Glossary

An auction that does not have any limiting conditions or amount. The property will be sold to the highest qualified bidder. Also known as “auction without reserve.’’

A contract executed between the auctioneer and seller, authorizing the auctioneer to conduct the auction. The ALA establishes terms of the agreement as well as the rights and responsibilities of each party.

The condition in which a property is sold, without express or implied warranties as to the condition and/or fitness of the property for any particular use. Buyers are solely responsible for performing their own due diligence. They should examine and judge the property for their own protection(...)

A contract executed between the auctioneer and seller, authorizing the auctioneer to conduct the auction. The ALA establishes terms of the agreement as well as the rights and responsibilities of each party.

The action a prospective buyer takes to indicate their intention and willingness to offer a specified amount of money to purchase property at auction.

The standardized amount by which the auctioneer increases the bidding.

The amount added to the hammer price to determine the total purchase price. The buyer’s premium is often a percentage of the high bid, added to that bid to determine the final contract (purchase) price.

A benefit or discount offered by the buyer or seller to help sell a home and close a deal.

A clause that accounts for a specific circumstance or event and stipulates what may happen as a result of that unforeseen occurrence

A real estate broker who registers a prospective buyer with the auction company. Brokers must register in accordance with the terms and conditions for that auction. The broker is paid a commission only if his or her client is the high bidder and successfully closes on the property.

An amount of money that a buyer presents with an offer to purchase a property to show their good faith.

An amount of money that a buyer presents with an offer to purchase a property to show their good faith.

An amount of money that a buyer presents with an offer to purchase a property to show their good faith.

A warning sometimes given by the auctioneer that the fall of the hammer is nearing. The fair warning offers one last chance to increase the bidding. If there are no subsequent bids, the auctioneer’s hammer may fall and the sale will end.

A phrase commonly used amongst auctions to indicate "this is at an end". The "hammer" falling is that of an auctioneer at the end of an auction. Although many modern-day auctioneers do not often wield a gavel when practicing their craft, the hammer is often referenced to indicate that the(...)

A small mallet with which an auctioneer may wield while conducting an auction.

A hold on your credit card to establish yourself as a bona fide bidder.

The winning bid for a lot at auction, as designated by the fall of the hammer. This price does not reflect the addition of the buyer's premium.

An amount of money that a buyer presents with an offer to purchase a property to show their good faith.

The least amount of money that a seller is willing to accept for the sale of a property.

An auction that takes place at a physical location, often the subject property.

An auction that takes place online only. Bidders are required to create an account with Ashland Auction Group in advance of the auction.

When a bidder cannot attend an on-site auction, they may request to participate in the auction as a phone bidder, using a representative who is present at the auction to relay bids to the auctioneer on their behalf. Advanced registration is often required to participate as a phone bidder.

An auction in which the seller, trustee, or their agent reserves the right to accept or decline any and all bids...

The least amount of money that a seller is willing to accept for the sale of a property.

An auction that takes place on-site and online simultaneously. Bidders that choose to participate on-site will bid as they would at a typical on-site auction. Bidders that would like to participate online, will be able to place their bids through the online bidding platform. The bidding(...)

A feature implemented for online auctions to prevent bidders from entering a bid at the very last second before an auction closes, with the intention of unfairly preventing others from bidding higher.

The amount suggested by the auctioneer to open the bidding.