- Auction: Public sale where items are sold to the highest bidder.
- Auctioneer: The official who conducts the auction.
- Bidding: The process of offering a price for an item.
- Gavel: The small hammer used by the auctioneer to signal the end of bidding.
- Lot: An individual item or group of items offered for sale.
- Reserve Price: The minimum price the seller is willing to accept for an item (may be confidential).
- Buyer's Premium: An additional fee charged to the winning bidder on top of the winning bid price.
- Seller's Premium: A fee paid by the seller to the auction house for conducting the auction.
- Hammer Price: The final winning bid price for an item.
- Knock Down: The point at which the auctioneer awards the item to the highest bidder.
- Soft Close: An extended bidding period triggered by a late bid, allowing others to respond.
- Absolute Auction: An auction where all items will be sold regardless of the final bid price (no reserve).
- Proxy Bidding: Placing a maximum bid beforehand, and the system automatically bids on your behalf.
- Auto-Bidding: Similar to proxy bidding, but automatically increases bids by a set increment until reaching your maximum.
- Condition Report: A document describing the condition of an item before it's auctioned.
- Bill of Sale: A legal document transferring ownership of an item from seller to buyer.
E-Auction Terminology (Specific to Online Platforms):
- E-Auction Platform: Website or app facilitating online auctions.
- Good Faith Deposit: A deposit demonstrating a serious bid (may differ from EMD).
- Minimum Bid Increment: The smallest amount a bid can be increased by.
- Maximum Bid Increment: The largest amount a bid can be increased by (often used with proxy bidding).
- Buy Now Option: Allows immediate purchase of an item for a set price (may exist alongside bidding).
- Feedback Score: Seller or buyer reputation indicator on some platforms.
- In-Person vs. Online Auction: Choosing between attending a physical auction or bidding online.
- Inspection Window: Opportunity to physically examine an auction item before bidding (may not apply to all items).
Bank Auction Terminology:
- Foreclosure Auction: Sale of a property due to the owner's default on a mortgage.
- Non-Performing Asset (NPA): A loan or property the bank repossesses due to non-payment.
- Earnest Money Deposit (EMD): A deposit demonstrating a serious bid on a bank auction property.
- Upset Price: The minimum acceptable bid amount set by the bank for a property.
- Market Value (FMV): Estimated market price of the property based on comparable sales.
- Fair Market Value (FMV): Another term for Market Value, emphasizing unbiased pricing.
- Redemption Right: Borrower's limited window to reclaim the property after the bank auction sale.
- Eviction Process: Legally removing previous occupants after a successful bid on a property.
- Title Deed: Legal document proving ownership of a property.
- Encumbrance: A legal claim or lien on a property that restricts ownership rights.
- Clear Title: A property free of any legal claims or encumbrances.
- Joint Tenancy: Ownership structure where two or more people own a property with equal rights.
- Tenancy in Common: Ownership structure where two or more people own a property with individual shares.
- Valuation Report: Professional assessment of the property's value commissioned by the bank.
- ALJ Foreclosure: Alternative dispute resolution process for foreclosures outside of court.
- REO (Real Estate Owned): Properties repossessed by the bank after foreclosure.
- Cash Only Sale: Financing not accepted in a bank auction, requiring full payment upfront.
- Tax Liens: Government claims on the property for unpaid taxes.
- Assignment of Deed: Transferring ownership rights without going through a traditional closing process.
Additional Considerations:
- Legal & Regulatory: Know Your Rights (KYC), Anti-Money Laundering (AML), Dispute Resolution
- Shill Bidding: Fake bids used to inflate prices.
- Lis Pendens: Public notice of a pending lawsuit affecting the property.
- Squatter's Rights: Unlawful occupation of a property.
