A procedure which allows a bidder to participate in the bidding process without being physically present.
A person (or entity) who does not attend the sale but submits, in advance, a written or oral bid that is the top price he or she will pay for a given property.
Absentee Bid Form
A form that an Absentee Bidders should fill in order to file his bid.
An auctioneer who is in training, operating under the supervision of a licensed or experienced auctioneer.
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 during the Viewing Day. Otherwise known as "As Is, Where Is" and "In its Present Condition."
A method of selling an item in a public forum through open and competitive bidding.
Agreement (Consignment Agreement)
A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.
The price of a property obtained through the auction.
Auction With Reserve
An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.
The person whom the seller engages to direct, conduct, or be responsible for a sale by auction.
A prospective buyer's indication or offer of a price he or she will pay to purchase property at auction.
The number issued to each person who registers at an auction.
An advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by the buyer.
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.
Price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel.
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.
The memorandum is signed by those parties either on the auction floor or in the contract room.
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 brochure and advertisements and is announced at the auctions.
Minimum Opening Bid
The lowest acceptable amount at which the bidding must commence.
The first bid offered by a bidder at an auction.
A procedure which allows a bidder to participate in the bidding process without being physically present through a phone call conducted by an Apptrade Personnel who is going to bid for him.
Reserve Price (Upset Price)
The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as the reserve price.
An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all bids or to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer. See also Auction With Reserve.
A method of sale utilized where confidential bids are submitted to be opened at a predetermined place and time. Not a true auction in that it does not allow for reaction from the competitive market place.
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
Failure to reach the reserve price or insufficient bidding.