| Auction Glossary |
| Absentee Bid |
A procedure which allows a bidder to participate in the bidding process without being physically present. Absentee bids are usually handled under an established set of guidelines by the Agent or his representative. The particular rules and procedures of absentee bids are unique to each agency company. |
| Absentee Bidder |
A person who does not attend the sale but authority a written to his/her representative (Agent) to bid that is the top price he or she will pay for a given property. |
| Agent Participation (Real Estate Panel) |
An arrangement for real estate agency to register potential bidders for properties being sold at auction for a commission paid by the owner of the property (Financial Institution) or the auction firm. |
| "As Is" |
Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as "As Is, Where Is" and "In its Present Condition." |
| Auctioneer |
The person whom the seller engages to conduct or be responsible for a sale by auction. |
| Ballroom Auction |
An auction of one or more properties conducted in a meeting room facility. |
| Bidder |
A prospective buyer's indication or offer of a price he or she will pay to purchase property at auction. |
| Buyer's Agent |
A real estate agency who represents the buyer and, as the agent of the buyer, is normally paid for his/her services by the buyer. |
| Auction Catalog or Brochure |
A publication advertising and describing the property(ies) available for sale at public auction, often including photographs, property descriptions, and the terms and conditions of the sale. |
| Commission |
The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction. |
| Conditions of Sale |
The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction. |
| Contract |
An agreement between two or more persons or entities which creates or modifies a legal relationship. |
| Cooperating Agent |
A real estate agency who registers a prospective buyer with the auction company, in accordance with the terms and conditions for that auction. The agent is paid a commission only if his prospect is the high bidder and successfully closes on the property. Also known as a participating agent. |
| Hammer Price |
Price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel. |
| Listing Agent |
A real estate agent who has a listing on a property and cooperates with the auction company by allowing the auction agreement to supersede his/her listing agreement. |
| Market Value |
The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. |
| Minimum Bid Auction |
An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in the announced at the auctions. |
| Minimum Opening Bid |
The lowest acceptable amount at which the bidding must commence. |
| Multi-Seller Auction |
Properties owned by many sellers, offered through a common promotional campaign are auctioned in a single event. |
| Opening Bid |
The first bid offered by a bidder at an auction. |
| Participating Agent |
See Cooperating Agent. |
| Reserve Price |
The minimum price that a seller is willing to accept for a property to be sold at auction. |
| Tax Sale |
Public sale of property at auction by governmental authority, due to nonpayment of property taxes. |
| Terms |
The period of time that an agreement is in effect. |
| Terms and Conditions |
The printed rules of the auction and certain aspects of the Purchase & Sale Agreement that are read and/or distributed to potential bidders prior to an auction sale. |
| Withdrawal |
An auction in which the seller reserves the right to establish to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer due to insufficient reason. |
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