on their listings, along with the bidder profiles associated with those bids. If your landowner set up an account on CommonGround.io, then they will be able to view the bidders within their accounts. If they did not set up an account, then you can share their bidders’ information with them.

Sometimes your landowner may be interested in having a phone call with a couple of the bidders to learn more information to help them come to a decision. If so, you can provide that bidder’s information to them.

Once the landowner has come to a decision on who they would like to award the lease to, it’s time for you to award that bid.

Lease Signing Order of Operations:

1. You award the bid to the winning bidder from the Clerking view of your GroundOS account.

2. The winning bidder receives an email notifying them that they have been awarded the lease agreement. The winning bidder signs the lease agreement.

3. The landowner is emailed the lease agreement to counter-sign.

4. A copy of the completed lease agreement is sent to both parties.

Once you award the bid, it is best to call the bidder and let them know that the lease is available to sign within their CommonGround account. If they let you know that they have signed, you can let the landowner know that the lease is now available for their signature.