Seller Information: Auctions have long been established as the quickest and best way to liquidate real estate, personal property, vehicles, etc. Auctions are flexible, you can be settling an estate or just cleaning out the attic. We can have an auction on-site, or consign your merchandise at the auction center. Our auction staff will sort your merchandise and display it in the best possible manner. Your items will be advertised and sold as quickly and efficiently as possible. Within one week of the completion of the sale you will be sent an itemized listing of your goods and proceeds. If you have any questions regarding the auction process or our services, please contact us! DEFINITIONS Absentee Bid A procedure which allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or his representative. The particular rules and procedures of absentee bids are unique to each auction company. Absentee Bidder A person (or entity) who does not attend the sale but submits, in advance, a written or oral bid that is the top price he or she will pay for a given property. 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. Appraisal The act or process of estimating value. "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 A method of selling property in a public forum through open and competitive bidding. Also referred to as: public auction, auction sale or sale. Auction Listing Agreement A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party. Auction Price The price of a property obtained through the auction method of marketing. Auction Value The price which a particular property brings in open competitive bidding at public auction. 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 (See "Absolute Auction") Auctioneer The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually call or cry the auction. Bid A prospective buyer's indication or offer of a price he or she will pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer. Bid Acknowledgment A form executed by the high bidder confirming and acknowledging the bidder's identify, the bid price and the description of the property. Also known as Memorandum. Bidder Number The number issued to each person who registers at an auction. Bidder's Choice A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold. 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. Commission 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. 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. Contract An agreement between two or more persons or entities which creates or modifies a legal relationship. 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. Hammer Price Price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel. Minimum Bid Auction An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in the brochure and advertisements and is announced at the auctions. Opening Bid The lowest acceptable amount at which the bidding must commence. No-Sale Fee A charge paid by the owner of property offered at a reserve auction when the property does not sell. Opening Bid The first bid offered by a bidder at an auction. On-site Auction An auction conducted on the premises of the property being sold. Reserve The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as the reserve price. Reserve Auction An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all bids or to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer. See also Auction With Reserve. 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. Seller Entity that has legal possession, (ownership) of any interests, benefits or rights inherent to the real or personal property. Terms and Condition The printed rules of the auction and certain aspects of the Purchase & Sale Agreement that are read and/or distributed to potential bidders prior to an auction sale. Tie Bids When two or more bidders bid exactly the same amount at the same time and must be resolved by the auctioneer. AUCTIONEER: Colonel Matthew G. Lieb |
New Jersey Auctions Corp. COL. MATTHEW LIEB |
Phone: 908-285-7844 |
www.njauctions.net |