Special conditions that may form part of a contract of sale. This is quite common with land being sold at auction. For example, a vendor may require the buyer to make additional payments if and when planning permission is obtained for development, or when such a planning permission is carried out. The payment is in addition to the agreed purchase price and is usually a % of the increase in the value of the land.
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.