Unified Jones Auction & Realty LLC
Unified Jones Auction & Realty LLC
(920) 261-6820
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Auction Terms
These are some terms you might want to know when you go to an auction.
Absentee Bid
This is a way you can bid even if you cannot attend the auction in person. In written absentee bids, you decide what items to bid on and how high you will go. Online bidding utilizes a bidding platform using the Internet to transmit your bids.
“As Is”
Selling the items, personal property or real estate, 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”.
Auction with Reserve
An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.
Auction without Reserve (Absolute Auction)
An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an auction without reserve.
Bidder Package/Due Diligence
Package of information and instructions pertaining to the property to be sold at an auction obtained by prospective bidders.
Buyer Premium
A buyer's premium is a percentage additional charge on the winning bid of the lot that must be paid by the winner. It should be in the terms and advertising for the auction.
Certified Auctioneers Institute. The professional designation awarded to practicing auctioneers who meet the experiential, educational and ethical standards set by the National Auctioneers Association Education Institute.
The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction.
Estate Sale
The sale of property left by a person at his or her death. An estate auction can involve the sale of personal and/or real property.
On-site/Online Auctions
On-site: an auction conducted on the premises of the property being sold. Online: an auction conducted with internet bidding.
Reserve/Reserve Price
The minimum price that a seller is willing to accept for a property to be sold at auction.
Sealed Bid
A method of sale utilized where confidential bids are submitted to be opened at a predetermined place and time. Not a true auction in that it does not allow for reaction from the competitive market place.
Terms and Conditions
“Terms and Conditions” are something you will likely see at every auction and will vary according to the type of commodity being sold.
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