CHAPS

Clearing House Automated Payment System - the system allows for the payment of any amount to be transmitted electronically by one bank or branch to another on the same day. This is the most common method of transferring funds between lawyers on completion of a property purchase.


This ‘Glossary of Terms’ – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.

If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.

For more information on buying or selling at a property auction, have a read of our guide to buying at auction.