Absentee Bidder:
A person that is not present at the auction but submits, in advance, a written or oral bid that is the top price they will pay for an item.

Appraisal:
A written, independently objectively and impartially prepared by a qualified appraiser, prepared in accordance with generally accepted appraisal standards, setting forth an opinion of defined value of an adequately described asset, as of a specific date, supported by the presentation and analysis of relevant market information.

As-Is:
Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as “As Is, Where Is” and “In its Present Condition.”

Auction Estimate:
A price range published by an Auction House that provides a guide as to the expected selling price for an item.

Buyer’s Premium:
An advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by the buyer.

Conditions of Sale:
The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer’s premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction. Also known as “Terms & Conditions”.

Hammer Price:
Price established by the highest bidder and acknowledged by the auctioneer before dropping the hammer or gavel.

Preview:
Specified date and time property is available for prospective buyer viewing and audits. Also known as “Open House” or “Inspection”.

Reserve:
The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as “reserve price” or “minimum”.