Helping you to understand the language of Property Auctions

Entering A Property - the term used for putting a property up for sale by Auction

Lot - the name given to a property that has been entered for Auction and is given a lot number

Guide Price - gives an indication of the level at which a reserve may be set, it must not be relied upon as a valuation. The sale price may be above or below the guide price.

Reserve Price - a figure set by the seller in consultation with the Auctioneer who will not sell below this figure. It will not be disclosed.

Bid - the amount that somebody (the bidder) offers to pay for a property at Auction. The Auctioneer often controls the amount by which bids increase; bidders can suggest a different amount

General/Special Conditions Of Sale - the legal papers that are attached to and form part of the conditions of sale. There are different special conditions for each and every lot

Exchange Of Contracts - the fall of the Auctioneer’s hammer or gavel means that contracts have been exchanged meaning that the Seller is legally bound to sell and the Buyer is legally bound to buy the property. In the event of either party attempting to avoid proceeding penalties will be incurred.

Completion - when the full amount has been paid and the transfer signed. The property is now owned by and the legal responsibility of the Buyer.

Gavel - the hammer the Auctioneer uses to close the bidding on a lot.

Withdrawn - this is when a property is sold before the Auction; it is taken off the market or fails to reach its reserve price.

The most exciting part of buying or selling at Auction is the sale itself. Be prepared - we’ll help you.