Escrow: Money held in trust by a third party until the seller makes delivery of deed to the buyer.
Registered User: A person who has registered as a member of an online auction service.
As Is: Also 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.
Bid History: A historical list of all the bids made on a particular auction during or after the auction.
Bid Increment: The standardized amount an item increases in price after each new bid.
Letter of Approval: A letter from a lender certifying that a named person is worthy of a given level of credit.
Bid: A prospective buyer’s offer of a price he or she will pay to purchase property at auction.
Bidder Number: The number issued to each person who registers at an auction.
Buyer’s Premium: An advertised percentage of the high bid added to determine the final contract price to be paid
Terms and Conditions: The rules and certain aspects of the auction that are read and/or distributed to potential bidders
Seller: An Entity that has legal possession, (ownership) of any interests, benefits or rights inherent to the real or personal property.
Contract: An agreement between two or more persons or entities which create a legal relationship.