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Glossary of Auction Terms |
Written by Melanie C
Wednesday, 04 June 2008
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Certain terms are used in auctions and if you know what they mean, it will reduce some of the confusion and you will be more comfortable with the process. The actual completion date is the date that is legally used for calculating interest from. The term completion refers to a certain time period by which the sale must be finalised. An addendum is an addition to the auction catalogue. It may be written or announced verbally at the auction. The auction catalogue is what contains all the details of the property and the conditions of sale. Exchanging contracts is what happens if you are the successful bidder. You must sign and exchange contracts with the vendor. The guide price is the price that the property is expected to sell for. It is not an official figure, nor is it the reserve price. You should not rely on the guide price, but get your own professional assessment. A proxy bid is a bid placed by someone - often an auctioneer - on behalf of another person. The agent must obtain an official proxy form before the sale and return it with a deposit cheque. The proxy form contains the price the buyer wishes to bid to. Article Source: http://www.ArticleBlast.com |
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Find out more about home loan products such as no deposit home loan with QuickDirect (http://www.quickdirect.com.au).
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