The Property Title document will show any financial charges registered against the property such as a mortgage lender. The purpose of registering a mortgage is to ensure that anybody who deals with the property will have notice that there is a mortgage which takes priority to subsequent legal interests.
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.