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.
A telephone bid, made by a member of staff from the auction house. The staff member telephones the bidder from the saleroom to bid on particular lots and relays the bids to the auctioneer during the bidding on those lots.
Contracts to occupy or lease the property subject to rent. A lot may be sold subject to existing tenancy agreements.
A property that has been rented out. When an owner who has let their property wants to sell it, they have two choices; to sell subject to the tenancy or, to sell with vacant possession on completion.
A traditional auction is also known as an unconditional auction: When a property is sold in this way a 10% deposit is paid and contracts are exchanged immediately. Completion normally takes place 28 days later.