Auction with Reserve : Sellers set the minimum price they are willing to accept for the property to be sold at auction. Sale is made only when reserve price is reached or surpassed ( subject to seller’s confirmation).

Absolute Auction: An auction where the property is sold to the highest bidder regardless of bid price (without reserve).

Sealed Bid Auction: A sale in which confidential bids are submitted to be opened at a predetermined date & time.

Buyer Premium: An additional fee to the buyer added to the final bid price due the seller to offset auction costs.

Broker Participation: Offering a fee to licensed Real Estate brokers and agents as an incentive for their participation as buyer representatives.

Terms & Conditions: The printed rules of the auction that are read and distributed to potential bidders.

Bid Price: Highest price obtained during bidding

Sale Price: Bid price plus buyer’s premium due seller at closing.