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The A-Z of Auctioneering
Addendum
An amendment or addition to the conditions of a sale or purchase which may be written 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 the Auction. This person introduces each lot offered for sale, acknowledges bids and announces whether lots are sold or unsold and their final bid prices.
Bid
The offer to buy a property at a specific price.
Completion
A defined time period from the Auction date to the completion date in which the sale must be finalised. Penalties may be applied if the sale is completed late which can include losing your deposit.
Exchanging contracts
A sale is binding on the fall of the hammer the purchaser will be asked to sign and exchange contracts in the auction room.
Guide price
A guide price gives an indication of the price that the property is expected to sell for and what the vendor is hoping to achieve. Guide prices are for information only and shouldn't be relied on as an indication of reserve price, or representing professional valuations for any purpose. Purchasers should either rely on their own knowledge or obtain the professional and independent advice of an expert.
Lot
Each separate property described is considered a 'lot'.
Proxy bid
The auctioneers can undertake bidding on behalf of buyers unable to attend the auction in person. The buyers must contact the auction house prior to the auction to obtain an official, 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 agreed between the vendor and the Auctioneer. Most properties entered into the auction have a reserve price. This is confidential and not disclosed to any interested parties.
Telephone bid
A telephone bid, made by a member of staff from the auction house. The staff member telephones the client from the salesroom to bid on particular lots and relays the client's bids to the auctioneer during the bidding on those lots.
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 insufficient bidding on a property, the auctioneer will withdraw the property from the auction.
Addendum
An amendment or addition to the conditions of a sale or purchase which may be written or announced at the Auction.
AuctionA public sale in which property or items of merchandise are sold to the highest bidder.
Auctioneer
The person who conducts the Auction. This person introduces each lot offered for sale, acknowledges bids and announces whether lots are sold or unsold and their final bid prices.
Bid
The offer to buy a property at a specific price.
Completion
A defined time period from the Auction date to the completion date in which the sale must be finalised. Penalties may be applied if the sale is completed late which can include losing your deposit.
Exchanging contracts
A sale is binding on the fall of the hammer the purchaser will be asked to sign and exchange contracts in the auction room.
Guide price
A guide price gives an indication of the price that the property is expected to sell for and what the vendor is hoping to achieve. Guide prices are for information only and shouldn't be relied on as an indication of reserve price, or representing professional valuations for any purpose. Purchasers should either rely on their own knowledge or obtain the professional and independent advice of an expert.
Lot
Each separate property described is considered a 'lot'.
Proxy bid
The auctioneers can undertake bidding on behalf of buyers unable to attend the auction in person. The buyers must contact the auction house prior to the auction to obtain an official, 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 agreed between the vendor and the Auctioneer. Most properties entered into the auction have a reserve price. This is confidential and not disclosed to any interested parties.
Telephone bid
A telephone bid, made by a member of staff from the auction house. The staff member telephones the client from the salesroom to bid on particular lots and relays the client's bids to the auctioneer during the bidding on those lots.
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 insufficient bidding on a property, the auctioneer will withdraw the property from the auction.