Glossary of property auction terms
Addendum - An amendment or addition to the conditions where contained in a supplement to the catalogue. This may be a written notice in the catalogue, or announced at the auction.
Auction - A public sale in which property or items of merchandise are sold to the highest bidder.
Auctioneer - The person who conducts an auction. The auctioneer introduces each lot offered for sale, acknowledges bids, and announces whether lots are sold or unsold and their final bid prices.
Bid - This is the offer to buy property at a specific price.
Buyers Premium - A payment made by the purchaser to the auctioneer at the point of exchange to cover the added cost of insurance and staffing relating to the conduct of the sale and money laundering regulations.
Catalogue - The catalogue gives a description of the property, details on how to view each property and the General Conditions of Sale, The catalogue description forms part of the contract.
Completion - The date by which the sale must be finalised. Penalties will be applied if the sale is completed late, which can include losing your deposit.
Deposit - The sum paid on exchange of contracts to secure the purchase, normally 10% of the purchase price but sometimes subject to a minimum figure.
Exchanging contracts - If you are the successful bidder at the auction sale, the sale is binding on the fall of the hammer and you will be asked to sign and exchange contracts in the auction room. The auctioneer has the authority to sign the contract on behalf of both buyer and seller.
Guide price - This gives an indication of the price that the property is expected to sell for and what the vendor is hoping to achieve.
Legal pack - The vendor’s solicitors prepare a legal pack containing copies of all the legal papers. This should include (where applicable) copies of the special conditions of sale, title deeds, leases, office copy entries, searches and replies to pre-contract enquiries.
Lot - Each separate property being sold.
Private treaty - The sale of a property at a price agreed by the seller and the buyer or their agents. This can happen prior to auction, or after, if the property is withdrawn from the auction unsold.
Proxy bid - The auctioneers can undertake bidding on behalf of buyers who are unable to attend the auction. The buyers must contact the Auction House in advance to obtain a proxy bidding form. This must then be returned to the Auction House with a deposit cheque within the time specified by the auctioneers. The buyer writes the maximum amount they will bid to on the form and the auctioneers will bid on behalf of the buyer, up to, but not beyond the stated price.
Reserve - A reserve price is the lowest price the vendor will accept. This is confidential and not disclosed to any interested parties.
Telephone bid - A telephone bid, made through a member of the Auction House team. The staff member telephones the client from the auction room and relays the client’s bids to the auctioneer during the bidding on those lots. An Authority to Bid by Telephone form needs to be completed and signed at least 24 hours prior to the auction.
Tenancies - Contracts to occupy or lease the property subject to rent. A lot may be sold subject to existing tenancy agreements.
Withdrawal - If there is a failure to reach the reserve price or there is insufficient bidding, the auctioneer will withdraw the property from the auction.
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When selling your home the key task for your estate agent is to tell as many people about your property, as quickly as possible.
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