Property auction glossary

The jargon made simple: To help you understand the new terms used around auction sales this is a simple glossary of common terms with an explanation behind each one.

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E

EIG

Essential Information Group 'The Home of Property Auctions' and industry leader in providing Property Auction information & results.

EPC

An Energy Performance Certificate (EPC) is a guide that potential buyers or tenants would review when they look at a property. Its main purpose is to shows how efficiently a home uses energy and an estimate of the cost of running a home. Sometimes they can include recommendations on how to improve the energy efficiency of the property. Government legislation requires that most auction properties will require an EPC. However, there are plenty of exemptions e.g. tenanted properties, uninhabitable properties.

Epitome Of Title

A chronological index of documents which prove title to the land to be mortgaged or sold. It is accompanied by photocopies of the relevant documents.

Escrow

A legal arrangement in which the title company holds the deposit while preparing documents and making arrangements for the closing.

Estimate

The price or range of prices printed alongside the catalogue description at which the auctioneer believes the lot might not sell. Estimates are based on the examinsation of an item and recent acution records of comparable lots. 

Exchange Of Contracts

In an auction the exchange of contacts take place on the fall of the gavel and the relevant terms of the contract such as address, purchase, vendor, price etc are recorded in the Memorandum of Sale. The successful bidder at the auction will be asked to sign the memorandum of sale in the auction room. The Auctioneer has the authority to sign the Memorandum on behalf of both buyer and seller. The purchase is not actually complete at this point, but there is a legal obligation for the purchaser to buy and the vendor to sell.

Executors

A legal term referring to a person named by the maker of a will or nominated by the testator, to carry out the instructions of the will.