A

• Absolute Auction – An auction where the property sells to the highest bidder regardless of price. No reserve or minimum bid.

• Appraisal – An expert’s estimate of a property’s market value, typically conducted before auction or sale.

• As-Is – Property sold without any warranties or guarantees. What you see is what you get.

B

• Bid – The offer made by a buyer at auction, representing the price they’re willing to pay.

• Bid Increment – The minimum amount by which a new bid must exceed the previous bid.

• Buyer’s Premium – A percentage added to the final bid price, paid by the buyer to the auction company as part of the total purchase price.

C

• Catalog – A list of items or properties available for sale at auction, often including descriptions and photos.

• Closing – The final step of a real estate transaction where ownership transfers to the buyer.

• Commission – The auctioneer’s or real estate agent’s fee, usually a percentage of the sale price.

• Contingency – A condition that must be met before a sale is finalized (e.g., financing approval).

D

• Deposit / Earnest Money – Funds a buyer provides to show serious intent to purchase. Usually non-refundable if the buyer backs out.

• Disclosure – Legal requirement to share known issues or defects about a property with potential buyers.

E

• Estate Auction – An auction selling property and/or belongings from an estate, often due to downsizing, death, or liquidation.

• Encumbrance – A claim or lien on a property that may affect ownership or transfer rights.

H

• Hammer Price – The final accepted bid when the auctioneer’s hammer falls (before adding any buyer’s premium).

• High Bidder – The person who has placed the highest bid when the auction ends.

L

• Listing Agreement – Contract between a property owner and an auction company or real estate agent to market and sell the property.

• Live Auction – An auction conducted in person with bidders physically present or participating in real time online.

N

• No-Reserve Auction – Same as an absolute auction — the property sells regardless of price.

O

• Online Auction – A sale conducted entirely over the internet, allowing bidders to participate remotely.

• Opening Bid – The first bid placed, often set as the minimum starting price.

P

• Preview / Inspection – Scheduled time for potential buyers to view the property before the auction.

• Purchase Agreement – The legal contract between the winning bidder (buyer) and seller outlining the terms of the sale.

R

• Reserve Price – The minimum price the seller is willing to accept. If not met, the property doesn’t sell.

• Real Property – Land and anything permanently attached to it, like buildings or fixtures.

• Real Estate Auction – The public sale of real property to the highest bidder under set terms.

S

• Seller’s Disclosure – A document where the seller lists known property defects or issues.

• Sold Subject to Confirmation – The sale is pending until the seller approves the final bid amount.

• Survey – A professional measurement of land boundaries and features.

T

• Title – The legal right to own, use, and sell property.

• Title Search – An examination of public records to ensure the seller has a clear title to transfer.

• Terms and Conditions – The rules governing the auction, including payment deadlines, buyer’s premium, and contingencies.