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.
Off The Wall
If an auctioneer is auctioning a lot but the level of bidding has not reached the reserve price, the auctioneer is permitted by statute to bid on behalf of the vendor, also known as 'off the wall'. This bidding pattern can then continue with the auctioneer bidding on behalf of the vendor up to but not including reserve.
Office Copy Entries
The documents produced by the land registry showing the contents of the electronic register for a property.
A service in which auction users or participants sell or bid for products or services via the internet.
Resource information that can be searched for and accessed via the internet, such as legal documents, local area knowledge, price trends, property details, property websites, search alerts and watching auction live are some examples.
A lot will be offered for sale with the auctioneer proposing an initial price to the room. If no interest is shown, the auctioneer will rapidly reduce the asking price of the lot to try to increase attention. If the room remains unresponsive, he will ask the audience for a starting bid – this will usually spark interest and a price will be shouted out from somebody in the room. The auctioneer will then commence bidding from that start price.