Webcast auctions are live auctions in which prospective purchasers may bid onsite at the location where the assets are located or they may bid over the internet at the same time the assets are being offered for sale onsite.
Webcast auctions are live auctions in which prospective purchasers may bid onsite at the location where the assets are located or they may bid over the internet at the same time the assets are being offered for sale onsite.
An individual item being auctioned.
A legal document provided by a qualified source showing legal ownership of property.
The terms and conditions that govern the conduct of an auction including, but not limited to, buyer’s premium, time and manner of payment, inspection and removal dates. The terms and conditions are normally found in the catalog and are announced by the auctioneer prior to the start of the auction.
The seller has the right to accept or reject any and all bids.
The day in which the ownership of the property is transferred to the buyer. A deed or title from the seller is delivered to the buyer and the balance of the purchase price is paid by the buyer to the seller. Settlement usually takes place within 60 to 90 days from the date of the… Continue reading SETTLEMENT
A sealed bid sale is one in which each bidder submits a single, irrevocable bid in a sealed envelope without knowledge of the other bids. When the bidding period is closed, the bids are opened, at which time the highest bid will be identified.
The price at which the seller is obligated to sell the property. Reserve prices are set by the seller, are optional, and act to protect the seller’s financial interest in an asset. Minimum selling prices may or may not be published or announced. If the highest bid is below the reserve price, the seller may,… Continue reading RESERVE PRICE
Registration takes place prior to the auction. Pertinent information is required from the prospective purchaser before receiving a bidder’s number. All participants are required to have a bidder’s number, which will be valid for that auction sale only.
The price at which the auction of an item begins. Also called starting bid.