AUCTION GLOSSARY
Absentee Bid: Allows a person to bid without attending the sale. The person submits, in advance, a written or oral bid that is the top price that they are willing to pay for any given property. Only the clerk knows this amount and bids on behalf of the absentee bidder until the bidder either takes the item or his highest price is exceeded.
“As Is”: Selling the property without warranties as to the condition of the property. Buyers are solely responsible for examining and judging the property for their own protection.
Auction: A method of selling in a public forum through open and competitive bidding. Also referred to as a public auction or auction sale.
Bid: A prospective buyer’s indication or offer of a price he or she will pay to purchase an item at an auction. Bids are usually in standardized increments established by the auctioneer.
Bidder Number: The number issued to each person who registers at an auction.
Buyer’s Premium: An advertised percentage/fee added to the highest bid to determine the total contract price to be paid by the buyer. Example: If there is a 10% buyers premium in effect and you are the successful bidder on an item and it is sold to you for $10. The amount you will pay would be $10 plus 10% so it would be $11 total plus the applicable taxes when paid for. Buyer's premiums for our auctions are 12% for credit card payments and 10% for cash or debit payments.
Timed Online Auction: An auction that is conducted with online (internet) bidding only. There is no live bidding in an auction centre and a timer counts down to the close of the auction. The whole auction is conducted online only.
Preview: Specified date and time property is available for buyer viewing and examination of items to be offered at the auction.
Reserve: The minimum price that a seller is willing to accept for property to be sold at auction. Also known as the Reserve Price.
Absentee Bid: Allows a person to bid without attending the sale. The person submits, in advance, a written or oral bid that is the top price that they are willing to pay for any given property. Only the clerk knows this amount and bids on behalf of the absentee bidder until the bidder either takes the item or his highest price is exceeded.
“As Is”: Selling the property without warranties as to the condition of the property. Buyers are solely responsible for examining and judging the property for their own protection.
Auction: A method of selling in a public forum through open and competitive bidding. Also referred to as a public auction or auction sale.
Bid: A prospective buyer’s indication or offer of a price he or she will pay to purchase an item at an auction. Bids are usually in standardized increments established by the auctioneer.
Bidder Number: The number issued to each person who registers at an auction.
Buyer’s Premium: An advertised percentage/fee added to the highest bid to determine the total contract price to be paid by the buyer. Example: If there is a 10% buyers premium in effect and you are the successful bidder on an item and it is sold to you for $10. The amount you will pay would be $10 plus 10% so it would be $11 total plus the applicable taxes when paid for. Buyer's premiums for our auctions are 12% for credit card payments and 10% for cash or debit payments.
Timed Online Auction: An auction that is conducted with online (internet) bidding only. There is no live bidding in an auction centre and a timer counts down to the close of the auction. The whole auction is conducted online only.
Preview: Specified date and time property is available for buyer viewing and examination of items to be offered at the auction.
Reserve: The minimum price that a seller is willing to accept for property to be sold at auction. Also known as the Reserve Price.