For those unfamiliar with auctions they can be a pretty daunting experience. There is a lot of talk in a language most people are not familiar with. To help make your auction experience a little less daunting here is a list of some of the more common terms used in auctions. Hope you find it helpful.
Auction Listing Agreement
A contract executed by the auctioneer and the seller which authorises the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.
Auction With Reserve
An auction in which the seller or his agent reserves the right to accept or decline any and all bids.
A form executed by the high bidder confirming and acknowledging the bidder’s identity, the bid price and the description of the property. Also known as “Memorandum.”
The process of gathering information about the condition and legal status of assets to be sold.
Price established by the highest bidder and acknowledged by the auctioneer before dropping the hammer or gavel.
Public sale of property at auction by governmental authority due to nonpayment of property taxes.
Failure to reach the reserve price or insufficient bidding.
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All the best,
(Information taken from www.auctioneers.org/glossary)